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What is a BOV?
BOV is an acronym that stands for Broker Opinion of Value.
Simply put, a BOV is a real estate agent or broker’s professional assessment of a commercial property’s value. It’s typically presented in a 2-3 page report, complete with photos and detailed descriptions of the property and its surrounding area.
Think of BOVs as the commercial equivalent of a residential property appraisal.
Why BOVs are a Great Opportunity:
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- Lucrative Income Stream: BOVs can generate significant income for real estate professionals.
- Sharpen Your Pricing Skills: Performing BOVs enhances your understanding of market trends and pricing strategies.
- Gain Market Expertise: Regular BOV work deepens your knowledge of your local market.
- Expand Your Client Network: BOVs can introduce you to new potential clients, such as lenders and investors.
How BOVs Work:
A BOV involves using appraisal techniques combined with the unique market insights of experienced real estate professionals. When a financial institution needs an estimated selling price for a commercial property, they often commission a BOV report from a qualified agent or broker.
The Importance of BOV Certification:
While not legally required, BOV certification (like becoming a Certified Real Estate Pricing Specialist – C-REPS) demonstrates a high level of expertise and professionalism. C-REPS undergo rigorous training and pass a demanding certification exam, ensuring they possess the knowledge and skills to conduct accurate and reliable BOVs.
Get Started Now
Click here to start your NABPOP membership and enroll in the BOV Course.
Together, we can ensure that the real estate industry is represented by the most highly trained and qualified valuation professionals.