To All Aspiring Phoenix BPO/REO Agents...Don't Overprice My Phoenix Short Sale Listings In Hopes Of Getting An REO Listing!
That's right, you know who I'm talking to. You've taken a class from an "REO Guru" or have read blogs about the importance of doing BPO's in order to get REO Listings. If you can show the lender that they are getting ripped off by the short sale listing agents, you will then get the REO listing by overpricing the BPO, thus forcing the home back to the bank, and you'll get the REO listing. RIGHT? Ummm, NO!
Overpricing BPO's in hopes of getting the REO listing is not only wasting your time (and mine), but is also keeping this market from recovering, killing your reputation (before your career even gets off the ground), and is forcing a homeowner who is trying to do the right thing into foreclosure.
You see, some experienced Phoenix short sale agents are now looking for your bogus BPO's (like me), and will do whatever it takes to teach you a very valuable lesson.
It's real simple. You don't conduct BPO's on my listings without calling me first (as per the MLS Listing). This way, I know who you are. When you submit a ridiculously high BPO, I simply go to the MLS, do a little research, and make you look like an idiot.
The first thing I determine is what percentage of your listings are REO (if you are one of the few that actually have REO listings, this is the first RED FLAG). Next, I look at the history of each of your REO listings, and find out how many of them were "former short sales". Next, for each "former short sale" listing you have, I call the former listing agent and ask them if you happened to be their BPO agent. If you were, LOOK OUT! You wouldn't believe how many former listing agents are willing to share their stories with me, which makes my job that much easier.
I will then submit the "real" comps, along with a reminder of your history of overpricing BPO's in order to get listings from the lenders. Next, I will show them how much $$ other lenders have lost due to your total lack of professionalism.
You see where I'm going here?
We're on to you. Don't believe me? Ask the last 5-6 BPO agents that tried to screw with my clients by providing BPO's that were 40%+ over market value. In all cases, we disputed the BPO's, and in all cases, they looked like jackasses at the end of the day. Hopefully, they never get anymore BPO offers.
In other words, don't screw around with people's lives in hopes of getting an REO listing. It WILL come back to haunt you!
Now, for all of you "legitimate" BPO agents, this doesn't apply to you (and you know who you are). Conducting BPO's for these idiot lenders is an extremely difficult task, and I applaud those of you who do your job with integrity. As with all professions, there are bad apples in every crowd. If you are doing BPO's as a way to make ends meet (with no other motive involved), then kudos to you! For every bad BPO agent I've run across, I've run across 5 legitimate agents. Please, keep up the good work and know that someday we will all come out of this mess, and you will still have a reputation.
For those bad apples, WATCH OUT, WE'RE ON TO YOU!
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Copyright © By Bob Hertzog 2010 *To All Aspiring Phoenix BPO/REO Agents...Don't Overprice My Phoenix Short Sale Listing In Hopes Of Getting An REO Listing*