Hopefully, you registered for the Super Secret List because those companies have indicated they are “Network” sites, meaning you register once and your information is provided to numerous other companies that may need BPO services, at the same time.
This could be companies already on the main list or companies that are not traditional lenders such as insurance companies (that are not on the main list).
These are the items that you should have before you started registering;
- W-9 from you current broker
- A copy of your real estate license
- A copy of the E&O insurance that covers you
- Fee Schedule
Be certain to check with your broker on how they want to handle fees generated. Not all brokers require the fees to be paid to them (just like a commission).
If you are paying your own E&O, the broker may not care what you do. But if they are paying it…
Also, some of the companies ask if you are interested in handling REO’s also. I would encourage you to check yes, you can always decline the listing. I’m not going to cover REO but will add in relevant information as it arises.
From what I’ve seen thus far, most companies, pay between $30 for a drive-by and $100 for an interior. I’ll add additional post as I learn more regarding the fees. Most companies tell you what they pay so a fee schedule is not needed.
But the one’s that do ask, how do you answer when you are just getting started and don’t know? I don’t have a perfect answer for that. My best guess is put in $35 for exterior(s) and $75 for interior(s). If you go too high, you might not get anything.
In this day of automation, many agents use software to auto-populate and work “arounds” to reduce time. I found for me, each BPO took at least 3 hours, not good, when the fee is $32! We will discuss software at a later time as it’s not cheap.
I would suggest you take some of the lower dollar exteriors to learn how to do a BPO and input the information so when you do get a company that pays more, you don’t make too many mistakes and loose the account.