List of BPO Companies
A List of BPO companies is easy to come by, but a quality list takes some research and time to develop. Banks and asset management companies need BPOs (or Broker Price Opinions) at an ever increasing rate. Because of this there are many companies who are trying o enter the BPO business, some not as reliable as others. There are some who have a lot of orders and pay on time, and others who are happy to send you the orders, but no so happy to send the checks for the work you have finished.
There are a variety of reasons for a BPO to be performed A few of the most common are when an owner is facing a short sale or foreclosure, an owner is refinancing their property, or maybe when a bank or asset company needs an evaluation of value to update their portfolios. For this reason the list of companies willing to supply the BPOs they are needing is always changing. There are many companies who will try and scam you out of money, but there is a large number of companies who you can count on for a lot of business and a steady stream of paychecks.
You may have the term BPO mill. These are companies that will have a lot of orders for you, but they will not be providing you with listings down the road. Many agents think that these companies are not worth the time. There are several reasons why I disagree with this opinion:
• They are likely the first companies to provide an agent with no experience a chance
• You can make a good income from these companies alone, I make most of my BPO money from these “mills”
• They will help you fill in your resume for companies that require experience who will most likely be able to provide the foreclosure listings down the road
• You will gain invaluable experience in evaluating an area
With that being said you will find a few companies that are not worth the time and effort. Some, for example, are not reliable for regular payments, and others do not offer fair market fees. You can find a lot of information in forums regarding which companies are the most reliable (but remember to take some of the comments with a grain of salt, I have found some companies to be a great resource where a lot of agents have nothing nice to say about them). Get to know some contacts at these companies and you will find that you move up in their rankings much more quickly and you will have a steady stream of orders sent directly to you.
Many agents are scared off from this business because they thought it would be a quick and easy fix. It is a good income, but like any real business it does take some effort. With a good system in place and some quality work, you will find that you become a preferred agent with reliable companies who need your help and are willing to pay you for it.