How To Make $100 A Day with BPO’s (Broker Price Opinions)

How To Make $100 A Day with BPO’s (Broker Price Opinions)

do you want to know how to make $100 a
day doing BPOs stick with me what’s up helping real estate agents real estate brokers grow their businesses and ultimately achieve
financial freedom so what is a BPO a BPO stands for brokers price opinion it’s
exactly how it sounds it’s an opinion of a real estate professional real estate
agent or real estate broker on their opinion a value of a property so who
needs BPOs and how to get paid so banks usually hire real estate agents real
estate brokers to do two different types of BPOs one is for a pre foreclosure
meaning when a borrower stops paying or defaults on a mortgage a lot of times
they’ll try to get an idea of value so a quick way and a cheaper way for banks to
do this is through hiring a real estate agent or a real estate broker to do an
evaluation of the property the second is short sales now when a listing agent
lists the property for a short sale they’ll submit a short sale package to
the package including an offer to purchase that property when the bank
receives it they’re going to order a BPO and times will even order an appraisal
now do not get confused with a BPO and an appraisal an appraisal is performed
by a licensed appraiser now we cannot call a BPO or even a CMA a comparative
market analysis an appraisal it’s two different things you’re gonna sign up
with BPO companies as well as asset management companies there’s going to be
a link below when you get the BPO assignment a couple things are going to
happen you’re gonna either accept it or reject it if you accept it that’s yours
and you’re gonna move forward with the process if you reject it no big deal it
moves on to another agent also in that email they’re going to state the actual
price that they’re gonna pay for that BPO brokerage price opinion now when you
accept that assignment it’s going to be a process you’re gonna have to go out to
the property and they’re gonna have their specific requirements for pictures
of the property interior and exterior they’re also going to want a picture of
the street going both ways they’re going to want a picture
the address whether it’s on a mailbox or on the side of the house and they’re
gonna want a specific amount of pictures so that they can actually see the
condition of the property I don’t want to follow their instructions very
carefully and the reason is if you miss anything where you don’t have enough
pictures they’re gonna tell you to go back to that property so you want to use
your time wisely go to the property one time take the appropriate amount of
pictures follow their instructions to a tee now that you left the property you
have everything that you need you’re going to go back to your office and
you’re gonna fill out the report usually online you’re gonna have to upload all
those pictures that you took the interior exterior pictures you’re
usually gonna have to write about the condition of the property you’re gonna
have to provide three active in most cases and three sold comparables now
this is where it gets a little tricky because these guys that work for these
companies the asset management companies or BPO companies they’re seasoned so
they really do know what to look for they’re going to do their own desktop
analysis see if there’s any other better comparables that you’re not thinking of
now some of these companies will actually rate you as well so you want to
make sure that you have high rating you don’t have them telling you to go back
to a property or kicking the BPO back to you and saying find another active comp
or finding another sold comp because at the end of the day you’re rated in this
system and you want to keep your ratings high so you get more BPO’s out of it on
average of BPO can take anywhere from a half hour to 45 minutes depending on the
property type and where a lot of times if the property type is you know maybe
larger acreage or even commercial real estate they will actually gonna pay more
for more difficult properties to give valuations on as well quick tip do not
take a BPO assignment the area is too far or the property type is just
something you really don’t deal in like for example commercial real estate a lot
of times you’re going to need access to loopnet on the premium access to get
the sold comps for commercial real estate now once you put all this
information together you’re gonna have to come up with your own valuation or
even a price range of valuation for the bank so they can make a determination
whether they’re going to move forward with a short sale on the offer price
that they have or they’re gonna negotiate with that
buyer on that short sale there’s a lot of BPO’s are still coming our way I’m
still signed up with a handful of them and still get these emails that come in
on a regular basis another tip is there’s opportunity to actually get
foreclosure listings if these asset management companies or BPO companies
actually assign foreclosure listings and you’re gonna want to find out and read
through their websites and so forth again links below so you can check out
some of them but you’re gonna want to find out if they do assign foreclosure
listings now if they do and you’ve been working your butt off and doing a really
good job of BPOs you’re gonna want to get on the phone and call these people
also we have another video on how to list foreclosure property you’re gonna
want to check that out too and that’s it guys as simple as that go to the link
below you can even Google BPO companies asset management companies you’re gonna
be able to find many more links to a lot of other companies where you can sign up
I would suggest if you’re gonna take this on full rain to go ahead and sign
up with as many as possible get into the system if you’re not getting the
assignments to you in a timely manner pick up the phone and start making calls
tell these people that you’re hungry for it that you can on a dime go out and do
these BPO assignments for them right away the links are below so check out
the article on this as well so my question to you guys is what’s your
experience with dealing with BPO is whether you were listing a property for
a short sale and maybe a BPO agent came in and gave you a shit valuation or have
you done BPO’s yourself and how did that

2 thoughts on “How To Make $100 A Day with BPO’s (Broker Price Opinions)

  1. thanks for the info. just suscribed

  2. Super informative Steve 👍

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