Ashley R. Williams, Young woman striving towards success (Keller Williams St. Pete Realty)

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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

That is a road to abuse that I would never suggest anyone get started on.

Spend your resources marketing to clients who will pay you, appreciate you, and not abuse you.

Feb 23, 2017 02:31 PM
Rainmaker
3,386,578
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Despite what others may say, completing bpos can be very rewarding and printable. First you need to learn how to complete them. Next do not pay for any list to sign up for them. There are 2 types of bpos, there is the bpo mill, that just completes bpos but does not assign listings, these are time fillers for me but can earn a great paycheck every week. Then their is the asset management company that assigns bpos and you earn listings for doing them well, quick and correct. They take time to get in, and you may have to pay to join their network to be able to complete the bpo on their management software. Listing REO is a whole other lesson.  But completeing bpos in between my real estate duty earns me what some agents make in a whole year. 

Feb 24, 2017 03:02 AM
Rainmaker
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I did BPOs and it is not soemthing I would recommend. 

Feb 23, 2017 04:17 PM
Ambassador
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Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

 In my opinion get your BPOR designation and decide if that is what your life to be... To much running around for way to little money! Become an appraiser and get paid for the same job...

Feb 23, 2017 03:42 PM
Rainer
352,876
Teri Pacitto
Compass - Westlake Village, CA
Real Estate, Your Style...Your Home...My Specialty

Bob Crane  and Richie Alan Naggar have excellent responses and I agree completely.  It's a thankless job and more than likely you did not get your RE license to work for others especially in the that arena. 

Feb 23, 2017 02:55 PM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Ashley,

I think Richie Alan Naggar gave you good guidance.  A

Feb 23, 2017 02:26 PM
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

This is a tough business to just want to enter into it...Plead whatever case you have to the sources until it goes somewhere....

Feb 23, 2017 02:22 PM
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I have done them before (during the recession) - the amount of time needed to complete these and the amount you're paid to do them, make them very unappealing in my area.

Feb 23, 2017 08:26 PM
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 During the Crash of the mid to late 2000's, BPO's were the big deal.  Banks were trying to avoid the fees charged by licensed appraisers, by offering lunch money to Real Estate Brokers (typically $100).  Brokers who had no other source of income were eager to scramble for those tossed coins.

  Then came the problems... Brokers submitted the BPO's, the Banks did not pay.  They had excuses like, "wrong form used", or "property already sold", or some other reason, if you even heard from the Bank at all.  Next, the prices were cut to $50 and even less (see  William Feela's $25 answer on this page).

  Sorry for the negativity, but as you can see from the many answers to your question, most experienced Brokers will advise against BPO's.

   Best to you!

Feb 23, 2017 04:30 PM
Rainmaker
5,580,934
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

decades ago, I did them.... would never recommend anyone get involved with that....

Feb 23, 2017 04:03 PM
Rainmaker
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Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Ashley, are you a broker yourself?  If not the first thing you will want to do is talk to your broker.  There are laws and regulations you have to follow as a Broker doing BPO's.  Also, I agree with Kenneth J. Jones's last paragraph. Make sure you know what you are getting into and that your Broker (if you aren't the Broker yourself) knows and is on board.  There were a lot of agents illegally doing BPO's during the big downturn, it became a problem, at least in my area. -Kasey

Feb 23, 2017 03:32 PM
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I was offers $25 from a loan company. My times is worth more than that

Feb 23, 2017 03:08 PM
Rainmaker
3,071,034
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Bob Crane nailed this one!

Feb 24, 2017 03:50 AM
Rainmaker
3,716,236
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Ashley R. Williams Several excellent suggestions for doing BPOs.

Feb 23, 2017 03:17 PM
Rainer
24,959
Ashley R. Williams
Keller Williams St. Pete Realty - Saint Petersburg, FL
Young woman striving towards success

BPO companies sound like they are horrible.

 

Feb 23, 2017 03:13 PM
Rainmaker
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Time vs. Return on Investment = do the math, it doesn't pencil out.

Been there, they are a lot of work for little pay. I did a few in the heart of the 2007-2011 Great Depreciation. Short Sales are more lucrative than BPO's. Plus, in SoCal in 2017, you'd starve to death, we have so few.

Feb 23, 2017 03:07 PM
Rainmaker
929,776
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Ashley - I have never done BPO's because it seems like a lot of work for not much money, and I don't feel that your efforts would be appreciated.

Feb 24, 2017 11:48 AM
Rainmaker
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'd personally avoid them.

Feb 24, 2017 10:35 AM
Rainmaker
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Not in my wheelhouse... sorry. And I'd be paying attention to what Kenneth J. Jones said. At the end of the day, you can make a whole lot more money selling real estate than doing bpo's.

Feb 24, 2017 05:32 AM
Rainmaker
2,166,250
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Ashley, Bob Crane has the vest answer and he is correct.

Feb 24, 2017 05:11 AM
Rainmaker
916,348
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Ashley Williams, St Petersburg Fl, young woman in pursuit of success.

At this time in your career, you have more time than money. This seems to be a good option. I can not imagine your KW peers would suggest this instead of their dialing for dollars programs.

However, your location lends itself to this market entry resource. What others are suggesting is it is highly unlikely a new agent doing BPO's will ever get for REO listing. That's the reality. However, knowing more about the mechanics of REO and investors will prove to be a good thing.

What you should do is use Big G to identify Real Estate Investor groups in Pinellas county or south county. Pay the few dollars, go to the meetings and get their names and number, specialty and financing of a large group. These are your buyers.

Learn how to use tools like Rehab, or Joist app, or CIS Score and start evaluating houses on your own. Present them to these investors via private communication or website inventory.....and you'll be rock'n it.

PS: Troll  Auction.com and Craislist to ensure you know about the same inventory your buyers know about.

Start making your success today.

Feb 24, 2017 04:09 AM
Rainmaker
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I've done BPOs only for my short sales.

Why are you interested in BPOs? 

Feb 24, 2017 12:06 AM
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Ashley R. Williams - now should I repeat what Bob Crane , Kenneth J. Jones and Richie Alan Naggar have suggested?

Feb 23, 2017 10:07 PM
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I would check with Scott Godzyk  - he does alot of them I think

Feb 23, 2017 09:28 PM
Rainmaker
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Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Ashley R. Williams The BPO companies will take advantage of you. They will hassle you to get the BPO in immediately and after you submit you will have to beg for your money. Many will pay little for the amount of work that has to be done. The only way to make money is by volume, if you can spend the time with it.

Feb 23, 2017 03:02 PM
Rainmaker
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Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I AGREE  with Richie Alan Naggar.

Feb 23, 2017 02:44 PM
Rainer
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Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Bpo companies will only send you a couple over time to see how you perform.  

Feb 23, 2017 02:31 PM
Rainmaker
850,562
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

It can be dangerous, be very careful.

Feb 24, 2017 05:11 PM
Rainmaker
4,400,746
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Why?? Don't waste your time..find sellers who want to sell and buyers who want to buy! Get out there and make it happen!

Feb 24, 2017 04:51 PM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I am with Bob Crane - it's a great way to burn out and go broke. I speak from experience - I've done them.  I still get orders that I do not even respond to. They can kiss my backside.  I wish you all the best. 

Feb 24, 2017 04:27 PM
Rainer
177,334
Cheryl Dukes . . . . . Intown Atlanta
Solid Source Realty, Inc. - Atlanta, GA

BPO's?? Now why would you want to do those? At $50-$75 bucks a pop, I don't see it as an attractive use of time.

Mar 25, 2017 01:52 PM
Rainmaker
864,358
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Go to linkedin and find out who are the asset managers. Ask, ask and ask.

Mar 04, 2017 09:13 AM
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I tried years ago when we actually had REO properties, but they have dried up now.

Feb 26, 2017 06:11 AM
Rainmaker
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Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

I have taken some BPO's classes quite sometime ago just to learn the process.  They tell you who to contact if you are interested in doing it. 

Feb 25, 2017 02:04 PM
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

When I think of BPOs I think of Scott Godzyk and Debbie Laity.  Glad to see Scott has responded to your question.   

Feb 24, 2017 07:15 AM
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Try to contact the asset managers for the banks.

Feb 24, 2017 06:29 AM
Rainmaker
946,423
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

I do bpo's once in awhile - not something I would base my business on however since they don't pay very well (I only do them if they meet my fee criteria)

reo and bank owned - IMO you're a little late for that band wagon but you have to get to your local banks and impress them

If I were you (which I was) I would work whatever I could and not focus on those items - but that's just me

Feb 24, 2017 06:16 AM
Rainmaker
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Roy Kelley
Retired - Gaithersburg, MD

Talk with agents who are successfully doing BPOs. Some of these companies fail to pay for assignments.

Feb 24, 2017 06:15 AM
Rainmaker
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Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

You must like to work for next to nothing. Good luck with that endevour!

Feb 24, 2017 05:38 AM
Rainmaker
415,591
Katina Hargrove 352-551-0308
Stake Your Land Realty, Inc. - Eustis, FL
Broker/Owner, GRI,SFR, REALTOR®

Good morning Asheley,

Speak to agents who are now doing BPO and REO/Bank owned properties. Find out what work and requirements are needed, you may not want to do their work.

Feb 24, 2017 04:50 AM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Kenneth has given good advice.

Feb 24, 2017 04:06 AM
Rainer
228,042
Eva B. Liland Century 21 Doug Anderson
Century 21 Doug Anderson - Lancaster, CA
Glad to be of Service 661-714-1643

I have no experience in doing BPO's, some other agents do it all the time but it seems to me, it is not worth your time.

Feb 23, 2017 05:27 PM
Rainmaker
1,185,164
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

 send you a link spend someone on all of them.

Feb 23, 2017 05:17 PM
Ambassador
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Most of these are ordered through asset management companies and they uses online mnagement service companies like Resnet and Equator. You should check into getting their training and signing up with as one of their preferred agent. Good luck.

Feb 23, 2017 04:59 PM