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It is definitely true that some BPO (and even REO and Asset Management) companies have either closed their doors to accepting new BPO vendor applications or will still let you apply but it may be quite some time until you hear back from them with your first BPO order.
The ironic thing is that I had experienced this too when I first got into the business over 2 years ago. The difference with me is that I didn’t take their “We are currently not accepting new vendors at this time,” as if it were set in stone. To prove this point I signed up with FARVV about 2 years ago when I was signing up for multiple other companies and I received an email from them 1 year after I registered asking if I still wanting to work for them….crazy huh!
Some of the same companies that are still turning away new people even turned me away 2 years ago when I tried to register with them. That didn’t stop me though, because I have worked with over 30 different BPO, REO and Asset management companies in the 2+ years that I have been doing BPO’s full-time.
Here are the top 3 reasons that I’ve found as to why they may not be accepting new vendors:
1. Too many new people applying and they are overloaded….it would just be a matter of time before they’d get to you, but it could take quite awhile (It helped me to follow up with them by calling them after submitting my application and checking in with them about what I was facing and what to expect. By doing this extra step I received work the same day I’d call in. This little but very necessary follow-up sure helped me stand out from others.
2. The person applying simply does not have enough experience or time in the business. Some companies required that I have at least 2 years in the real estate and/or the BPO & REO business, while others required that their agents have REO listing experience in order to join their company as a BPO/REO vendor. (Some companies focus on having a selling point in that they do not have inexperienced vendors working for them so that their potential clients that would give them BPO/REO work over another company that may not be as strict)
3. The companies are happy with their existing relationships that they have with their current vendors and are satisfied (enough) with the quality of work that they are doing for them. Plus, it is always harder to start from scratch by working with someone new where they don’t know what type of track record or accountability a new vendor offers.
To wrap this up, you can’t wait for the various companies to call or email you. You’ve got to be proactive and go out there to get business. Just like you do in your real estate sales side. Plus as I am sure you are already aware of both industries are highly competitive thus anything you can do to stand out from your competitors is bound to get you closer to what you are working hard to achieve.
Wishing you the best!
Nicole Ocean
nicolesdreams eBooks
Your #1 Source for Broker Price Opinion Education and eBooks!
I have been doing Broker Price Opinion’s (BPO’s) full-time for 2 years, since September 2006 in fact. I see myself as a non-traditional Realtor because most agents don’t do BPO’s and instead do real estate sales full-time and some may need to have a part-time job on the side for when sales are slow.
In January 2007, I wrote an instructional manual (an eBook) on Broker Price Opinions that is entitled, “All You Ever Wanted to Know About Broker Price Opinions.” I’ve been blessed able to help over 1,700 other real estate professionals all across America in the last year and a half.
Because of this experience I decided to branch out and do BPO training and consulting work alongside of doing BPO work myself. I’ve been offering my training services on BPO’s and have had some heartfelt conversations with fellow BPO Agents.
During my phone conversations with these various BPO Agents I seem to pick up on an underlying theme and topic that keeps coming up and so I wanted to address it here and see what you think.
People were asking me, “Is it Really Getting Harder to Break Into the Broker Price Opinion Business?” I am not afraid to answer this question and tell them my thoughts and perspective on how I feel that the a lot of real estate professionals have been jumping on the BPO Wave these last few years. Who would blame them? It is a wonderful niche market within real estate and a lot agents and brokers who have hit the wave at just the right time are now ‘hangin ten’ and enjoying the swell of REO business that they have worked so hard to get.
I feel that there are still many people wanting to get into the business and have just found out about it! I don’t want to discourage any of these people and say that there is no real opportunity for them any more because they missed the wave as it was cresting. This just isn’t true!
There are many new BPO Agents that are just now getting into the BPO and REO business and are able to still be very successful! Especially in market areas where is not a huge saturation of BPO and REO Agents. I myself live in an area where the typical BPO/REO Agent is an older agent that has been in the real estate business for 10-20 years. They’ve paid their dues, seen a few cycles and simply just put in a lot of hard work and dedication into their business. Anyone that is going to be successful (no matter what type of business they are in) will have to do the same!
The biggest encouragement and advice that I can give to people wanting to get into the BPO business right now is three fold.
1.) Do your research and educate yourself. (Learn as much as possible about BPO’s and the business, either from going to conferences, buying material on the internet, joining forums or going to seminars)
2.) Put in 100% effort and commitment to make sure you succeed as a BPO/REO Agent.
3.) Simply give it your best shot, take a risk and see what happens! “You will never know what your future holds if you are hesitant and cannot take that first step towards building your tomorrow!” (Nicole Ocean)
What are your thoughts?
