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For an internal BPO only, record notes on the consideration of each way. List any restitution, the current measure of normal wearable on items much as wood and carpet and depict any architectural flaws. Record the measurements of each elbow room and write weak the total quantity of square footage for the total property.
The outcome is a broker price opinion of the property's value.
Put simply, it is the practice of hiring another company to perform a process that your own business needs to operate.
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How to get into the REO or BPO business?
If you are looking to get into the REO or BPO business, I created a kit to help you get more business. The REO and BPO Starter Kit is for agents who are looking to start doing REOs or BPOs or agents looking to increase business. The kit comes with video training, a detailed guide on how to get REOs and a list of companies to sign up with.
Do you have to adjust the price of a BPO?
Many BPO forms require the agent to make adjustments to the comparable properties. If the subject has different features than the comparable properties you would adjust the sold or listed price of the comparable property like an appraiser would.
What do you need to know about BPO forms?
You will have to enter extensive comments on the BPO as well that describe the property you are valuing, the comparable properties, the neighborhood, the market and how you came up with you value. Many BPO forms require the agent to make adjustments to the comparable properties.
How long does it take to complete a BPO?
They learned to pull comp data quicker, enter data quicker and write comments quicker. If you are getting paid $50 a BPO and it takes you two hours to complete, it may not be worth your time, because you have to drive to the property and inspect it as well.
Last Update: Oct 2021
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