Introduction to BPO: 6 Strategies for Registering with BPO Companies

Are you ready. You know you want REO listings and completing BPO will be your foot in the door. You’ve made a list of REO or BPO companies and it’s time to start registering. 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 generally leads to wasted effort and frustration.

1. Make a plan of attack. With how many companies are you going to apply? Have a summary to submit? Do you have your error and omission insurance information (can you get it from your broker)? What areas are you going to focus on (don’t say “all areas”!)? To be effective, you must think about your plan of attack before you begin.
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 that you contact them directly and describe your background and experience. The more hurdles you have to overcome when applying, the less other real estate agents you will compete with.
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 am reluctant to pay money to be on a list of brokers with no guarantee of ROI.
4. Keep track of your applications.Don’t just apply and then forget about the company in the hope that one day you will get a call. You will not do it. Take notes on all the companies you have applied with, including the date of the application, so that you can follow up by calling those companies.
5. Remember your goal: stand out. Everything you do should help you differentiate yourself from other realtors 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 the BPO is shipped. You need to find anything you can do to differentiate yourself.
6. Be stylish and professional. Don’t ask nasty questions like “How many BPOs do I need to do before I am offered an REO list?” Instead, say things like “If you need other BPOs or have questions about any other property in this area, please let me know at any time. I’ll be quick to do so.” Remember that you are doing this to serve the BPO business. Be professional and consistent and REO listings will follow.

Feel free to contact me at any time if you have questions about BPOs or access to REO’s listing business.