BPO AGENTS WANTED!
Must be a licensed real estate agent. Busy real estate office looking for agents to join our office who would like to perform their own BPOs. We currently perform hundreds of BPOs per month!
WHAT IS A BPO?
If you are looking for additional income, you can achieve this with BPOs.
What is a BPO and why are they important to know about? BPO stands for Broker Price Opinion and that is exactly what they are… an opinion about the actual market value of a property. A financial institution may require a BPO for one of several reasons ranging from verifying info for homeowner's insurance to foreclosure or short sale.
The process of completing a BPO is very similar to a comparable market analysis of a home you are listing or buying. Most BPO Companies will require you to submit six total comparables, including three similar sold properties and three similar active or pending properties. Therefore, you must have access to a local MLS in order to get that information. You will provide square footage, age, condition, neighborhood information, etc.
There are two types of BPOs; one is an exterior drive by and the other a full interior evaluation and comp.
The drive by is much quicker, requiring clear pictures of usually the front, side and street view of the home. It is called a drive-by since you can usually take all the pictures you need without leaving the comfort of your car. Most exterior BPOs take about an hour to complete and the BPO vendors pay $45 to $70 per BPO.
Most interior BPOs take about an hour and 15 minutes to complete and the BPO vendors usually pay $60 to $100 per BPO.
The interior evaluation also requires the same pictures as the drive-by and more interior pictures. You will take pictures of each room of the house, including the garage. You will take pictures of any damaged areas or areas in need of repair. Walk around the home and get photos of the back yard, foundation, etc. You can always eliminate pictures when you get back home, but it will be very expensive to go back and take a picture you wished you had taken.
Your camera equipment must be capable of taking clear pictures in low light; often the power will be off at the property location. Your best bet is to use an auxiliary flash attachment. If you camera does not have a hot shoe flash attachment, perhaps a slave flash will work as well. Also shoot at least 5 mega pixel or more, you will likely need to crop your image to show repair or damaged areas and you can retain detail better with a high-resolution picture.
An important tip to remember when taking photos is to make sure no people are in the picture, especially a picture of someone that can be recognized. Another tip, NEVER take pictures of children. Not only will the BPO Company likely refuse them, you may cause concern within the neighborhood.
When you receive a BPO and *before* you accept it, check the property location on a map. If you can't find the address on a map, you may want to reconsider accepting it. You will spend much more time locating the property and you only are paid for producing BPOs and not for locating property.
Always be aware for your personal safety. Often you will be in parts of town that may not be as safe as others. When in doubt, call the Police to check vacant property before you go inside if you feel at all uneasy.
Also recommended is a mobile phone with email and internet access (like an iphone or Android phone or Blackberry). Many BPO Companies will broadcast a request to several agents in your area; the first one to respond gets it. If you only have email access at your office, you will often be too late in responding.
We also do some BPOs for free for some of our vendors. Why would we gladly do them for free? In our opinion, the free ones are actually the best ones. As a reward for doing free BPOs for a vendor, the BPO vendor (or Bankruptcy Trustee) often gives us a bank owned property to list for sale, so the free ones can often result in a lot more money in the long-run.
If you have at least two years Real Estate experience, willing to drive a little, and do some research you will likely find BPOs a good source of additional income. Your BPO income won't match a home sale, but if you build up a client list, it just may very well keep the bills paid until a sale comes in.
BPO Agent Application