Will any broker let their agents perform only BPO’s?
I read that all real estate agents can perform bpos through a brokerage. What I’m trying to figure out is if agents can just do bpos exclusively with any broker and not sell houses. I know it may sound weird but I know how the system works to make a good deal of money doing just BPO’s(like 20+ orders a day) but I don’t understand why a broker would hang your license if all you did were BPO’s(what is the brokers incentive?)…unless they are banking on getting REO’s in the future. If anyone knows info on this that would be great. Thanks!
Yeah, bpos would definitely be a pain if you just did one here and there. But I currently work for a company and I process 10-15 orders a day myself 10×60 = 0 a day. That’s not chump change. Only problem is I’m a salary worker and looking to start my own bpo business through my own license.
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BPO’s are a pain in the butt, and lenders who ask for them are simply too cheap to order a formal appraisal of a home, which costs about 2x what a real estate agent will do them for - even though the agent is expected to go through the same amount of work as the appraiser. I suppose if an agent wanted to he could do nothing but these, but it is far more lucrative and frankly less hassle to just sell houses. Any funds that an agent receives for doing a BPO must go through his broker anyway, although many brokers don’t take their cut of such a small dollar amount.
The pain of BPO’s is getting paid. I did a BPO for brokerspriceopinion.com on July 24th and still have not been paid for it. You spend a bulk of your time chasing the money. And if you think you can do 20 good bpos in a day, you are a fool. At 10, you are probably short-changing the client, and shame on you. Considering your work ethic, I suspect you won’t be in business long. If I take a BPO, I make sure it is solid. If you are doing 10 a day, you are not doing a service to the industry. 20 is just dumb. That is barely 30 minutes to produce a value.