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Rainmaker
3,296,977
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I currently complete 2 to 4 bpos a day every day.  I have completed up to 15 a day when needed and my record is 73 in a week.  It opens REO listings to me which attracts cash buyers. I get paid well and pick who I want to work for.

 

First never pay for a bpo company list. Next know that there are bpo mills (companies who do not assign listings) but just do bpos ad then those who assign listings based on the quality of your work. It is hard to get into a reputable company as most of those spots are occupied by agents already. Before accepting work for any company, Google them to make sure there isnt massive complaints against them for not paying agents for bpos, there are 2 companies still in business, still not paying yet still finding agents/suckers to take work and not get paid. Most important, you have to know what you are doing, know how to appraise a property and know how to adjust for differences. Completing a bad bpo hurts everyone.

 

Some companies will charge for you to join their systems, most will the give  couple of orders and then that it. You do need to belong to the major asset management platforms though to get listings. Most good companies do not charge to do bpos on their own systems. Some companies will only offer 30 bucks. I stay away from the bad and the cheap.  If you take an order, do it quick and do it right. I never take more than a day to finish a bpo. I dont take those that are too far. I dont take bpo mill orders unless i have time and will already be the area. There is no benefit other than cash to take mill orders, so dont let orders suffer that give listings. 

 

LASTLY and most important SAFETY. It is dangerous doing bpos. Do not go into vacant homes alone that are unsecured. When taking pictures always be pointing your car out to an easy get away. Dont go down a dead end road, take pics and get cornered on a dead end road. Most agents do not like bpos and will trash them. They may not be doing them right. Feel free to message me direct or email for more.

Dec 15, 2016 10:48 AM
Rainmaker
1,444,627
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Seana Johnson BPO's are a way for the banks to circumvent the appraisal process. I have done BPO's in the past and no longer do them. If you do them right, they are not worth the time and effort for the payment if you get it.

Dec 15, 2016 08:23 AM
Ambassador
2,224,067
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Just because you do a BPO doesn't mean you get the listing. There are companies out there that only do BPOs for the banks, and don't assign listings. As Roy Kelley stated, there are also companies that are happy to use your time and energy and you won't get paid. Now with that being said, there are also plenty of companies that will pay you. Do your research. 

I don't do BPOs for the rates the companies want to pay. I live in an extremely rural area. There's time and gas money involved when I do a BPO, and they take me longer, because we don't have subdivisions with similar styles, sizes of houses and lot sizes. It can be difficult to comp out the rural properties.

I charge the company what I want to get paid to do the BPO. I have earned this due to the quality of my work and I turn in the reports on time. I factor in the difficulty of the BPO and my time and distance on the road.

It's nice extra income. I make more money doing BPOs than some agents in my area make selling homes. 

Dec 15, 2016 10:39 AM
Rainmaker
1,707,297
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

It is not a Gig, it is serious business and when I was doing them for short sales someones future was i my hands. Treat it seriously or not at all.

Dec 15, 2016 09:41 AM
Rainmaker
6,366,309
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Be careful with your requests. Some of the BPO companies are known for not paying the fees.

Talk with Debbie Laity about her experience.

Dec 15, 2016 09:10 AM
Rainmaker
3,871,198
Richard Weeks
Dallas, TX
REALTOR®, Broker

First you need to know if you broker will allow you to perform them.  We have 2 agents who do them.  Typlically they get paid $35-$50 per bpo. You just have to make a business decision if it is worth you time.

Here is list of companies that do them:

http://bpoaccess.com/bpo-company-list-1

Dec 15, 2016 09:01 AM
Ambassador
2,545,439
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

I like Scott Godzyk's answer, tempered by Michael Setunsky's answer, reinforced by Debbie Laity's answer!

Dec 15, 2016 08:12 PM
Rainmaker
4,799,306
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

There are places to sign up to do them, but it isn't typically worth the time and energy for the compensation.

Dec 15, 2016 08:51 AM
Ambassador
3,000,915
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I've done them. Not worth my time. Does not pay enough. Nothing made me feel more like a prostitute than doing BPO's.  I still get emails asking me to do them.  I pass.  I'd rather watch paint dry than to do another BPO.

Dec 15, 2016 08:32 AM
Ambassador
3,020,797
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I do them rarely.  and people just call me

Dec 15, 2016 09:18 PM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

I would not do them, poor pay leading to poor commissions.

Dec 15, 2016 08:26 PM
Rainmaker
1,361,528
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I do not do them.  It sounds like Scott Godzyk is your man!

Dec 15, 2016 06:59 PM
Ambassador
3,722,232
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

I don't do BPO's.  It's a lot of work for very little money.

Dec 15, 2016 05:26 PM
Ambassador
3,986,518
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I used to do them and felt like it was not a good use of my time. It all depends on your area and what type of business you want to focus on.

Dec 15, 2016 02:54 PM
Ambassador
4,312,167
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Seana Johnson - I do not do BPOs - yet. Not worth my time based on compensation I get.

Dec 15, 2016 02:45 PM
Rainmaker
1,525,205
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I haven't done a BPO in years and I have no idea how I got on the list.

Dec 15, 2016 02:15 PM
Rainmaker
3,985,771
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I did a few but not worth my time for what you get paid.

Dec 15, 2016 01:47 PM
Rainmaker
5,364,641
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Seana,

I agree with Joe Pryor and Debbie Laity makes a good point.  A

Dec 15, 2016 01:32 PM
Ambassador
947,517
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

I have done BPO's in the past. Not in recent time. 

Dec 15, 2016 11:47 AM
Rainmaker
868,379
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I did dozens of them over the years and the way I got them was by signing up for a lot of different companies. I also took training classes on how to do them. The only plus about doing BPOs is that you get to learn a lot about the market and about how to adjust comps which is a very good thing to know if you don't already. It's time consuming and labor-intensive for the pay. I will do them for commercial properties but the pay is much higher. Otherwise I'm retired from BPOs. .

Dec 15, 2016 09:00 AM
Rainmaker
868,991
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

I do have experience doing BPOs.

The 'gig' came through appraiser companies working with foreclosed or short sale real estate. That was a terrible decision. The carrot of 'listings' was insincere and I fell for it.

If the BPO is directly from a bank, not a service provider, I would do them again to understand how the bank assigns the listing opportunity.

I will NEVER do a BPO again without a real listing opportunity. 

As Kathleen Daniels shared, at the conclusion, you don't walk away feeling good about doing BPOs.

Dec 15, 2016 08:46 AM
Ambassador
4,492,228
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

No. I did them years ago. It's not worth the time and the very limited money

Dec 15, 2016 08:44 AM
Rainmaker
5,570,642
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I can remember doing BPO's in the mid 1990's.... what a pain in the a$$ they were.... 

Dec 15, 2016 08:31 AM
Rainmaker
1,672,520
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Never did many BPOs.  But I enjoyed doing some during construction inspections for banks giving monthly pay-outs to the builders.   Got those through a friend in the business.   It wasn't a get-rich thing but doing several in one day (once a month)  was a nice supplemental income.  

Dec 15, 2016 08:28 AM
Ambassador
3,640,617
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I started in BPOs earlier in my career but now I get them through my BPO designation. I had to jump through several hoops 18 years ago but it paid off in listings and long hours....

Dec 15, 2016 08:23 AM
Rainmaker
4,733,499
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

During years with sales being slow, I tried to get some, and then when it got really busy, they contacted.  We weren't on the same page.

Dec 17, 2016 12:20 PM
Rainmaker
806,727
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I had been signed up at one point, but the assignments were not in safe locations (I felt), e.g. presumably vacant homes that might have hostile squatters, so I did not do them. Also seemed like a lot of dangerous work for little money.

Dec 16, 2016 12:23 PM
Rainmaker
1,623,972
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

BPOs will lead you nowhere but to the back of the breadline.

Dec 16, 2016 05:56 AM
Rainmaker
3,069,684
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

We chose not to

Dec 16, 2016 04:16 AM
Rainmaker
3,904,852
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I don't do BPO's... lots of agents did during the market downturn to tide them over. Always had plenty of business and didn't need to do these. They don't pay much as I understand it.

Dec 16, 2016 04:14 AM
Ambassador
4,090,993
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

WOW, sounds like Scott Godzyk is our local expert!  I did several of them during the recession but, certainly no more than a few a week!  They would not be worth my time now, the way I was doing them years ago. However, Scott has a niche and that may be a great source of income for you, Seana Johnson

Dec 15, 2016 07:17 PM
Ambassador
1,616,204
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

It opens the door for REO listings

Dec 15, 2016 05:19 PM
Rainmaker
1,157,435
FN LN
Toronto, ON

No.

Dec 15, 2016 12:38 PM
Rainmaker
3,955,698
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I have completed broker price opinions in the past but haven't participated in a number of years.   Scott Godzyk is actively involved in BPOs.  Maybe he can share his expertise.  

Dec 15, 2016 10:29 AM