Advantages of the C_REPS program to Valuation Companies and the BPO Industry
This page is geared for organizations who order and use Broker Price Opinions (BPOs) regularly – Banks, Lenders, Mortgage Servicers, Asset Managers, Financial Institutions, BPO & REO Companies, Appraisal Management Companies etc.
Being a C_REPS Certified Real Estate Pricing Specialist is more than just being certified to do BPOs. Not only are C_REPS technically competent to perform BPOs, they also contribute to the body of knowledge encompassed in the association. The competitive nature of real estate entails brokers and agents develop themselves professionally and keep their knowledge and experience to themselves as a competitive advantage. The C_REPS designation places the competitiveness on participating, the more a C_REPS participates in developing the body of knowledge, the higher they score in the C_REPS program. The higher the C_REPS scores, the higher they sort in the Directories they appear in as well as their vendor rating with BPO & REO companies.
A C_REPS is a member of NABPOP who has passed the BPO Certification Test and meet the criteria to maintain the C_REPS designation. C_REPS are technically proficient at performing BPOs and contribute the the Body of Knowledge encapsulated in the NABPOP association.
In short, C_REPS are:
- Technically Proficient at performing BPOs
- Contribute to the Body of Knowledge encapsulated in the NABPOP Association
In spite of popular assumptions, valuation is not part of real estate licensing requirements; although, valuation is an integral part of real estate. Typically, the extent of a real estate agents valuation knowledge is performing a CMA – Comparative Market Analysis which is learned after receiving their license (not as a part of the licensing requirement). Most agents acquire their valuation knowledge and skills by trial and error and/or are taught by someone who acquired their skills and knowledge through trial and error. C_REPS are formally trained and tested in proper valuation techniques.
Members of NABPOP who are BPO Certified are conferred the designation Certified Real Estate Pricing Specialist – C_REPS. NABPOP provides members with a comprehensive BPO Course which has become the gold standard in the BPO industry. The BPO Certification Test is a stringent test which was designed to test for true comprehension of the BPO process and not simply good test taking abilities. The initial failure rate is relatively high, but study materials are provided at the end of each test in order for members to identify their weaknesses and to further their studies in those particular areas. In short, the BPO Certification Test is not a “gimme” test, NABPOP members who pass the test have demonstrated a true understanding of the BPO.
Utilizing C_REPS to complete your BPOs is a great business decision and it will also help the technical proficiency of the BPO industry. Having a BPO Certification is good, but that is just the start for a C_REPS.
C_REPS strive to not only pass the BPO Certification Test and become BPO Certified, they continue to test until they achieve a high score on the BPO Certification Test. Most certifications are pass or fail with little regard for the test score. C_REPS earn technical proficiency points by increasing their test score even after they have passed the BPO Certification Test. The higher a C_REPS scores, the more points they earn. Even after certification, this encourages a C_REPS to continue studying and obtain a more in-depth knowledge of BPOs. C_REPS also earn technical proficiency points by re-certifying annually. The BPO Certification Test encourages and rewards C_REPS continuous improvement of technical proficiency through
A C_REPS is more than just a BPO Certified agent/broker. One of responsibilities of being a C_REPS is contributing to the body of knowledge. This is a cooperative approach. Each agent has knowledge and experience. A little time and effort from each C_REPS benefits the whole association. Every C_REPS in turn has access to the body of knowledge they collectively develop. This is one of the true powers of an association. Everyone inputs a little individually, everyone benefits as a whole. Doing research and teaching is a great teacher. C_REPS learn while they contribute. C_REPS contribute and in turn have access to the whole body of knowledge. This increases all C_REPS technical proficiency which will benefit your company. Utilizing C_REPS not only will you get higher quality BPOs, you help to improve and maintain the BPO industry. The more C_REPS receive work as a result of being a C_REPS, the more incentive there is to become a C_REPS and subsequently maintain their designation.
NABPOP needs BPO company support. Your company’s participation means there is more incentive to continue studying to achieve a high cert score, maintain their certification date, and participate in the body of knowledge. Your company is part of the cooperative approach. The more incentives and business potential agents and brokers have to participate the more agents and brokers (numbers wise) will participate and the more they will participate. More members translate to more resources NABPOP as an organization, can dedicate to refining and improving the BPO Education process.
The BPO Certification test is a stringent test which is designed to test and train for proficiency and attention to details, not simply good test taking skills. NABPOP’s BPO certification test has developed a reputation as the best in the industry because not only is it the original BPO Certification test in the industry, it has been reviewed and vetted by many of the quality oriented BPO/REO companies, evaluated, and refined for years. NABPOP elicit input from every level of the industry – BPO/REO Companies’ QC departments, banks, lenders etc… – to include input from members as part of the performance criteria to be a C_REPS. NABPOP has set the gold standard for BPO Certification and Education which are tremendous resource.