Why should an agent/broker do BOVs
Most Real Estate agents and/or brokers supplement their real estate income by performing BOVs. BOVs are typically a very reliable and consistent source of income. Agents and brokers, who don’t necessarily need to augment their real estate income, perform BOVs to stay on top of their market, keep their valuation and pricing skills sharp, and for the marketing opportunities presented while they are in the neighborhoods completing BOVs.
Some of the many benefits agents and brokers enjoy performing BOVs:
- Income
- Opportunities for listings (REO, foreclosure, short sale)
- Marketing Opportunities
- Increased Skills as a Real Estate Professional
- Become a more proficient and knowledgeable Real Estate Professional
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Many NABPOP members earn thousands every month performing BOVs. NABPOP members enjoy a consistent and steady flow of BOV income between real estate deals. A regular Real Estate Professional’s income can be inconsistent at times. Once established and vetted with a few BOV Companies, NABPOP members earn a consistent and reliable income performing BOVs while they conduct their regular real estate business. Some NABPOP members perform BOVs as their primary source of income and can make a 6 figure income.
The longer an agent or broker waits to get started in the BOV 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 BOV industry can be unforgiving to those who don’t know what they are doing. Trial and error doing BOVs will doom your BOV career. Don’t try to get started on your own; learn from the knowledge and experience of other BOV professionals. NABPOP has the resources to teach you how to do BOVs correctly and how BOV/REO Companies expect them to be done.
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Not only will you be working for and establishing a reputation with banks and lenders, but some BOV assignments can lead to receiving a listing through the lender. Loan servicers will evaluate your performance on BOVs to determine future listings. REO/Foreclosures are everywhere, and BOVs are the first step in a default situation and are pervasive throughout the default process – initial default, short sale analysis, foreclosure process, repossession, and REO listing. In many instances, BOV practitioners who perform the BOVs in default develop a rapport with the asset manager. A BOV practitioner’s performance can lead to future REO or short sale listings (although possible, listings are NEVER guaranteed). BOV competency is essential in the default process.
NABPOP members have access to the Directory of BOV and REO companies to sign up for and start doing BOVs. Many BOV and REO companies are interested in NABPOP Certified Real Estate Pricing Specialists (C-REPS). Becoming BOV certified can lead to receiving BOV assignments sooner than a non-certified agent.
Doing BOVs will put you in the community as a Real Estate expert. You will come into contact with property owners every day to perform BOVs. These property owners look at you as a Real Estate expert because you have been assigned by a bank or a lender to evaluate their property. During inspections, BOV Agents and Brokers frequently come into contact with people in the neighborhoods, which presents marketing opportunities. As a Real Estate Professional, whenever you are in the community, you are in a marketing opportunity to get your name out there.
Performing BOVs makes you a Superior Real Estate Professional. Completing BOVs requires you to perform tasks you would not otherwise do as an agent/broker. As a function of everyday practice doing BOVs, a Real Estate Professional garners, sharpens, and hones the following skills:
- Price properties
- Value amenities and features
- Inspect and evaluate a property’s interior and exterior
- Inspect and evaluate neighborhoods and markets
- Gain more in-depth knowledge of service area and market
- Searching and utilizing MLS/CIE/CoStar efficiently
- Search and find information from public records
- Stay up to date with your local economy
A Professional who performs BOVs also handles many technical aspects of Real Estate, such as determining square footage, room counts, measurements, architectural styles, house types, and much more. An agent who performs BOVs is especially adept at providing CMAs to their regular real estate clients.
Imagine the advantages that being able to place an accurate price (using technically correct methods and best practices) on a property will bring to your Real Estate business. No other Real Estate Professionals are as close to the pulse of their local Real Estate markets and prices as those doing BOVs regularly and making good money. NABPOP members are with buyers and sellers, so they know what the market is looking for. Combining the knowledge of buyers and sellers with the technical side of evaluating and then valuing properties makes for a high-performing Real Estate Professional.
Professionals who perform regular BOVs go into neighborhoods regularly, so they tend to have an excellent knowledge of their service area – much better than the average real estate professional.
There are many brokers who realize the skills and knowledge required to do BOVs, as well as the marketing opportunities that present themselves to agents who do BOVs. There are many brokers who require their agents to perform BOVs to develop their real estate skills and knowledge as well as to expose them to more marketing opportunities.
Performing BOVs will undoubtedly add value to any Real Estate Professional’s career and business.
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