BPO stands for Broker Value Opinion, which is an judgment of value of real estate by a qualified real estate agent or broker. This value can be used by a wide variety of companies that will report the value to the financial institution, lender, or owner of the real property. BPO
Banks and lenders will commonly hire a BPO agent to conduct a Broker Price Opinion – a process that helps them quickly and reasonably determine the cost of a property. It is much faster and even more affordable than employing a qualified appraiser, and also offers a great additional stream of income for real estate agents and brokers. A BPO can be conducted by any real estate agent or broker willing to learn and complete the task.
If perhaps you’d like to become a BPO agent, you will first need to sign up with a bank or lender. When you are approved, the lender will commence mailing you BPO orders to satisfy. A BPO or broker price judgment involves taking multiple photographs of the exact property which vary from order to order and then completing a web form with information such as; neighborhood information, 3 properties that are for deal that are comparable and near the subject property, 3 properties that contain sold within 3-6 months that are comparable and near the subject property, and some orders require a pair of all damage, required fixes, along with an idea of cost of the necessary work necessary to the subject property. Then, providing you complete the BPOs effectively and within the required time frame, the lender will send more requests so that you can complete – and, of course, pay you for completing them! The orders you will obtain will vary in complexness – some BPO requests only require you to photograph the outside of the home, while others will require one to enter and photograph the inside as well. You will also generally be paid more the bigger the complexity of the order, and many of these may be rush orders which typically pay more as well.
Once you are familiar and comfortable with the BPO process, you can sign up with several banks and lenders and as many BPO instructions as you’d like. Turning out to be a BPO Agent will provide an outstanding way for you as a real estate agent or broker to add a regular additional stream of income to your real real estate business!
For step-by-step training how becoming a BPO agent, you may want trading in a BPO course that will guide you through the complete process of registering for companies, as well as offer you all the BPO forms, spreadsheets and other materials you will want in order to complete your first BPO order. The BPO REO Senior high offers not only thorough, easy-to-follow training, but also a support community of BPO experts available to help you all the way.