The very first step in the process is to obtain a list of the top valuation companies from a reputable online venue. Many companies sell the list for about $ 50, but do not waste your money. With a little bit of Google magic you can find a quality list for free. Not only will this save you time, but it will also guide you in the right direction for becoming a BPO agent. After acquiring a list, I would recommend that you spend a couple days gathering the required documentation and begin registering with as many different companies as possible. Registration can be done by completing their online registration process or sending the companies an email direct. You will need the following documents available:
– Copy of Real Estate License
– Copy of Drivers License
– Copy of Car Insurance
– Coverage Area Zip Codes
– Errors & Omissions Insurance
If you're lucky and happen to live in a high volume BPO area or low competition area with few realtors, you might get accounts opened right away. Not all companies will be accepting new BPO agents, but you should apply to all companies anyway to at least get your record on file. This will increase your chances of receiving leads from the valuation companies down the road. It is not uncommon to take months to open an account. Registering with these sites is the equivalent of applying for a job. If you receive no response after 2 weeks, try following up your submission with a phone call explaining why you would be a top performing BPO agent for their company.
Upsides of being a BPO Agent:
– $ 40- $ 100 per order
– Work from home
– Flexible hours
– Guaranteed income – Not commission based
– Quiet analytical work – You do not have to deal with many people
– A great starting point to becoming an REO agent
Downsides of being a BPO Agent:
– Sporadic workload – Banks unload orders in batches so some weeks are very busy while other weeks are very slow
– Time pressure – The standard time to submit a BPO is 48 hours and 6 hours or less for a quality control.
– Delayed payments – Companies often pay 30-45 days after the BPO was performed and in some instances up to 6 months.
– Quality controls – Valuation companies will not pay until they think the order is sufficient. Sometimes you will have to make changes to the order or completely redo it at no extra charge.
This line of work has a mixed bag of pros and cons like any other job, but absolutely I have to say from first hand experience that being a BPO Agent can make for a unique and rewarding career. Perseverance is key and it starts by applying to as many valuation companies as possible. Good luck and get busy!