Real Estate Agent Income – How To Make Money In Any Market!
A real estate agent income is anything but consistent and can be a scary thought in current markets around the country. Broker Price Opinions (better known as BPOs) have become an important part of the real estate industry and are a fantastic way to make a steady income and help you break into the foreclosure listing business. Banks and asset management companies have an ever increasing demand for determining the market value of properties. Over the past few years I have built a steady income just from doing price opinions. It has made me an expert on the current market and helped me build a strong listing inventory by giving my clients added confidence in my expert opinion.
When I first discovered BPOs, I was recently divorced and looking for a part time job to help me get through the rough patch in the market. I never would have thought that it would become a major focus of my career. The first few months took a lot of research on my part to find a way to make a steady income with reliable companies. The most important factor that I found was in finding the reliable companies.
This is a constantly changing market and a company that you may have a close relationship with one day will suddenly be bought out, or even close up shop, with no notice. It is important to diversify your list and be sure that you have covered all of the bases. You will also find that there are a lot of scams out there. Many companies you find may be called “bpo mills” but they are worth working for because they will give you the experience you will need to be considered by the other companies that will have the foreclosure listings you are looking for.
Every 3 months I make it a habit to check with my list of companies
• Be sure that your profile is up to date
• Be sure that your area zip codes are current and accurate
• Remove companies that are no longer active and add in new companies that you have heard about through the network you will be building.
There are many scams out there that you need to be aware of. As a new agent it is easy to fall for the companies that want to charge you hundreds of dollars to become a member, with the promise of giving business to you. There are many stories of agents taking that cash and hoping to hit the jackpot with a pile of foreclosure listings falling in their laps. When the orders don’t come, and the listings are nowhere to be seen it is not always easy to get that refund. My suggestion is to start out with the companies who will pay you, there is plenty of business out there for all of us, and many reliable companies who don’t expect you to pay them. In fact, I have never paid for a service.
We all work hard in this business and do not always get compensated fairly, or regularly. BPOs are a great way to even out some of the ups and downs we face with our income, and they can help you greatly increase your recognition as an expert in your market. Through my own experience, they have not only given me an additional income, they have helped me to build my listing inventory so I do not have to worry every day that the news will have something negative to say about the real estate market.