What Is A Bank Bpo - How to Register With Banks to Process BPOs
What Is A Bank Bpo
The best way to expand your real estate business and start making consistent income, it is to start to process BPOs for Banks. Many of the top real estate agents across the country process several BPOs for banks every single week. These agents know that this extra business can bring in both income and REO listing leads. What Is A Bank Bpo
These real estate agents were able to become a BPO agent by locating and registering with BPO bank departments across the country. If you're a licensed agent, you can do the same. This article will tell you how it's done.
Where to Sign Up
Before you can start to process BPOs for banks, you need to find the banks' websites. Some of the websites are easy to locate. Simply give the larger banks a call and ask for their BPO bank department. If you already know the address of their website, just scroll to the bottom and click on Real Estate Agent Sign Up. The problem with locating these websites is that if you found them easily, other agents will as well. Keep in mind, the fewer agents that know about a website, the better chance you have of getting assignments from that BPO bank department. Also, you need to understand that most banks don't handle their own BPOs and REO properties. They assign them to asset management companies to manage. These asset management websites are much more difficult to locate.
Because you will want to sign up with every BPO bank department possible to increase your odds of receiving business, I always advise agents to purchase a list of banks and asset managers. These lists usually cost under $100 and contain over 100 BPO bank departments and have contacts that you can't find on your own.
How To Sign Up
Finding the websites is just the beginning. Once you have their website address and contact information, the real process begins. If you have a list of over 100 banks and asset managers (as you should), you'll need to schedule a good 12 - 15 hours spread out over a few days to register on these sites. When you sit down to sign up, make sure you have:
What Is A Bank BpoYou Real Estate License (some companies require a faxed or scanned copy)
An IRS W-9 filled out
A resume highlighting your experience with bank owned properties and your general real estate experience.
Your managing brokers information and license number
A copy of your errors and omissions insurance
Not all BPO bank departments will require everything listed above, but you will need it all. I suggest you create a packet and scan it into a PDF document so you can rapidly send it off each time a company requests the information.
What To Do Next
Once you register with each company, your work is not done. Most agents will simply fill out all of the registration pages and then wait for phone calls to start coming in. WRONG! If you want to start to process BPOs, you'll need to do much more.
When you first received your license, did you just fill out the paperwork and then sit back and wait for buyers to call you? No! You called people, emailed people and did everything you could to promote yourself. You need to do the same thing if you want to become a BPO agent.
The people that work inside BPO bank departments see hundreds of real estate agents' resumes every month. Make yourself stand out. Send a follow up, handwritten card with some more information about yourself a week after you register. Email them on a monthly basis with market stats. Heck, email them at holidays just to wish them well!
You need to constantly remind the people handing out BPO assignments that you want to become a BPO agent for them and you're going to do a great job for them. If you do everything in this article, you'll not only register with BPO bank departments, you'll start to process BPOs for banks and begin to earn consistent income doing it! Don't quit and never give up!
What Is A Bank BpoWhat Is A Bank Bpo - How to Register With Banks to Process BPOs
By: Real Estate Expert
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