As the market improves and less foreclosures hit the market, the volume of Broker Price Opinion’s decreases significantly. Many realtors find it easier to acquire business on the listing end, and thus many drop out of the BPO scene altogether for greener pastures. What does that mean for the remaining BPO agents? More volume. It is the equivalency of the middle class getting squeezed and all the money getting sucking up by the 1%. Survival of the fittest is the name of the game and only the agents with the most streamlined systems, leveraged manpower, diversified portfolios, and inside connections with asset managers are still in the game. It also makes sense from a financial point of view to have simplified Broker Price Opinion management. Does it cost more for a valuation company to assign 1 Agent 100 orders or 100 agents 1 order? Logical, yes. Ethical… that’s another debate.
So what are the secrets for having a streamlined system, leveraged manpower, diversified portfolios, and inside connections with asset managers?
1. Streamlined System – As a BPO/REO agent you need to have a complete system for broker price opinion management. A system which tracks every order for general accounting. A system which organizes each tax record, document, and note pertaining to the property. If outsourcing Broker Price Opinions, a system which gets the assignment round trip from you to the assigned and then back to you in completed form, with you receiving status feedback throughout the trip (think auto email responders). And oh, it needs to be timed! Turning over orders in 24 Hours or less will net a significant increase in business over standard 48 hour turnaround time.
2. Leveraged manpower – A valuation company solicits out 100 orders in your coverage area. This company has been dead for 2 months and now is your chance to prove yourself as a viable high volume agent. This is when Broker Price Opinion outsourcing becomes so powerful. If you have the manpower to fulfill these orders then the companies catch on quickly that you have the ability to output high volume work, thus they turn to you the next time they need a Go-To agent, creating a snowball effect.
3. Diversified portfolios – This is such a crucial aspect of the business. Many agents get in a groove with one or two high volume companies and neglect working with any other companies. In a quickly changing world, some of today’s slow BPO companies are tomorrows future so don’t stop signing up to new companies and/or reapply to old companies which rejected your application years ago.
4. Asset Manager Connections – Create ways to be heard. There are thousands of agents in the field so you need to advertise how you’re truly a cut above the rest. Every assignment email solicitation has the name and email, often even the phone number of the person who will be quality checking your orders. Sometimes the asset manager’s information will be listed on the form. Treat these as leads and contact to solicit more orders. Maintain an open phone and email line. Respond to quality controls as quick as possible.
5. There is no point 5 but it’s always supposed to end on an odd number, right?