I am all about equal opportunity but what do you think about a company outside the United States that you can outsource your BPO's to? Let me make it clear I have no problem with outsourcing but it sure concerns me that the downplay or the value of a BPO is cheapen because some bank, broker or agent decides to outsource their data entry or completing the BPO in its entirety.
When I read this email I was surprised it's as if anyone can do them...and to think I get upset when someone 120 miles away from my area asked me to do a BPO.
Outsourcing BPO's? WHAT?
Portions of an email that was sent to me...
Our company is situated in Pakistan since 2005. We do outsource BPOs business. We deal with all kind of bpos shortsales, Reo and others. Our company has lot of experienced members who evaluate the property in exact fashion .We have great command to pull out comps by using the MLS & data entry on lot of websites like mainstreetval, clear capital, mark to market, LSI , old republic etc. with perfact comments.
Right now we are working/doing bpos for two other companies and for some brokers as well. We want to expand our outsource BPOs business. If you wish to examine us then send us email we will reply you shortly.
We are expert to do BPOs as we are in this field since 2005. For quality assurance you can send us one or two orders for checking our work. All orders will be returned within 24 hours .
If you are interested to start outsource BPO's business with my company then please let us know we shall be glad to know your decision.
--
Thank you,
Have a great day!
There is enough trouble determining value even if you are an expert or you live in the area. I find it interesting that a company outside the U.S. believes by utilizing the MLS and data from a few websites that makes their company worthy of handling BPO's?
What's worse is that if the information in the email is correct...two companies and some brokers are utilizing them already and the data that is used is MLS data from a few websites. Do you think these BPO's are accurate?
Outsourcing is a great way to save a few bucks...but I wonder are people really saving money and time by using a source outside the immediate area. Heck BPO automation system software works hand and hand with your MLS...why would anyone use this company to outsource their BPO's? What do you think about this?
Just another real estate agent task that is devalued once again...
Some things should not be outsourced. What is next real estate agents in Pakistan selling you a home in South Carolina? Crazy. Tere
So tell me how do they take pics of the subject if they are in pakistan?
Based on some of the misspellings in that email, I'm not so sure they would do a good job on a BPO.
Hi Midori-
I am of the opinion that these banks do get what they pay for. With the amount of loyalty that they show to those who provide their bpos locally, I am not surprised that there are companies who are providing this service from abroad.
Sara in San Antonio
I suspect that some of the short sale negotiations for a certain huge and notoriously troublesome lender are also being outsourced off shore, even though the addresss on the emails says Simi Valley. Can't prove it...but I have reasons to supect it.
No way, you should be doing your own BPO's in your neck of the woods. We are already having problems with short sales because of out of area real estate agents that do BPO's.
Nothing surprises me when it is in regard to a bank......don't get me started.
Midori- I don't think they can service or complete a BPO well if they are so distant. You must know the market you're working.
Pakistan!!!? Are they serious??? That is unbelievable! But then, the banks have been taking it upon themselves to change the numbers on appraisals too. What do they care? Their interest is certainly not in the welfare of the customer!
Hmmm. That's pretty scary. How can you possibly do a BPO? They are, at least in our area, at a minimum a drive by and you have to provide photos. Wonder if they are as good as the PC cuistomer services that hgave been outsourced?
Jeff
If they can't drive to the property, do not have access to the MLS (I hope), WHERE do they get the data????????????
I am with Lenn on this one///they get the data fom where ? We have had occasion with agents who are not experienced in real estate...not experienced in the whole country...ewwww !
To make a suggested answer to question #2 - they probably go online and steal the photos that the last real estate agent used to market the property. Of course, they may not represent current conditions, but I don't think accuracy is a topic of interest to them anyway!
We have enough problems with agents that don't live in our MLS area, doing BPO's. They mess up school districts, you name it, now outsourching to Pakistan. Pleeeeeeeeeeeeeeeezeeeeeeeeeeeeeeeeeeeee.
I received the same email last week. I wonder if people are so gullible as to believe that a BPO can be done by anyone but a local resource!
Altisource and RRReview already use people from Asia to "quality control" their BPOs. But I agree, someone local needs to do the actual inspection and put the value on the property. Data entry is another subject though.
This is the result of asset managers expecting BPOs for $50. Staffers in India or Pakistan will provide the quality they deserve for the low prices.
Oh GOOD GRIEF! I am just hoping that this is some kind of scam email. I agree with everyone else - there just is no way to do a BPO in the USA when working from another country - at least not one that is worth the paper it is printed on!
Sheesh! PLUS - Don't enough people already have their hands in our pockets?!
It is hard enough to get three appraisers from the area to agree on a property value.....how much fun will it be to have three done from off shore, one from Pakistan, one from India and one from Bangladesh? Fat chance
WOW... has it come to this?
I don't do BPOs out of my area. So I wouldn't want someone else pulling comps for me. There are streets that you pass over and it changes value. You have to understand that in order to do a good job on the BPO. If you are outsourcing your data entry that is one thing. but the bank is paying you for your opinion, not someone out of the countries.
"We have great command to pull out comps by using the MLS & data entry on lot of websites like mainstreetval, clear capital, mark to market, LSI , old republic etc. with perfact comments."
How exactly are they pulling their information from the MLS and data entry from those websites? Maybe next time I complete a BPO for Clear Capital or LSI I should trying pulling my comps from them instead of my MLS, recorder's office, and personal knowledge of my market area?????
Gimme a break! I would almost consider sending them an order just to challenge them.
Dear Bank of America: Your BPO will have a slight delay since our local broker on the ground has had an internet interruption due to a large explosion from a Predator drone which was not in Pakistan, I mean local in Simi Valley, Waziristan, I mean California.
Thank you for your patience and enjoy your chartered jet vacation paid for with your unbegrudged Obama bonus.
Wow, Midori, just thinking of this makes me mad. As though anyone's best interest ( beside the lender ) is being served with this!
I think I know how they doing it; First they find agents who's time is not valuable or willing to work for nothing, ask then to do occupancy check, pay $20-$25 and promise them the listing and the moon; then send data they got with exterior or interior pictures to other starving agents and ask them to perform a desktop BPO for $ 25 or less. Bingo, they got there order for less than $50 with no gas or time spent. I got a request from some kind of so called huge assett management to give them the RS-feeds from my MLS paid membership in exchange of feature listings. I did call my attorney, what I found out was just what you guys suspected. They not assett managers, they are outsourcing company who will use your MLS access to get the information they need, and you don't even know about it. Honestly, patiently you're waiting for listings and they never come. Agents beware, Internet is the best tool we've got, but it could be very dangerous. I think most brokers don't look at the serious consequences of letting their agents work for companies with bad reputation.
We are all suffering the effects of out of area appraisers. Now out of area, out of country BPO's???
What next?
First, if that is the actual text of the email, it sounds like a scam. But, for the sake of argument, let's say it's not. Then my response is: OMG! No wonder values continue to drop.
We are all suffering the effects of out of area appraisers. Now out of area, out of country BPO's???
What next?
Midori ---- you have got to be kidding -- well, I can only wish that you are -- this is just ridiculous -- just my opinion.
This can only happen with the willing participation of at least one agent. Sad.
Doesn't surprise me, every industry has segments that can be outsourced if someone is only looking at numbers and not overly concerned with exact accuracy. I think this is only the beginning for the real estate industry. We already see virtual assistants who are out of state, why can't the next step be out of country?
Len in comment 13 asks how they get access to MLS, easy, a member of the MLS gives them their ID to use for a small cut of the profits or a set fee. It's a local problem that most MLS's fight, internationally is the same type of issue.
Wow--that's outrageous to hear that banks/institutions are so detached. Are they so gullible as to believe they're getting a real BPO this way? From Pakistan? Come on. That's just idiotic. How on earth are they going to be able to do a true BPO if they aren't there and have first-hand knowledge of the area?
It was only a matter of time. Some up and coming executive has brought a "great idea" to the board and justified a cost reduction of millions of dollars. That type of short term thinking is why financial institutions put our economy on the brink. Soon there will be a Zillow BPO and that will be free........................chris
Please not a Zillow BPO!!! Oh, no! I think that what Trademark said sounds like the real deal. Pretty sad...
Who knew?!? This world is getting crazier by the minute!
How can you 'evaluate the property in exact fashion' located in Pakistan or ??? Your not nuts Midori, this is totally ridiculous.
You know the really sad part is they are probably generating REO listings for the brokers they work for. A good BPO takes some time and certainly is not worth the money they pay for it.
Wow! I'm appalled!!!! How could they possibly understand local markets? What if a property has never been listed before - what would they do? I just completed a BPO on a property that had never been listed and was so new the assessor's tax records showed it as vacant land (permits had never been finaled). Shame on any agent who would let another entity use their MLS ID for any purpose!
Pakistan?? Sigh! What we do and our knowledge commands so little respect!
All the paperwork and discussions that take place in a BPO. I'm not concerned about this being outsourced. I don't think it will prove to be effective.
And, if the person sending this email is the best English speaker they have, they're in real trouble dealing with this process.
It doesn't sound legit to me.
Keep us posted!
Please tell me this is one of those scam emails! It has to be. This doesn't make any logical sense.
Makes no sense but hey, corporate america is all about the bottom line to do it cheaper. And they can't get accurate data from ZIllow or trulia. That's just ridiculous. It should be against the law.
Huge financial institutions continue to amaze me with their new levels of stupidity. They are now making decisions on whether or not to accept short sales based on a $40 BPO, or even worse, an outsourced one to another country. They will then often accept a lower price than a house is worth -OR- deny an offer that's good and subsequently foreclose getting thousands less, all based on this cheap information. They are tripping over dollars to pick up pennies, trying to save a few bucks on BPO's but losing thousands because they are often inaccurate. Simply unbelievable.
Wait! They are out-sourcing BPOs that were out-sourced to them? I'm amazed.
I was approached by the same company. Didn't give it much thought either. Seems suspicious in more ways than one.
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Sayyed Khan
American Mortgage Company, LLC
I'm aware that you're looking for a trained and experienced real estate title searcher. This is a job I am qualified for and interested in pursuing. I have worked in this capacity at American Mortgage Company, LLC with good results and am now ready to join your firm and would consider it an honor to do so. I know of the excellent reputation I have in this field. I can prepare O&E report for any Colorado County. If you say so I will do an O&E with a trial Basis, and you can check that and then consider about me. Please send me property address for any County in Colorado, than I will do an O&E and send you report via Spread sheet. I will be impatiently waiting for you truly response.
Please Email me at nisarali58@yahoo.com for an appointment that works for you. Thank you for reading my cover letter and considering me for the job.
PS: if I get a kind opportunity for your side so I hope I will be show my skills upon your expectations. Because I can do the entire task if I get from your end through the share desktop I mean through the terminal base computer. Right now I am serving in a title company since three years (here in Pakistan) which is located in America (Colorado State, Denver City) as a title searcher and title examiner. And I can do O&Es & Ordering tax certs, Date Downs, Ordering Policy, BKY and Patriot Search for the following Colorado counties: Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Jefferson, Larimer, Mesa, Pueblo, Routt, and Weld.
Esteemed Sir I can running a BPO, please just give me an opportunity and let me do something beneficial for you’re company.
Now I wish to be a part of your team & let me show my God gifted Skills. Please let me know as soon as possible.
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Regards,
Nisar
Hi Midori, I have gotten several emails from people (or maybe the same one) based in Pakistan and wanting to do BPOs. I have been concerned about BPOs done by agents who are 50 or 60 miles away. How could someone on another continent know how to do a proper analysis?