How To Obtain BPO Listings
Hello and welcome to the REO Online Training website. My name is Joshua and I wanted to do some explaining for obtaining BPO Listings. I know for alot of people that arent used to dealing with the bank’s and their lender’s, trying to breal into buying foreclosed homes and BPO’s might seem a little tough.
But, if you take the time to find out how BPO’s and REO’s and even short sales work, I can almost guarantee you that everything we make alot of sense, and you will then be able to rely on your work ethic and whatever abilities you may have.
The first thing I always say to people looking to ake it with BPO’s is this:
“If it was that easy – EVERYONE would be doing it.”
Dont get me wrong, once you get used to getting your own BPO lists and dealing with the bank’s, it IS easy. But the problem is that alot of people give up when they realize it is going to take some REAL work to get a foot hold. But if you guys just make it through the initial wall -if you will – then you will remember why you wanted to do BPO’s in the first place.
Getting BPO’s -Manually
O.K. -I know you are hard worker’s, and I know that the average person wouldnt even consider breaking into BPO’s and Other foreclosure type sales. But no matter how good you are, or if you , personally, have the ability to make $1,000′s on every single sale -If you dont have relationship’s with the Banks, lenders and asset managers -then it wont matter.
Basically -YOU need BPO Bank Listings.The bigger the better. The more information the better.(Phone number’s, Email addresses, and even street addresses)
So you can start off by calling your local bank’s. Get in touch with the actual lenders and asset manager’s. These are the people that know EXACTLY what is going on in your local market. (You can branch out to bigger and better area’s later on) Now, calling your bank’s, 1 at a time doesnt sound like fun -does it? But that is the price we pay for starting off at the bottom. Unless -
Unless of course you decide to purchase an up to date BPO List from a list provider. To be honest, if you consider your time to be worth $50-$100 an hour, the price of getting some help at the beginning is definitely worth it. You will save TONS of time – and you wont have to start cold calling banks and lender’s before you get your foot in the door.
Become an Authorized BPO Provider
O.K., regardless of HOW you get your BPO listing’s, you will want to become a BPO provider for your Lead’s. Thats the whole reason for getting the list, right? Well, there are a few way’s of “asking” to be a BPO provider -email, phone or letter.
And you know what? The leads on your BPO List probably get TONS of them all through the week.
But dont worry, most of these “other” BPO agent’s are not doing anything special. They are just going through the motion’s. Checking off the name’s while they go down the list -doing nothing more than just sending an email and hoping that they get “chosen” or added to the list of providers. Its very doubtful that any of these other agent’s stand out in any way.
But its about building these little relationships here and there along the way, isnt it?
Standing Out BEFORE You Obtain BPO Listings
Thats why you should consider doing a little extra. For one, try to call more than you email. Even if you arent the best at conversation, the laws of life say that some sort of rapport will be built naturally, just by the occasional “hello”, or “hey its me -just checking in”. But there are also some ways to speed things up a little bit.
For instance, create your own letter head -with a logo or something that represents YOU as a brand. This will definitely give you an edge over 99% of the other agents. I mean, when you hire a painter or a plumber, are you going to hire the guy that writes his estimate on a piece of notebook paper, or the guy that faxes you a real estimate on his own personal letterhead? Obvious, right? Sure, its about business and impression’s. And the best thing is, it doesnt take much.
And there are also other thing’s you can do as well. Send a card at Christmas time or provide your own business detail’s, maybe some references if you have avy. You know, thing’s that keep YOUR name on there mi nds. I can guarantee you that these kind of action’s will garner the RE-actions that you are looking for.
KEEP There Attention AFTER You Get Your BPO Listings
Now, if you have done your job, there will be plenty of lead’s, so I know that you wont be able to send them big time item’s or anything more than a card or a letter, but when you actually get your lead’s, you should definitely consider showing your appreciation. Maybe with some flower’s or a plant for the office.
Think about it, they give you a chance, and you send them a plant. They will most likely place the plant somewhere in the office -where they will see it – EVERYDAY. Thats how you keep your name in the front of their mind’s. I think a $10 plant is well worth it. But even a thank you card will make an impression. Basically you just want to show your appreciation. Trust me, its enough. And it is SO EASY!
I hope that it is clear to you that standing out is VERY important -but even more so, its not that hard. Build yourself up. Become the BPO Agent you want to be, and you will see result’s. Obviously you already know that this is the perfect market for you to make some real good money.
Now, if you want some help getting your first BPO Lisitng’s or some very good training material, you can get those here. Nothing is too expensive – relative to the time you will save, it’s like paying for an hour or two and getting week’s of production in return.
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