Getting started with BPO: 6 strategies for registering with BPO companies

Are you ready. You know you want REO listings and completing BPOs will be your foot in the door. You’ve got yourself a list of REO or BPO companies and it’s time to start signing up. The more the merrier, so you think…

 

Wait a minute. Let’s slow down. I know you’re excited but let’s not get ahead of ourselves. Long-term success in real estate always comes from deliberate planning and execution. Shooting from the hip usually leads to frustration and wasted effort.

1. Make a plan of attack. With how many companies are you going to apply? Do you have an abstract to send? Do you have your errors and omissions insurance information (you can get it from your broker)? What areas are you going to focus on (don’t say “all areas”!)? To be effective, you need to think about your plan of attack before you start.
2. Don’t avoid a challenging application process.Some BPO companies are easy to apply: fill out an online form and click “submit,” then wait for a response. Others are more difficult. They require you to contact them directly and describe your background and experience. The more hoops you have to jump through when applying, the less other real estate agents will compete with you.
3. Don’t pay to join a preferred broker list. Some BPO companies ask you to pay an annual fee to be on their list. I avoid this. I am willing to complete some BPOs for free in my target area, but I am reluctant to pay money to be on a list of brokers with no guarantee of return on investment.
4. Keep track of your apps.Don’t just apply and then forget about the company in the hope that one day you’ll get a call. You won’t. Make a note of all the companies you’ve applied with, including the application date, so you can follow up by calling those companies.
5. Remember your goal: stand out. Everything you do should help you stand out from other real estate agents who are applying. I treat each BPO as an opportunity to show my responsiveness and attention to detail. Contact the BPO company to follow up after submitting the BPO. You need to find anything you can do to set yourself apart.
6. Be tasteful and professional. Don’t ask nasty questions like “How many BPOs do I have to do before I’m offered an REO listing?”. Instead, say things like “If you need any other BPOs or have questions about any other properties in this area, please let me know anytime. I’ll be in touch.” Remember that you are doing this to serve the BPO company. Be professional and consistent and the REO listings will come.

Feel free to contact me at any time if you have questions about BPO or getting into the REO listing business.