BPOaccess was designed to provide Broker Price Opinion agents and other real estate professionals with a list of Broker Price Opinion companies available to work with along with other instructional materials and training. All the information necessary to apply and start working as a vendor to do Broker Price Opinions is located here. The list of Broker Price Opinion companies has been researched and verified by other agents working within the REO and BPO industry. This Broker Price Opinion list is provided to assist newer real estate agents in the process of locating and applying with some of the largest Broker price opinion companies on the web and start earning more money.
*Our list is the most current list on the internet. Yes you can find other lists of companies but we give you the direct registration or contact link to reach over 50 companies. Just look at this small list of **BPO Companies and see how challenging it is to find the links to register.
Read on to learn more!
How to become a BPO agent
The following 3 steps below can help you get started becoming a BPO agent and completing BPO orders right away. The process is pretty easy and you should be able to get started completing orders within about a week. The key is hard work and a constant effort. Some companies may not be accepting new agents but be sure to check back with them soon as things change often.
- Find a complete and thorough list of BPO companies and asset management companies to sign up with. Start out with a list of 50 solid Broker Price opinion companies.
- Register with each company by filling out an application on their websites as a BPO vendor. The process can take a while to register with all the BPO companies out there but it is well worth it.
- Once you have filled out the applications call the companies and follow up with them to make sure you application was approved and to see what the need is for BPO agents in your area.
Once you start completing Broker Price Opinion orders with the top rated or preferred BPO companies your business with start to rapidly increase. Try to stay away from companies that are slow to pay or have a bad reputation. It’s not worth your time to complete BPO orders for a company that may never pay you or ask you to do more than is typically required.
BPO tips for agents
Below are some BPO tips that might help doing your job a bit easier in this busy broker price opinion industry. These are just a few quick ones that I came up with but feel free to add on to them…
BPO Tip #1 Need help locating the details of your subject property? like (sf, #br, #ba, etc) that is not available via MLS or tax search?
Try the local building permit department. They usually have all the details on file for most homes and are usually eager to help. It’s helped me out several times and especially in one case where the BPO company kicked back a BPO as the subject info did not match the appraisal!
BPO Tip #2 Have a lot of username and passwords to remember?
Try this software to Put Your Passwords on Speed Dial! Roboform! It keeps all of the username and passwords stored for you. All you have to do is click on Logins and select the web site. It automatically goes to the web site (as it stores the web site address as a link) and enters your user name & password! Nothing gets installed on your PC, just the USB key. Helps when you have lots of companies you do BPO’s for.
BPO Tip #3 Need help Measuring Distances of comps to your subject?
BPO Tip #4 Resizing Pictures
Visualizer Photo Resize is the software’s name. After taking 20 or 30 pictures you might run into a company that requires you to resize your photos prior to uploading them. This program is free and does a great job resizing multiple photos at once.
BPO Tip #5 Declining an order sometimes it just better to decline an order due to being busy or unfamiliarity with an area rather than accepting one that you know will not be completed on time. Everybody is hungry for business these days but better not to burn any bridges you might need in the future.
How to become an REO listing agent
Every real estate agent is aware of the number of rising foreclosures soars to record heights. Getting into the REO business is one of the best decisions you can make as a real estate agent trying to further your career. Asset management companies, banks and lenders are seeking out agents to help sell off these foreclosed homes. Understanding the REO process and basic principles involved in selling REO properties is crucial.
Start with knowing the “BPO” or brokers price opinion-
A BPO is a valuation report that lenders, asset managers and banks use to come up with their fair market value of an REO listing. Knowing how to complete a BPO and being good at it is the first step in becoming an REO listing agent. Most asset managers will seek out new agents who are willing to complete a BPO on a property free of charge. This is your opportunity to shine and get your foot in the door by effectively showing them you know what you are doing.
Know the process of selling an REO listing-
The process of selling an REO involves more details than a traditional sale. As a Realtor you are most familiar with a typical buyer/seller transaction. With an REO the asset management company or lender takes the place of the “seller”. REO listing agents are responsible for a wide array of things to do for the banks and lenders along with selling the home and marketing it to potential buyers. REO listing agents also need to understand the closing process for these types of transactions along with certain regulations and required lender forms. There are several course online that can help you familiarize yourself with things such as this. Also check with your local Association of Realtors.
Market yourself/Network as an REO Agent-
Most of the time the asset manager or pre marketer that is looking for an REO agent finds them online. Having an online presence as an “REO Agent” is critical to your success. Sign up with an online REO agent directory that can give you more exposure within the industry. Networking has proved to be effective as well. Getting in touch with asset managers and other contacts within the REO departments of asset management companies is key when communicating let them know about your training and experience with REO listings. Offer to assistance with REO properties and BPO reports. Register with BPO companies- Find a quality list of broker price opinion companies and sign up with as many as you can. Most asset management companies and banks use BPO companies to obtain BPO reports. These BPO companies contact the agents to complete the reports in the specific areas of need. Every report you complete gives you the opportunity to get your name and work in front of the asset manager who needs your services. Various BPO companies also give agents who completed the BPO report the listing.
Broker Price Opinion FAQ
What is a BPO (broker price opinion)?
A BPO also known as Broker Price Opinion is an estimation of the probable sales price of a residential or commercial property based on the recent sales comparables sold within the area. BPO’s are often used by mortgage lenders to determine a value range for a property and as an alternative to a full appraisal.
Who can complete BPO’s or Broker Price Opinions?
You must be either a licensed real estate agent, broker or appraiser in order to complete broker price opinions. Your real estate or appraisers license must be active and in good standing within the state or coverage area. Also some companies require that a real estate agents, brokers and appraisers have errors and omissions insurance as a requirement to complete broker price opinions.
Why do agents do Broker price opinions?
There are many reasons that agents do Broker price opinions, most agents complete broker price opinions primarily for the extra income it provides. Along with getting paid to complete BPO’s it is also a good way to break into the REO side of real estate. Broker price opinions are viewed by lenders and asset management companies giving you an opportunity to get your name and work in front of someone who might be willing to assign an REO listing to you or your broker. Completing BPO’s also gives you a chance to sharpen your skills as a professional and familiarize yourself with the surrounding REO and foreclosure market.
How much do these companies pay for BPO’s?
The fees that broker price opinion companies pay may vary by company and type of report. Most companies pay between $30-$100 depending on turnaround time, BPO report type and BPO company. Some companies pay regularly and some pay every other month, make sure to establish up front the fee a company will pay and how often they will pay.