The Do s and Don ts of the Broker Price Opinion Business

Transcription

1 The Do s and Don ts of the Broker Price Opinion Business 1- DO Be prepares to Offer Up all of the required Information a. Proof of Real Estate License b. Errors and Omissions Insurance c. A completed 1099 form d. The area you want to cover e. References 2- DO Keep track of all the BPO s you complete preferably by using a spreadsheet program. When you get busy things will get chaotic, so keep track of your deals. This ensures you get paid on all your BPO s. 3- DO make sure you get back to all the BPO companies or banks when they contact you. Do not let any stone go unturned. This will ensure you stay highly rated, and continue to receive BPO requests, If you can t fulfill a BPO request do not ignore the BPO company, or bank. Please make sure to return their call, and pass on the request, They will understand if you re busy, but if you ignore them, that is poor business practice, then they will ignore you. 4- DO make sure to FOLLOW UP, FOLLOW UP, FOLLOW UP with the list of BPO companies and banks. Sitting around and waiting for them to contact you after you submit your initial vendor application isn t going to get you business. Proactively calling them regularly will help you stay on their mind. We don t suggest you pester them, the best technique is to divide the list up and call a different set every day then the following week start over, That way, your on their mind once a week without being a pest. 5- DON T Ever perform, a BPO for FREE, even the companies or bank entice you with the listing this is an industry ploy. Disregard working for FREE tell them your expertise is worth money. 6- DON T perform a fake BPO or enter incorrect information. BPO companies have quality control divisions that check or random BPO s to ensure accurateness. If you get caught consider yourself blackballed. 7- DON T contact the seller and try to get business from them, You will risk losing credibility with the bank and BPO company, and right mow that is where the gold is, stay on the bank s good side. 8- DON T eliminate referrals. Just because you can t contact the seller doesn t mean a colleague can t. Therefore if you see a home that isn t listed refer the lead out to a colleague, and collect a handsome referral fee. This keeps you focused on doing BPO s while getting some nice pops from great priced listings without having to service them. 9- DON T submit BPO s on your own form, or mix up forms from another BPO company, this poor business practice. By doing this you are showing disorganization in your organization. This business runs on accurate organized information, and a poor representation of that will ensure you out of the business.

2 5 Steps to Success in the BPO Business 1- Get your required information together a. Your Real Estate License b. Errors and Omissions Insurance c. List of References d. Completed 1099 e. Coverage Area 2- Reference the list and start sending vendor applications. Send applications through submissions, fax or by calling. 3- Create a filing system for each BPO Company so you don t get BPO s mixed up. This will also help you keep track of who you spoke with at each company, so that you can create a tickler system for your follow up system. 4- Setup a spreadsheet in order to keep track of your BPO s. This will ensure you get paid on all your deals. Setup your spreadsheet columns as follows: a. Property Address b. Bedrooms c. Bathrooms d. Square Footage e. Value Given f. BPO Company ( This is for the Company that requested the BPO) g. Amount to be paid 5- Follow up, Follow up, Follow up! Don t just submit the vendor applications and wait around for the BPO Companies to contact you. Start building rapport after you submit your initial applications contact the BPO Companies and confirm receipt of the application, let them know you re ready to go right now. If they don t have work for you at that specific moment let them know you will follow up next week, Don t pester the BPO companies, split the list up and contact them weekly, stay on their mind. Once you start completing BPO s and start getting rated you won t have to follow up the business will come to you,

3 BPO Bank List 1 CORPORATE ASSET MANAGEMENT LLC Website: Address: 818 W Seventh St # 200 Los Angeles CA Phone: Fax: REO SOLUTIONS / REO NATIONAL Website: Address: 85 Robert St # 31 Boston Massachusetts Phone: Fax: ONLINEAPRAISALSOURCE.COM Website: Address: 6705 N Midwest Blvd Edmond OK Phone: Fax: AskUs@appraisersNetworking.com 4- RESIDENTIAL REAL ESTATE REVIEW INC Website: Address: Deerwood Park Blvd Jacksonville FL Phone: Fax: agentservices@rrreview.com 5- SAFEGUARD PROPERTIES INC Website: Address: 650 Safeguard Plaza Brooklyn Heights OH Phone: vendor.apps@safeguardproperties.com 6 PROTECK SERVICES LTD Website: Address: 411 Waverley Oaks Rd #321 Waltham MA Phone: Fax: jobs@protk.com 7 NATIONWIDE APPRAISAL SERVICES Website: Address: 95 West Beau Street # 300 Washington PA Phone: Fax: ADVANTAGE VALUATION INC Website: Address: 1940 Garnet Av # 300 San Diego CA 92109

4 Phone: Fax: CORPORATE VALUATION SERVICES INC Website: Address: 5 Blackburn Center Gloucester MA Phone: Fax: BPO DIRECT Website: ; sw_production_management@freddiemac.com 11 TRASUNION SETTLEMENT SOLUTIONS Website: Phone: KEYSTONE ASSET MANAGEMENT INC Website: Address: 100 W Main ST #310 Lansdale PA Phone: Fax: OWCEN FINANCIAL SUPPORT Website: Phone: REALTransCustomerSupport@Owcen.com 14 ASSET VALUATION AND MARKETING INC Website: Address: 805 N Crest Dr #200 Grand Junction Co Phone: Fax: avm@assetval.com 15 LAND AMERICA DEFAULT SERVICES INC Website: www,ladsvalues,landam,com/index.html Address: 6 Executive Circle # 100 Irvine CA Phone: assetmanagement@landam.com 16 COUNTRYWIDE Website: Phone: bpohelp@countrywide.com 17 IMORTGAGE SERVICES Website: Address: 2570 Boyce Plaza RD Pittsburgh PA 15241

5 Phone: Fax: EMORTGAGE LOGIC Website: Address: 8317 Whitley RD Fort Worth RX Phone: Fax: CLEAR CAPITAL.COM Website: Address: Pioneer Trail Truckee CA Phone: Fax: INTEGRATED ASSET SERVICES INC Website: Address: S Syracuse ST #700 Denver CO Phone: Fax: info@iasreo.com 21 NATIONAL BPO VALUATION Website: Address: Topanga Canyoion Blvd # 225 Woodland Hills CA Phone: Fax: manager@gobpo.com 22 GOODMAN DEAN INC Website: www,goodmandean.com Address: 4281 Katella Av # 131 Los Alamitos CA Phone: Fax: contact_us@goodmamdean.com 23 BPOS ONLINE Website: Address: 3000 N Garfield # 270 Midland TX Phone: Fax: bpos@bposonline.com 24 BROKER PRICE OPINION Website: Address: 8700 Turnpike Dr #300 Westminster CO Phone: info@brokerpriceopinion.com

6 25 EMC MORTGAGE CORPORATION Website: Address: PO BOX Irving TX Phone: VALUATION SUPPORT SERVICE Website: Phone: MARK TO MARKET Website: Address: 905 W 7 th ST # 320 Frederick Maryland Phone: 877.M2M BPOS Fax: info@marktomarket.com 28 HOMESTEPS Website: Address: 5000 Plano Pkwy Carrollton TX Phone: REOAGENT.net Website: 30 LIGHT HOUSE REAL ESTATE SOLUTIONS Website: Address: 764 The city Dr South #300 Orange CA Phone: LRES info@lrescorp.com 31 INSTANT BPO.COM Website: Fax: ; support@instantbpo.com 32 NATIONAL FORECLOSURE Website: Phone: 866.BANK REO support@nationalforeclosures.com 33 PREMIER REAL ESTATE SERVICES Website: Address: 3333 Littleton Rd # 203 Parsippany NJ Phone: ext 12 Claudia@premierebpo.com