Hey Guys- Probably an extremely dumb question but I am lost here. I am new to the whole BPO scene. I did my first bpo about a month ago, and I just saw that it was finally listed on the MLS. How do these agents get these listings? Does it go thru the company that handles the BPO? Please help me on this as I would like to get in on these bank owned listings.

Zack

sometimes its the same amc that orders a second BPO and sometimes not.

REO listings are not THAT great. They are high maintenance. Unless you have a large inventory and have systems in place to stream line everything.

Or if you bang em out within a week like Realty Check!!!

REO's are high maintenance and we have a few agencies that only do REO's in my area. (My company doesn't want them.) I like doing BPO's - you do them, your done, you get paid. I just accept orders if I have the time and nothing else is going on at the moment.

Evidently you were the second opinion for the value of that property. The company who ordered the BPO from you was probably not the asset company who has the property in inventory. I do lots of those, would rather do that side than the listing side as xstudiox and shamrock said.

I'm still pretty new to the BPO/REO scene as well, but I'm happy to share my limited experience.

I did BPOs for a company for about 9 months before I got one of their listings. I agree with xstudiox and shamrock that they are high maintenance. I was lucky that my listing was in a nice area with good schools. Even though the house was a disaster, I was able to pick up a few buyers that weren't interested in that property but have bought/made offers on other properties. The additional business that I picked up is what made it worthwhile.

You'll probably notice that a few agents in your area handle most of the REO listings, so it can be hard to "break in" to that. Also, as others mentioned, the company that orders the BPO doesn't always handle the listing/property management. Good luck.

Ya, in REOs your either "in" or "out"

right now were about half way, we have over 20 listed and about 30 in redemption.

We are trying to get fully "in"

The big hitters in our area CLOSE around 300-500 REO listings a year.

I try not to work with companies that won't give you the listing if you did the BPO for them. it's like giving someone else work