- Do you offer a guarantee? Good lists offer a money-back guarantee. If you’re not satisfied, they let you get your money back. If a listing doesn’t offer a guarantee, DON’T BUY IT. Every quality listing we have found offers buyers a money back guarantee of at least 60 days.
- Number of banks on the list – When you are considering a list of BPO banking departments, make sure you have more than 80 banks and asset managers. With a little work, you could find 20-30 banks for free using an online search engine, there is no need to pay for such a small list. The best lists we have found have over 1000 contacts.
- Price: While most lists are around $100, we have seen some companies try to charge more than $500 for their list. don’t pay for it You can get the same information for much less.
- Quality of BPO bank department list: While many lists have the bank’s or asset manager’s website and main phone number, the best lists contain direct phone numbers to each bank’s BPO department. Also, the larger lists have people’s names and personal emails. Those names can be invaluable as you begin to build your BPO business.
How to Evaluate Bank BPO Department Listings
Website design By BotEap.comWhat is a BPO Banking Department?
Website design By BotEap.comMany real estate agents want to start listing bank foreclosures, but are unaware of all the steps required to get started. For example, unless you have a personal contact at a bank, it is virtually impossible to simply call a bank and start listing your REO properties.
Website design By BotEap.comBefore you start listing foreclosures, you need to start processing BPOs for banks. Most banks and asset management companies offer their REO listings only to agents they know and trust. Agents earn that trust by doing a great job on the BPO assignments that the bank has previously given them. These banks and asset managers assign their BPOs to agents through their BPO department. Almost all credit institutions or management companies have a segment of their organization responsible for requesting and analyzing the preliminary values of the homes that are going to be foreclosed.
Website design By BotEap.comWhen the bank’s BPO department learns that a home is going to be foreclosed, it finds an agent in that area to complete a Broker Price Opinion (BPO) on the home. This BPO gives them an estimated price that the house will sell for in the current market and allows the bank to make financial decisions regarding that house.
Website design By BotEap.comHow to Evaluate a List of Banking BPO Departments
Website design By BotEap.comSo once an agent knows how banks assign REOs and BPOs, the next step is to get on the bank’s list of approved BPO agents. This is where many agents give up. Getting approved as a BPO agent requires two very important things:
Website design By BotEap.com1.) a good list of bank BPO departments and
Website design By BotEap.com2.) Hard work.
Website design By BotEap.comI can’t help you with the hard work, but I can help you evaluate the many lists of BPO banking departments that are available.
Website design By BotEap.comWith the downturn in the real estate market, many agents have started looking at how to process BPO for banks to supplement their income. This has stimulated various providers to offer lists of different BPO bank departments. These lists generally cost between $99 and $175 each. Some of these lists are great. Others are worth nothing. Here are the keys to evaluating different lists without having to buy them first: