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.
What is a C-REPS? Certified Real Estate Pricing Specialists (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 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.