Here below is the first Chapter in our Agent REO Secrets Ebook Series. For more info, please enjoy the following video…

What Is a BPO?

A BPO Is simply a broker price opinion. A bank will pay you to get them a reasonably accurate opinion of the current price of a particular property. With the massive increase in the amount of homes in foreclosure, banks need BPOs more than ever.

And, with the changing housing market, Real Estate Agents can use them to make easy and predictable money. You can make great money, right now with BPOs, and have a predictable income to relax and fuel the rest of your business. But it’s important to take it seriously, to work hard, and to be the best resource for the asset managers.

HREU students get a list of all the BPO asset managers in their areas…

Step 1 To BPO Success: Get all your required info together so you are prepared to fill out BPO vendor applications.

a) Your Real Estate License

b) Errors and Omissions Insurance ( expiration date, policy amount)

c) List of References ( past clients, associates in your office, friends)

d) Completed 1099 ( usually provided by each of the vendors)

e) Coverage Area (the areas you want to cover by zip code) create your zip code list in word or notepad so you can         easily copy and paste the zip code list into each BPO Vendor Application.

Step 2: Reference the HREU Top Secret List (see the last page)… Start Submitting Applications

Submit BPO applications through the internet, email submissions, fax and by calling. It’s a different environment in a bank: don’t give up until you get your application in to a BPO Company.  Make sure to confirm they got your application…

SECRET: When filling out your applications, discover which email address is associated with your cell phone address in all of your BPO vendor applications. When a BPO Assignment gets Most cell phones have an email address associated with that cell phone, if you don’t know the email address call your cell phone service provider, and get that email address.

Then take that email address, and enter that email blasted out to the all real estate agents in your service area zip code you will be alerted by text to your cell phone, giving you an edge over the general population. This way you can get right back to the BPO Company and accept the assignment, build rapport and start even getting their REO listings!

Step 3: Create a filing system for each BPO Company. …So you don’t get BPO’s mixed up. This will also help you keep track of who you spoke with at each company, so that you can create a tickler system for your follow up system. Make sure to follow up with that specific person if you can. This will help you build rapport. Get friendly make small talk, it goes a long way.

Want to take the next steps toward becoming an REO Listing agent? Want access to Harris Real Estate University’s complete list of BPO Contacts?

Enroll in Agent REO Secrets Now!

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