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.

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?

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I just did a BPO this week for $200.

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Jennifer Karlen & Jon Karlen
Kentucky Horse Farms - Louisville Kentucky Real Estate - Lexington Kentucky Real Estate
Serving the Louisville KY metropolitan area including Jefferson County - Prospect Shelby County - Shelbyville Oldham County - Goshen, La Grange and the Lexington KY metropolitan area including Fayette County - Lexington Woodford County - Versailles Scott County - Georgetown Jessamine County - Nicholasville

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

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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

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.

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

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

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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!

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.

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Brandon E. Schlichter
HER Real Living
Circleville , Ohio740-571-1606