FAQ:
How will I receive the Guide or Directory ebooks?
Purchase the book, upon completed payment receipt you will receive an email with immediate download instructions. Follow the instructions for the download. Please have your email receipt available.
What are Broker Price Opinions?
Simply put, a Broker's Price Opinion is a Brokers/Agents opinion of a property's market value. In agent-speak this is also called a CMA or Comparative Market Analysis. A Broker Price Opinion BPO is a substitute for an appraisal that lenders use to make financial decisions about Real Estate. While BPO’s are requested for a lot of reasons, the most common reason BPO’s are ordered are for default services, REO’s, Foreclosures, Short Sales. Banks, Mortgage Brokerages, Asset Management Companies, Investment Managers, and Consumers across the US request BPOs from Valuation Service Providers who recruit Real Estate professionals to complete these reports and PAY us for our services!
In a nutshell, it goes like this:
You get an order/request. You visit the property; take 3-5 photos of the property. The opinion of the value is input in a report, which also includes a photo of the property (subject), neighborhood and market conditions, and usually requires 3 sold comps and 3 listed/active comps. You give them your opinion of the market price for that property.
How much do BPO's typically pay?
On the average Broker Price Opinions pay:
· $45 - $150 Drive-by Exterior BPO's –You drive-by the subject property and take outside photo’s of the subject.
· $75 – $200 - Interior BPO's – These are orders that require you to go inside the property.
· $15 - $30 - Property Condition Reports – These are also Drive-by Exterior BPO's, however you do not have to run comps for this report. You usually answer about 10 – 20 questions about the property.
Who can perform Broker Price Opinions?
A Real Estate Professional with an can perform Broker Price Opinions. Real Estate Professionals defined as:
· Licensed Real Estate agents/salespeople
· Licensed Real Estate Brokers
· Licensed Appraisers
What equipment do I need?
1. A Computer with Internet access.
2. Access to the Multiple Listing Service that covers the areas you want to service.
3. A digital Camera
Are there fees to sign up with the companies?
It is completely free to sign up with the companies and start receiving BPOs! Register on their website and usually within 2-3 days they will send you something acknowledging your registration. It may be an email, or request for additional license information and website logins and passwords. It is that easy!
How steep is the learning curve for someone who has no experience?
Without the book your learning curve might be as long as 3-4 months; to get the hang of it and develop a system that works for you. But having this book, helps to reduce this time to 2-3 weeks. Most of that time is getting set up with the BPO companies. Buy Now!!
What information do I need to get started?
The items you need to sign up with the companies are simple:
1. Brokers, Agents, Appraisers license.
2. A copy of your license
3. E&O Insurance
4. Access to your local Multiple Listing Services (MLS) of the area you plan to service.
Is there liability as a Realtor for doing BPOs? Can I get sued?
Almost every company that I have ever completed a BPO for has disclaimers on their reports letting the person receiving the report know that this “IS NOT AN APPRAISAL.” Additionally, if it is not on the reports, it has been addressed somewhere in the registration process. Remember, it is “an opinion” of value. Between myself and the hundreds of agents I have trained we have completed thousands of BPO’s and we have never had an issue. I’m not saying it is impossible, but there is a better chance of winning the lottery. Also, as Real Estate professionals we do have E&O insurance coverage.
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