Mortgage and/or insurance field inspections for lead generation

[Owen Dashner]

I was driving by a property last week that I knew was vacant. I noticed a guy in the yard with a clipboard and a camera taking some pictures, so I threw it into reverse and struck up a conversation with him.

It turned out that he was doing a "drive-by inspection" for a mortgage company, but he was an independent contractor. Basically for that particular job, he was to drive over to the house, take 2 pictures and then send them to his client with his opinion on whether or not the house was occupied. For this he got paid $15. He does this for both insurance companies to verify repairs, and for mortgage companies when a borrower is delinquent.

I had never heard of this profession prior to this conversation and was very intrigued by the potential for lead generation on distressed property/owners, not to mention the ability to make some extra cash. The guy told me that he turns away WAY more work than he actually takes on because he works with multiple insurance/mortgage/property management companies. Basically he wakes up in the morning and looks at his email and picks out which assignments he wants to take on that day/week.

Is it just me, or is this not the perfect gig for a real estate investor??? Get paid to do what we already are doing every day anyway (finding vacant houses and taking pictures), all the while finding way more motivated seller leads that we would through almost any other method?

Is anyone out there doing either field inspector or property preservation work specifically to generate leads for your investing business? If so, how did you get started and how has it been going for you?

[Joel Owens]

Years ago I did thousands of BPO's when they paid decent.

BPO is a broker price opinion similar to an appraisal almost but not quite. Definitely more complex than a CMA (comparative market analysis).

Typical pay on these is from 40 to 110 dollars but mainly companies want brokers/agents and or appraisers completing them. They are much cheaper than banks paying for a bunch for appraisals when they look at buying loans or how a properties value is increasing or decreasing on a existing note owned in their portfolio.

The inspection you are referring to is an FSI (field service inspection). You basically fill out a quick one page form on the condition of the property etc. for an insurance company or owner occupancy etc.

You need to check with FSC (field service companies) to see what their requirements are and if they would allow you to do them or not. These field service companies act like BPO mills and get bulk orders in to send for you to do.

The key with BPO's or FSI's is turn around time, pay, and location. The FSI's pay anywhere from 15 to 25 bucks a pop so it makes a massive difference if you are in a urban, suburban, or a rural area. In an urban area going back out to drive isn't that big of a deal. For suburban and rural you want to lump orders together on a route to save time and gas and increase earnings per hour. If not you could put a ton of wear on your car and eat up gas and all your time working for a minimal return.

Sometimes with the FSI's you will sign an agreement with the companies you sign up with stating that the information is confidential and that you are not to give the information to anyone or use it for your financial gain. Some people will still do what they want. If the company finds out they usually just cut you as a service provider from their system and no more orders.

Here is a directory:

Never pay a bunch of fees for promise of orders etc.

www.northamericanassociation.com/FIELDSERVICESPAGE.HTML

good luck.no legal advice