Robert OHaugherty, REALTOR, ABR

For those of you who are trying to do BPO's, whether full time or part time, here are some interesting stats and thoughts from what I've learned so far. First, after submitting an application it takes a BPO company several days to 10 days to respond, a time period that is used up getting your name and info into their system. Then they run your RE license for validity and so on. Secondly, two companies have so many applicants that they are only going to retain your information and call you if for future needs in your area arise. Third, these BPO companies have a business to run and payment to us is an expense to them and we, as agents, are Accounts Payable to them. Which means they will pay in two weeks, 30 days, 60 days or 90 days. If a BPO company is poorly managed and their cash flow is drying up we may not get paid at all. Within the Rain they have listed some good companies who want to make a profit and grow, who pay well, who pay within 30 days. But if they don't pay within 60 days, it could be that is their standard turn-around time for paying. And 90 day pay is usually not tolerated. If they can't process an invoice in 90 days, they should be avoided.

Results: Since I started applying for BPO orders and signing up 3 weeks ago, I have not received one BPO, not yet. I signed up with 18 companies including REO companies (there are a few REO companies who do not pay for you to do a BPO but will eventually let you have an REO listing) and I'll continue to sign up with more until I get my first BPO order. I've set up my files, reviewed the forms online that are to be filled out, and continue to study. All in all, just learning about BPO's and valuation, has help in listing appointments.

Since my last post I have signed up with a total of 12 BPO's and plan to sign up with more this next week; I have read about 200 active rain responses from AM's to agents. Learned alot. Still forging ahead. I'm holding in my hand a small car (38mpg), courier experience, savings account and the three "P's" (persistance, patient, perserverance) which will beat a hand of 90day pays. And I'm watching the most celebrated successful group of people on Earth right now: the Beijing Olympic athletes and the closing ceremonies.

For you guys doing BPO's who are sales associates, do you have to split with your broker? As I sign up with the BPO companies, the registration asks those questions: E & O Insurance info, faxing a copy of the license, who do they make the check payable to. Not having done a BPO yet, I figure you have to split with your broker. Any help in the Rain?

Well, Rainers and Rainees, I've started down that road. I've worked thru 9 BPO companies and registered and/or signed up. Two have contacted me back saying they will keep my info on file and if and when they have a need in my selected areas they will contact me. I plan to continue the sign up process with another 9 or 10 today. It takes about 30mins to fill out all the paperwork or even take a quick mini-exam to qualify. That's about 5 hours just to sign up with them. Out of the 9 I've signed up with here are some stats: one asked for two bank references; one had an 11 questions to answer; one asked for 3 personal references; two asked for a W-9 (tax ID number); all asked for areas you want to cover, general info; one will take 4 days to review the info.

More later with updates and progress over the next few days. I want to see how long it takes to get my first order from one of these BPO companies or are they all booked up. I figure that the need for these BPO will start to decline and the number of agents willing to do these will go up or at least remain steady.