Hello,
I am totally frustrated with trying to make a business out of doing BPO's and Reo's. I have signed up for every website, I am subscribed to every forum, I read every forum every day. I have had a few BPO orders but no listings at all. This has been going on for months. Everyone just wants you to pay more and more to be listed on their site and it gets expensive.

I have not found this to be a profitable venture at all. I am starting to think that the BPO/REO world is just to saturated with Realtors and there is just no room for more. It just looks like there is no demand for more new Realtors to do Reo's and Bpo's. I mean if I am trying to do everything right and just keep getting left empty handed why should I continue. I am at my witts end.

By the way I am in the Houston area.

I did BPOs for 2 years before I got my first listing. You are correct there is alot of saturation in BPOs and REOs.

Many agents are suprised the the REO field is not "easy money" for a Realtor. It takes years not months to build up your client list. It takes persistance, more research, and most importantly, more money for less pay than the average listing.

I can tell that REO Dayton is a wise realtor indeed....

Yes, unfortunately, I second what he or she posted.

The agents on our team here in Minnesota that list REOs have really been working on securing the accounts for years.

Here is my suggestion I often times make for agents on our team. Look at another "iron in the fire" for your business.

Perhaps investment property seminars, first time homebuyer seminars, various sorts of internet advertising to generate more leads.

Again, not sure if you are already diversified in your business plan, but these are some other things we have done that have worked well for us. I hope this helps.

Reo market levels will dry up in a few years.

Everyone getting in now missed the train that left a few years ago.

Can you get a few listings SURE but don't count on the bug accounts rolling in.

Reo takes ALOT of capital to do successfully.If you tell an AM you can't do something because you have no money get ready to lose that account real quick.They are covered up and have no time to deal with those issues. It appears you have very little money from your post so I would concentrate on workign with the buyers putting offers in on REO's.Not investors that will low ball everything and waste your time but regular homebuyers who will pay closer to asking price.

You will get afew serious investors now and then but alot are a waste of time.

If you're just recently trying to break into this niche, you pretty much missed the gravy train. It takes years to break in, you need to be well capitalized and well connected and there is an expectation that you know what you're doing if / when you do get a listing. If you haven't worked with foreclosures in any capacity before, it would be highly unlikely you would shine in the eyes of your asset manager on your first assignment. And if you don't shine on your first, you won't get a second.

One of the ways to get connected is to pay for exposure on those sites. If that small expense bothers you, how will you handle a listing? For example, I got an assignment just over a month ago. I'm into it for close to $15,000 already and it isn't listed yet. Could you handle that, or would you even want to?

Have you put the same effort into non-REO? It's much less capital intensive.

Off topic, but it's weird that your profile says you are in AZ, but in your post you are in Houston!

On topic, H&B is right. Houston is a market where the BPO/REO kings have easily been doing 200 BPOs a month in order to get the REOs (although there are other ways, such as the pay-to-play sites). If you are only getting "a few BPO orders" and you are only a few months in, I would suggest that you capitalize on the phenomenal traditional market in your area. There are a few hundred agents in Houston that are signed up on all the sites you are, most likely, and chances are they have been on there much longer and you could be waiting your turn for months or years.

But the bright side is that you are in one of the best markets in the country and have plenty of other avenues to make a good living in real estate.

luvinAZ,

Don't fret too much. IT does take time and you have to build up your credibility. I think it was another fellow member on this site that suggested to call/email the companies and ask if there were any orders in your area and/or why you had not received any. Try that. It NEVER hurts to ask for business! But don't harass them either.

Also, why not talk to one of the AM's and see if you could do a FREE bpo for them so they could see how you work and what your tat is.

If that doesn't work then just have a little patience. They'll come eventually. But I wouldn't try to make a living out of it...not until you've got a steady stream of them coming in that is...

Good luck with it!!!