Taco Bell vs. BPO
Letter to the Editor
By Inman News, Friday, March 19, 2010.Re: 'BPOs, a gateway to fraud' (March 15)
Dear Editor:
Realtors who would work 10-plus hours for $45 are better off working at Taco Bell at minimum wage! If they think the broker price opinions (BPOs) will get them the listing when the bank has to sell the property, they are sadly mistaken.
These banks are not your local banks who know you and the type of work you and your company can do for them, and they just don't care who gives them these values. They are going to get BPOs from several sources!
My suggestion is to work your farm, expireds and past clients ... you will have a better return on your time investment.
Shirley Fisher
Co-owner/broker
Morro Bay Realty
Morro Bay, Calif.
***
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Submitted by Mario Marrufo on March 19, 2010 - 5:41am.
I'm not an REO Broker so I don't do BPO's. and for the agent that is not doing well in his R.E. business, BPO's are probably their only source of income. However I do agree, you will get a better return on your investment of time prospecting and working your farm. I also agree with you that many agents that perform BPO's do it hoping they will end up with the listing. Unfortunately those agents are hurting the agents that are doing Short Sales. Agents performong BPO's give a high value on Short Sales hoping they will eventually will get the listing. Which they never do.
Mario Marrufo
CENTURY 21 EXCELLENCE
mario.marrufo@century21.com
cell 323/632/9023
lic# 01506359
Submitted by Sandra Mathewson on March 19, 2010 - 7:42am.
I am surprised at all the misinformation intended to bash other agents. Ten hours plus to do a BPO? I guess you could compare Taco Bell to agents that use a basic stock (free) template website because they don't know how to add content, write blogs and don't understand SEO etc?
Why would you do a BPO? Why would you use a Taco Bell website?
Submitted by Richard Johnston on March 19, 2010 - 5:52pm.
Thanks for sharing Shirley. Any agent out there who wants to make $8 an hour or less, I have work for you doing some outside work around my house.
Sincerely,
Richard M. Johnston, GRI, ABR, e-Pro
ReMax Grand Central
818-730-4128 Direct (Mobile/Text-SMS)
http://www.estates.la
Submitted by Chris Manning on March 20, 2010 - 2:29am.
Been doing BPOs for a number of years - we do a lot of them.
The rule for us is the more BPOs we do, the more REO's we get.
There is no direct relationship between a fee BPO from one of the BPO companies and asset management companies. Though, every now and then I will get a call from an asset management company and the caller says 'you did a BPO for us on 'yadyada' property and we need you to list it.' That doesn't happen often but every now and then will work.
You are right, these are national banks and outsource companies but they are hyper concerned about the quality of what you deliver. You provide good service, quick turnarounds, good explanations for your methodology and you become their go-to agent in that market. Two things happen: (1) you build a relationship with that account representative and when he or she moves they take you with them (and they all move and part of their resumes is knowing agents from all around the country) and (2) the company grows their services (and they all do) they add you to the available resources in the local markets for their broader services.
Guess what? This is the same thing as farming for the REO broker.
Chris Manning
Manning & Company
Richardson, Texas
www.ManningAndCompany.com
Submitted by Sandra Mathewson on March 24, 2010 - 6:36am.
Opinions is one thing but to insult fellow agents? If Richard & Shirley talk about agents this way, just think how they treat their clients?
FYI...
Submitted by Jerzy (George) Szkup on March 30, 2010 - 12:45pm.
George Szkup
www.DestinationTucson.biz
Interesting discussion. The fact is: BPOs have their place. As long as you have nothing else to do, BPO will get you some money. In case that you do not know: some money is a lot more than No Money? Also, if you decide to do BPOs (I do) you have to understand that your pay will be less than minimum wage and that chances that you will get a listing are less than slim.
Good luck to you - BPOs or not!
George in Tucson
Trulia - http://bit.ly/4tgwkU (Q&A, Blog/posts, Resume)
Destination Tucson – http://bit.ly/2Bnb3f (Monthly Blog)
Twitter - http://bit.ly/e3mCI (Georges’ Tweets)
Submitted by ricky hill on August 20, 2010 - 9:39am.
I also agree with you that many agents that perform BPO's do it hoping they will end up with the seo listing. Unfortunately those agents are hurting the agents that are doing Short Sales.
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Submitted by johanna 2010 on October 25, 2010 - 12:11am.
A Broker Price Opinion is not as detailed as an appraisal and does not entail as much work. BPOs differ from Appraisals in a number of ways. When a bank or asset manager obtains a new foreclosed listing to sell, they immediately need to know the home's value. Typically a bank will assign one to three agents to evaluate the approximate selling value of a home. These banks expect each agent to submit three comparable sold listings and three comparable active listings as well as an estimate of the home.
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