BPO companies
Website design By BotEap.comBPO companies are third-party entities that handle BPO orders and serve as intermediaries between banks and lenders requesting BPOs and the real estate professionals who complete them. In case you are unfamiliar, BPO or Broker Price Opinion, the orders are requests from banks or lenders for a licensed real estate professional to give their opinion on the value of a property.
Website design By BotEap.comThere are many BPO companies, also called service companies. These companies work directly for banks and lenders or work for service companies that deal with the sale of repossessed properties. These companies are typically paid by the bank, lender, or service company, typically $ 120 to $ 200 per order, and they have a network of real estate professionals that they outsource to fill BPO orders for them. Typically, real estate professionals are paid between $ 40- $ 75 per order to complete for BPO businesses.
Website design By BotEap.comThere are 3 types of companies;
Website design By BotEap.com1. BPO companies
Website design By BotEap.com2. REO companies
Website design By BotEap.com3. BPO and REO companies
Website design By BotEap.com-BPO companies only handle BPOs. They are the link between real estate professionals and service companies. They only monitor and coordinate the completion of BPO orders.
Website design By BotEap.com-REO companies sometimes use BPO companies, but most of the time they have their own network of real estate professionals who complete the BPOs for them, usually for free because they will list the properties.
Website design By BotEap.com-BPO and REO companies handle everything that BPOs will order by both the listing agent and the second opinion BPO. Once completed, they will assign the listing and coordinate the entire asset sale process.
Website design By BotEap.comIf one is looking to find BPO companies, I advise you to do your research first! Many of the free lists found on the Internet are out of date. These companies are always merging and changing names, and new companies are also being created. It is very important that you do your research because some companies have a reputation for not paying on time or not paying at all. The typical time frame for a real estate professional receiving payment from these companies can be 1 to 6 weeks, so nothing is more frustrating than getting the job done and not getting paid.
Website design By BotEap.comYou should do your research, if you are a licensed professional interested in building a BPO REO business, there are many training courses that can help you avoid making costly mistakes. If you are interested in learning more about the BPO REO industry, you can visit the BPO REO Academy