I am interested in performing BPOs in order to grow my business as a Realtor. Can you share some advice? How does one go about doing this? What does a sample BPO look like? Which are the best companies to connect with to get a steady stream of requests for BPOs? How much do you charge for BPOs? How do you turn them into listings? Thanks in advance! 10 points to the best answer!
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Sign up with as many companies as you can. You can pick up BPO’s by email or by visiting bpo company site’s often and checking for work. Give your self lots of time on your first BPO. It’s almost like doing a CMA for a listing presentation. I found a site that has like 50 bpo companies for free, it was helpful for me. I dont like to take more then 3-4 bpo’s a week, because I like to focus on prospecting. Then I use that $200 for PayPerClick and other forms of marketing. Its a great way to get started.
Almost all the lenders that we do the BPOs for have their own forms they want you to fill out. In effect it is a marketing price opinion, not an appraisal and you will be required to find similar properties listed, sold, and what the foreclosure properties are in the area and how they will affect the marketing of the subject property, you will need to photograph the exterior, the property and roads, general neighborhood shots and the interior. Simply start by going to your local lenders and visit their site, go to the OREO department and email them your services. Be sure that your state laws allow you to charge for the service, here in NM you can not charge unless you get the listing.