In the almost 2 years that I have been in a Broker Price Opinion Vendor (and BPO Trainer as well as author of a ‘How-to,’ Manual on the topic of Broker Price Opinions.), I have been fortunate to have personally seen numerous changes happen as well as gain insight and knowledge from others are they shared many heartfelt conversations with me. I have had the great opportunity to learn from other BPO and REO Vendors from all over the United States.
One of the more frustrating aspects of our business that has evolved in the last few years is in the fact that the various companies that offer BPO work have lowered the price that they are willing to pay to have a BPO order completed.
I used to make more money on average per order almost 2 years ago and thus I know personally and have been that this change has happened within many of the over 30 companies that I have worked with over the last few years and done over 1,000 BPO’s for. I have had to set a minimum for what I think my time is worth and then decline work if it falls below this.
Another thing that has occured within the BPO Industry is that many states have tightened up on their laws thereby regulating who can and cannot do a BPO. This is in big part by a legal movement from appraisers.
Examples of states where it is illegal to do BPO’s and receive compensation for are: (Unless you are a licensed appraiser)
WV, AZ, PA, UT, NV, MS, NM
Lastly, with more and more real estate professional and even appraisers doing BPO/REO work, this changes the overall criteria that the various BPO, REO and Asset management companies require to become a new vendor for their company.
I have had a handful of phone conversations with people that are trying to get into the business recently and found that they are being faced with higher standards, being added to a waiting list and even been turned away.
I hope you find good success with BPO’s and thank you for reading my blog!
Realtor/BPO Specialist & Trainer