Most Real Estate agents and/or brokers perform BPOs to supplement their real estate income. BPOs are a very reliable and consistent source of income for real estate agents and brokers. Even agents and brokers, who don’t necessarily need to augment their real estate income, perform BPOs to stay on top of their market, keep their valuation and pricing skills sharp, and for the marketing opportunities which are presented while they are in the neighborhoods completing BPOs. Simply stated, performing BPOs makes a better agent/broker.
Some of the many benefits agents and brokers enjoy performing BPOs:
Opportunities for listings (REO, foreclosure, short sale)
Increased Skills as a Real Estate Professional
Become a more Proficient and knowledgeable Real Estate Professional
The Real Estate industry and the BPO industry are certainly skilled professional industries with the need for certifications. NABPOP Members distinguish themselves and increase their BPO credibility by obtaining a BPO Certification from NABPOP. Active BPO certified members of NABPOP receive the C-REPS designation (Certified Real Estate Pricing Specialist).
The NABPOP BPO Certification and C-REPS designation are recognized throughout the BPO Industry. Many BPO/REO Companies give extra consideration for certified BPO vendors.
Performing Broker Price Opinions BPOs is a great way for real estate agents and brokers to make extra real estate income. agents and brokers often have inconsistent Real Estate income flow between deals. Performing BPOs not only put agents and brokers in their service area in front of potential clients, agents and brokers get paid to do BPOs increasing their real estate income. Performing BPOs can also be an “in” with banks and lenders to get REO/foreclosure listings further increasing real estate income.
C-REPS is a great designation for any real estate agent or broker to have. Not only does the C-REPS designation bring opportunities for more BPO work, the C-REPS designation is also a great avenue for more exposure and marketing to the general public. C-REPS are marketed to the general public i.e. people who are looking for a real estate agent/broker. Obtaining and maintaining the C-REPS designation sets agents & brokers apart from average real estate agents – “Price is one of the most critical parts of any transaction – buying or selling. Be sure your real estate agent or broker has the skills and knowledge to accurately determine prices”.
NABPOP Members can make thousands $$$ per month performing BPOs. Getting started in the BPO industry can be challenging, but it is very rewarding and worth the effort.
Regardless of the direction of the real estate industry, there is always demand for BPOs. There will always be a need for brokers and agents to perform accurate and quality oriented BPOs. Not only are agents who perform BPOs better agents overall, they are earning extra real estate income. Most NABPOP members do BPOs to supplement their real estate income, but there are members who perform BPOs exclusively and can earn up to a 6 figure income.
NABPOP members enjoy a consistent and steady flow of BPO income between real estate deals. A regular Real Estate Professional’s income can be inconsistent at times. Once established and vetted with a few BPO Companies, NABPOP members earn a consistent and reliable income performing BPOs while they conduct their regular real estate business.
The longer an agent or broker waits to get started in the BPO industry, the more opportunity their competitors have to get in front of them in the industry.
The amount of money a NABPOP member can make is limited only by their dedication and perseverance. (Income results vary depending on competition, market area, and other variables and income can’t be guaranteed)
The BPO industry can be unforgiving to those who don’t know what they are doing. Trial and error doing BPOs will doom your BPO career. Don’t try to get started on your own, learn from the knowledge and experience of other BPO professionals. NABPOP has the resources to teach you how to do BPOs the right way, the way BPO/REO Companies expect them to be done.
BPOs have been used for many years by the lending industry and mortgage servicers. BPOs have proven to be accurate and reliable. NABPOP is not claiming BPOs are more accurate than appraisals. NABPOP is claiming BPOs and appraisals are relatively close in accuracy. Appraisal organizations often claim BPOs are inaccurate, but BPO accuracy certainly isn’t as bad as appraisal organizations claim them to be. Based on the continued use of BPOs within the lending industry, we knew that BPOs must be accurate and reliable. More