BPO fees dropping

[pkuksov]

Is it just me, or has anyone else noticed the ways Asset Management companies are changing the bpo criteria so they can pay less in fees?

I've been getting a lot of requests from Pro-tek for desk evaluations. Although they emphasize that they don't want pictures, they do want 3 listings comps, 3 sold comps, all REO, all within 1 mile and all less than 6 mos old. They also want a pdf of the current listing sheet and an analysis of the REO market for the area. For this they want to pay 20.00! It's basically a full BPO. And...the listing sheet provides additional information that isn't necessarily included in the average BPO.

[Bob Crain]

My brother is an appraiser and when he does an REO appraisal he gets paid $450 or more!

I wonder what these BPO companies actually charge the banks?

[Malok]

I just did a BPO this week for $200.

[Bigtoe]

I bet if you demand more money you will get it.

[Sam Dodd]

My fees are as follows

Desk Review - 75 dollars
3 Comps -100 Dollars
3 Sold, 3 Listed - 125
Inside Pictures -150
If its outside a 50 mile radius from my home -250 dollars

[pkuksov]

Well, I'm not sure how saturated your areas are with other realtors, but my area is completely saturated and the economy is very poor (Southeast Michigan). I won't do anything for twenty dollars, but there is always someone out there willing to whatever is necessary to get some cash flow. Sad...very sad.

[Sam Dodd]

Ya that sucks for you. My assistant does about 5-10 bpos a week.

[thebpoguru]

in my area $50-75 are average
I have done rush BPOs and got paid as much as $250-300

Now that you mention it I have recieved a couple from Pro-tek recently where they were offering $20

$20 - lets see - I can stop by starbucks and maybe pay for gas on my way out to the property

[MDHomes]

Cadleway Properties in Ohio expects Realtors to provide them BPO's for ---FREE!! If you are ever contacted by a Lender or debt collector to provide BPO's inform them upfront you do not work gratis!

[20something RE Guy]

If it's too low , don't accept.

The BPO Industry is like any other industry, it abides by the laws of supply and demand. If agents refuse cheap , the fees will go up.

Having said that , the companies i've worked with have not seemed to change the fee structure over the past year, it's just the volume that's volitile. Some days I'll have a few , sometimes i will go a week without any.