When I first got into the business I was told you could not do a bpo on a property if you had done one on that same property before. This may have been true at one time but not anymore. It is very important that you read the instructions in the bpo order because if this is an issue it will be in the wording. I do have many companies where this is not an issue at all. In fact, Clear Capital sends many orders with the subject line “Do it Again”, when I have done an order on that particular property before. A word of caution. If you have done a prior report on a property, be sure to pull up your prior report. If your valuation is way different than your prior you will be doing twice the work because in most cases it’s not going to be accepted until it’s reasonably in line with the market and any recent market changes. Good Luck!
I have honestly never had to do it but there is a way to get orders when they are not showing up in your email. I know agents who regularly call the bpo companies they are signed up with. If you speak to the reps for your area they are often able to find unplaced orders that are near you. Usually these are rural bpos which you can ask for more money since you will be driving further. It is important that you don’t assume there is no work just because it’s not coming to you. Good luck!
I set my personal record yesterday. I completed 17 BPO orders by myself yesterday. I also set my record week for income. I have been doing this since around 2009 and this week was by far my record. I encourage anyone interested to start now. Get my FREE BPO company list and get started today! Enter Your Name and email address in the form to the left and get your business jumpstarted!
I am often asked whether I use software to help automate my BPO business. The answer is a big YES. If you want to scale your BPO business to do a large volume of orders it’s a must. I recommend doing them manually for the first year to really learn about the different forms. I personally decided to get the automation software once I started to consistently do over five orders a day. In my next post I will be doing a video demonstration of the software I use and I will also be giving you a discount code so that you can get your software for a great price.
If you have done any BPOs you are most likely painfully aware of Quality Control(QC) requests. After you have completed a BPO you will more likely than not receive and email from the QC department of the company that you completed the order for. They will give you an itemized list of issues they would like you to address in the BPO you have completed. It is very important that you log in and go into that BPO’s form and address the list and resubmit the order in a timely manner. Most companies will rate you not only on your getting the order itself in on time but also getting any QC issues resolved in a reasonable matter of time. I typically get all my bpo orders in and then go through my inbox at the end of the day and address all outstanding QC issues. This has worked well for me. My parting advice is very simple and it’s at the heart of the BPO business…..BE ON TIME!
The BPO business and the REO business are linked but there is some confusion as to how. Most agents believe that BPOs are a way to get REO listings and they can be but not always. Some BPO companies also assign REO listings but most do not. In fact, most of the companies that assign most of the bpo volume do not assign REO listings. The REO portion of their business is separate in most cases. If you want REO listings it is best to search for companies that tell you up front they assign listings. There are some companies that say they will give you listings if you do free BPOs for them. I’ve tried this and it didn’t work for me. For any of you that are interested in getting REO listings I do know one way to get them that actually works. Join the REOnetwork.com. You do have to pay but you will get listings. For every listing you get you will be added to that asset managers system which can provide you future listings as well.