Real Estate Agent · Cleveland, OH · Member since 2016 · 6 posts · 4 votes
Hello!
I am still fairly new to Real Estate and wanted to do BPOs on the side for some extra cash as I get my business up and running. Does anyone have advice? Where should I find asset companies and banks to work for/with? What should I avoid? I have heard mixed reviews about certain places including some agents not getting paid after they completed the work. Any advice would be welcome and appreciated!
Rental Property Investor · Seal Beach, CA · Member since 2015 · 132 posts · 187 votes
9y
LOL, I like @Wayne Brooks advise. I order a BPO on all the homes I purchase and from my point of view the amount of work that BPO agents have to put into a order does not seem to be worth the $250 I pay. However, if your heart is set on it I would try signing up with a company like Clear Capital.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
9y
@Josh Miller You might be paying $250 to a BPO company, but most of the agents doing REO's for the services the bank use, get paid about $50-75.....and we wonder why they don't put a lot of time into them.
Rental Property Investor · Seal Beach, CA · Member since 2015 · 132 posts · 187 votes
9y
@Wayne Brooks Absolutely , for $250 it might just be worth it. I used to try going direct to BPO agents through realtybpo.com but finally gave up after realizing that most of the agents on the site are no longer in businesses (probably for reasons you mentioned above).
Chicago, IL · Member since 2015 · 77 posts · 39 votes
9y
Clear capital is the best I've heard, but they require 2 years experience and so do many others. I don't think there is a whole lot of demand for BPOS anymore but I occasionally get requests from bpo fulfillment don't know if they pay because I've never taken one though
Real Estate Agent · Garden City, NY · Member since 2016 · 3k+ posts · 1k+ votes
9y
You generally need 2 to 2 1/2 years experience to do BPO's. Most BPO certification programs usually require a full brokers license. So, it's not really something new agents do.
It also doesn't pay much. Any broker making money won't bother with them unless they are doing it to eventually list REOs. Most people are getting out of REOs now.