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This Mornings question is " Can you make money completing BPO's?" This question is often accompanied with requests on how to become a BPO or REO agent and personal questions on how much you can make and why would you want to complete them. Those agents that are successful in BPO's are very unliley to share information with those agents who are not completeing them. I decided to write this blog to clear up some myths and let people know what they really entail. There are no short cuts to getting signed up with a bank by buying a secret list of asset managers.If you want to become a BPO agent, you need to have some experience in completing them or appraisals. You need to know the area you will be performing them in, know the values and trends the area is experiencing. Most important you need to know the system that bank is using to input that BPO. You need to take a training course, if you go in blind, you can not hide that fact. it will affect the quaility of your work.Alot of banks are not taking new agents right now, but there are some who are. There are difference between banks who assign BPO's and use them to assign their REO listings to agents. Some banks use a ratio of every 15-20 bpos will get you eligible for a listing. Others are what the call BPO Mills. They comeplete bpos but do not assign listings. It is a good way to earn soem extra listings during the slow times, they grade the bpos and assign bpoos by yoru grade, the better the job you do , the higher your grade. The biggest problems with some agents is trying make the bpos' come in too low or too high thinking they will get the listing if they price it higher. the truth is you will rarely get a listing on a property that you are completing the bpo's. That listing is probabily already assigned to someone. by completing the bpo you are banking an opportunity to get the next REO listing that comes up.
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