Not all BPO companies are created equal. Some companies pay you within a few weeks and other companies seem to “forget” to pay you.
BrokerPriceOpinion dot com has been in business a long time. They have a great URL name. A great mission statement and their platform is user friendly. But…”Buyer Beware” oops, I mean, “AGENT BEWARE!” If you do join their network, be sure you track payment received for work you complete. BrokerPriceOpinion is notorious for not paying real estate professionals. Many of our network friends, including myself, have done BPOs for BrokerPriceOpinion and were never paid or paid months later after complaining of nonpayment.
STRIKE 1: According to the BBB, they are rated A-. However, they have 446 complaints filed against them in the last 3 years. Almost every complaint has to do with nonpayment. Yes, many of these cases were resolved, including mine but only after a formal complaint was filed and months and months of waiting. If you don’t mind waiting 9 months or maybe never getting paid, join their network and start doing free BPO.
STRIKE 2: BrokerPriceOpinion is AKA First Valuation. BrokerPriceOpinion is located at 8700 Turnpike Dr, Suite 300, Westminster, CO 80031 and First Valuation is located at 8700 Turnpike Dr, Suite 300, Westminster, CO 80031. Are you being marketed by both companies?
STRIKE 3: There is a ton of negative reviews on BrokerPriceOpinion/First Valuation. In fact, there’s been a Class Action Lawsuit Filed Against them. Read more. Tina Anderson, Keller Williams Realty, Las Vegas, NV notified realtors through Zillow Advise that in order to get paid from BrokerPriceOpinion, one must complain to the BBB. What a hassle! There are 18 non-payment reports found on RipoffReport against BrokerPriceOpinion. The list of non-payment complaints go on and on and on. Read More. The latest BBB complaint was on May 5, 2014. Who knows, you might be next.
In closing, As I said before, not all BPO companies are created equal. There are some good BPO companies out there. Some of our favorites are Asset Valuation & Marketing (AVM), Summit Valuation/DispoSolutions, Old Republic Default Management Services (ORDMS). They all pay within a few weeks. Learn more about BPOs [HERE]