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#452576 - 05/17/16 05:06 AM 11 years of BPOs, now what. Veteran member wants answers!
FIJIMAN Offline
Veteran Member

Registered: 12/19/05
Posts: 543
Loc: Orange County, California
Sorry for the dramatic headline, wanted to catch a few extra eyeballs.

As you see by my join date I have been lurking here for 11ish years. I have done a tremendous number of BPOs during this time and was lucky to get a small number of REO listings from those.

I knew the REO biz would dry up but the last couple months have seen the BPO biz come to a full standstill. A couple here and there.

Im not here to cry the blues but look for assistance. It is time to rethink things, I cannot rely on BPOs for the revenue stream they once had (miss the months of a $4000 bpo payday).

OK, all that out of the way Im looking for suggestions on where I can direct some energy away from BPO/REO and residential real estate. I have signed up for a few inspection companies for insurance type stuff but I don know that that will pan out with great results. Considering getting a Notary license.

Id like to fill the day with a number of these inspection services, BPOs and something else. What is that something else, that is my question to you.

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#452578 - 05/17/16 06:09 AM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: FIJIMAN]
Bunny Offline
Member

Registered: 07/22/08
Posts: 416
Loc: USA
There are many ways to make money with your RE license and not rely on BPOs as main stream of income. That money cow slimed down to few drips here and there for the last few years. I would suggest to read this book and find your own path to success. Written by our leader in sales and vice president of our KCRAR board of Realtors Tameka Bryant "99 Ways to Make Money in Real Estate - Finding a Niche that Pays".
***I don't promote the book, just wanted to give you helping hand. I was in the same situation once upon the time.

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#452579 - 05/17/16 06:28 AM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: Bunny]
FIJIMAN Offline
Veteran Member

Registered: 12/19/05
Posts: 543
Loc: Orange County, California
Thanks Bunny, I'll check it out.

Any other ideas?

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#452689 - 05/23/16 04:56 AM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: FIJIMAN]
TriangleNCBroker Offline
Veteran Member

Registered: 04/04/06
Posts: 579
Loc: Raleigh, NC
Start using the BPO solicitations you do get on occupied properties as a reason to contact the borrower and see if they want to sell.

DO NOT tell them about a BPO solicitation that you got. Just tell them that many homeowners in the area are struggling and you are just seeing if they need help. Works to get you in the door before the NOD is filed and every joker in town is contacting them...

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#452813 - 05/29/16 09:54 AM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: TriangleNCBroker]
Analog Man Offline
Major Contributor

Registered: 07/22/07
Posts: 2063
Loc: Tampa Bay
Originally Posted By: TriangleNCBroker
Start using the BPO solicitations you do get on occupied properties as a reason to contact the borrower and see if they want to sell.


I really liked the sound of that idea, as it sounded intriguing. So in a way, I put it to a test. I used RRR because of the ease of looking up old reports that I did for them. They never expire from your profile page, and I can look up ones I did for them five plus years ago.

So I went through many of my 2014 and early 2015 BPOs that I did with them. The vast majority of those properties were NEVER listed. The few that were became REOs and they did sell.

So again the theory sounds great, but my small case study sampling turned up with poor listing results. As with anything in life, YMMV.
_________________________
Music is the only sensual pleasure without vice. (Samuel Johnson, English Poet 1709-1784)

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#452829 - 05/30/16 02:08 PM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: FIJIMAN]
bpojoe Offline
Member

Registered: 08/12/07
Posts: 278
Loc: florida
what I found is that by doing interior bpos I can score renters...
the rental business is a big business and most agents do not mess with it. in major cities you can get 1000 a rental--and due to the hot market they have to be ready to sign that day!
rentals rentals rentals --good luck

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#453231 - 06/29/16 07:28 AM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: bpojoe]
RealtoBob Offline
Junior Member

Registered: 06/29/16
Posts: 2
Loc: Indiana
I have been doing pictures for a company in my down time. They require a front, 2 street and address verification pics. It's super fast and easy. I am in a very tiny market and always make $250 or more per month. They pay $25 an order and they have a 2 day turn around time which is convenient also. No comps, answer a few yes/no questions and your done. You pull orders off a work dashboard and only take order that you want and are in your area. If you don't want orders that day/week, you just don't claim the order. Simple. If you send me an email I will send your referral to teh company and they will contact you by email to get you set up. My email is Indianarobby@yahoo.com

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#453368 - 07/08/16 08:09 AM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: RealtoBob]
RERamble247 Offline
Junior Member

Registered: 07/08/16
Posts: 1
Loc: Ca
Thanks for the info, I have been looking for more take it or leave it kinda systems for the down times. Im going to email you right now K.

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#453392 - 07/10/16 11:04 AM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: RealtoBob]
trett Offline
Junior Member

Registered: 07/10/16
Posts: 1
Loc: Long Island, New York
Thanks for the suggestion. My wife and I are returning to the Century 21 office that we had been extensively trained in. We were able to sustain ourselves during that period of time by engaging in default mortgage inspection activity. Unfortunately the company eventually closed down. Upon returning to Century 21, in August, we would like to pursue some BPO related activity and will be researching this fantastic forum for ideas and suggestions and are open to your additional guidance. Another variation of the default mortgage inspection activity is that of commercial insurance inspection activity which we have been doing presently. Your suggestion RealtoBob is a wonderful one. Our objective is to ease off of the inspection work and segway to BPO work.

Best regards,

Trett


Edited by trett (07/10/16 11:07 AM)

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#453969 - 08/17/16 04:36 AM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: RealtoBob]
FLBPOREALTOR Offline
Member

Registered: 12/11/05
Posts: 314
Loc: Tampa Bay FL
I emailed you as well RealtorBob. smile

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#454522 - 09/17/16 04:14 PM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: FIJIMAN]
fwilliam22 Offline
Junior Member

Registered: 05/10/11
Posts: 2
Loc: Maryland
Look also into Estate/Probate Properties...

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#455330 - 11/06/16 11:46 PM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: FIJIMAN]
TheBPOExpert Offline
Member

Registered: 01/22/12
Posts: 114
Loc: Georgia
I have a couple of sources that just want me to take photos of a property so they can know it's in good condition. There are also many inspection companies out there.
_________________________
The BPO Expert
Free BPO Company List
“You will get all you want in life, if you help enough other people get what they want.” -Zig Ziglar




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#456349 - 01/17/17 11:30 AM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: trett]
bpoer Offline
Junior Member

Registered: 01/17/17
Posts: 2
Loc: New York
I have been doing BPO's since 1996 The pay at that time was the same as now.. no raises!!!! I see some do 4,5,6 per day. Wow... It takes me 2.5 hours to fill in the form and an hour travel time....Small pay...just about minimum wage... I averaage about 3-4 per week..Not a living wage but it gives me pocket change..I find that the companies are asking more and more.. close to an appraisers work.Everyone is doing them so the pay stays the same...A really lot of competition since the market sank. When i tried to raise my fee the companies just said no, they could get others to work for the lesser pay...Oh well

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#456359 - 01/17/17 11:30 PM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: FIJIMAN]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7719
Loc: Vermont's North-East Kingdom
Originally, BPOs were just a incidental and sporadic activity that you could do along with your other Listing and Sales activities . . . . not something that should have been expected to become a Full-Time source of income.

Why would you continue to waste your time doing any of them ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#458627 - 08/04/17 12:21 PM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: Vermont]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 120
Loc: New Hampshire
Originally Posted By: Vermont
Originally, BPOs were just a incidental and sporadic activity that you could do along with your other Listing and Sales activities . . . . not something that should have been expected to become a Full-Time source of income.


Prior to 2008, there was a decent amount of competition and BPO's made a good side income. For about 4 years, I lived on them while the economy and the market recovered after 2008. Otherwise, Vermont, I agree with you. That RE license is for listing, selling, and property management first.

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#458629 - 08/05/17 10:43 AM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: Long Walk]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1042
Loc: Virginia
Here's why BPO prices have dropped:

Three Dollar Inspections

You'll get a good laugh! But, it's true.

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#458693 - 08/10/17 03:50 PM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: VABroker]
CentralFLbeepo Offline
Member

Registered: 01/27/11
Posts: 170
Loc: Florida
That was funny. I had to mute it though. I speak German.

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#458854 - 08/21/17 11:36 AM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: FIJIMAN]
sieth Offline
Junior Member

Registered: 05/17/17
Posts: 2
Loc: WI
I was trying to find out the company realtorbob mentioned in his post regarding taking pictures for $25, I emailed him but havent heard back. Does anyone know of the company or other companies that are similar. Not finding any other info on this. You can email me at adam@klevenrealtors.com as well with any info.

Thanks

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#458974 - 09/04/17 09:40 AM Re: 11 years of BPOs, now what. Veteran member wants answers! [Re: sieth]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 120
Loc: New Hampshire
I don't find any info on these fees, either. My best guess is that, if they exist at all, it may be through existing relationships with BPO mills. Or, it may done through insurance inspectors.

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