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It’s All About “Quality, Not Quantity!”
This is one of my favorite sayings when I get asked about which BPO and REO companies someone should sign up with! I can’t help but fall back on any opportunity I get because the clever saying never lets me down, here’s why…….
Work for the RIGHT Companies
Anyone can sign up with every single BPO and REO companies that exists, but if you don’t sign-up for the RIGHT companies, your valuable time and energy will be forever lost. And even if you get work from just any random companies, they may not be the best ones to work for, they may not pay well or timely and they also are likely to not have a lot of work or order volume in the first place. So why even waste your time!
Since everyone’s time is invaluable and the reality of the situation is that it’s hard enough to be disciplined to take the time to sit down to register for even one company, to do it right and to get accepted, so you need to choose very wisely.
Not All BPO Companies Are Created Equal
Some companies are fantastic to work for, they have: outstanding vendor support and services, easy forms, a plethora of helpful training and most of all the companies that matter have an long-standing solid reputation in the industry as well as maintaining consistent order volume.
While on the other hand, a few handfuls of BPO and REO companies are absolutely nightmares and terrible to work for, from top to bottom. You’ll want to do your research so that you will be ‘smarter than the average bear’ and avoid painful problems.
Some trusted places that you can use to educate yourself are:
And of course, you can also check out the free reviews that I’ve done on my favorite BPO Companies here!
Don’t Put All Your ‘BPO Eggs’ in One Basket
How you strategize and plan out who you work for and don’t work for, will make a world of difference long-term.
Time and time again, unfortunately I’ve come across real estate pros doing Broker Price Opinion work that have decided to work for only one company. Whenever I get an opportunity to chat with them, I try to stress just how important it is for them to sign up for more good companies.
In the last 10+ years that I’ve been able to witness the ‘ups and downs’ in this industry on a first-hand basis and through the eyes of thousands of students and customers, we’ve seen one-time good companies lose critical clients (banks and lenders) for whatever reason. When this happened, sometimes their order volume was swiftly cut drastically.
If a BPO agent or broker was only signed up with this one company and this happened, they too could face tremendous hardships like the harsh realities of quickly not having enough consistent work like they had been used to. If they didn’t have other sources of income, then as you can easily imagine, their business was at a serious risk of closing down, just like some of the BPO companies faced.
Do Your Best Work on Everything You Touch
If you intend to stay in this industry for years, not weeks or months, then your work ethic, attention to detail and high regard for doing your best work on every single task you do will ensure that you can continue to get work. This thinking is common sense for most people, but since this niche market within the real estate field is very defined and established, you’ll need to learn the ‘rules of the game’ so to say and then play them to the best of your abilities or you simple won’t make it.
As NAR states “87% of real estate professionals don’t last more than 18 months,” be the 13% that MAKE IT, by doing BPO’s!
Question: How Many BPO and REO Companies Do Tou Work For? (Comment Below)
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Nicole Ocean is a national speaker, previously certified real estate instructor, BPO trainer and coach. She’s been teaching real estate professionals all over the United States for the last 10+ years.