BPO companies

BPO companies are third-party entities that handle BPO orders and act as intermediaries between the banks and lenders who order the BPOs and the real estate professionals who complete them. In case you’re not familiar, BPO or Broker Price Opinion, orders are requests from banks or lenders for a licensed real estate professional to give an opinion on a property’s value.

There are many BPO companies, also known as service companies. These companies work directly for banks and lenders or work for service companies that handle the sale of foreclosed properties. These companies are typically paid by the bank, lender, or service company, typically $120-$200 per order, and have a network of real estate professionals that they outsource to complete BPO orders for them. Real estate professionals are typically paid $40 to $75 per order to complete them for BPO companies.

There are 3 types of companies;

1. BPO companies

2. REO Companies

3. BPO and REO companies

-BPO companies only handle BPOs. They are the link between real estate professionals and service companies. They only monitor and coordinate the completion of BPO orders.

-REO companies sometimes use BPO companies, but more often than not they have their own network of real estate professionals who complete the BPOs for them, usually for free because they will list the properties.

-BPO and REO companies handle everything that will be ordered by the BPO by both the listing agent and the second opinion BPO. Once complete, they will assign the listing and coordinate the entire asset sale process.

If one is looking for BPO companies, I would recommend doing your research first! Many of the free lists one will find on the Internet are out of date. These companies are always merging and changing names, and new companies are also being started. It is very important to do your research because some companies have a reputation for not paying on time or not paying at all. The typical time frame of a real estate professional getting paid by these companies can be anywhere from 1-6 weeks, so nothing is more frustrating than getting the job done and not getting paid.

You should do your research, if you are a licensed professional and interested in building a BPO REO business, there are many training courses that can help you avoid making costly mistakes. If you are interested in learning more about the BPO REO industry, you can visit the BPO REO Academy