Why should an agent/broker do BPOs
Most Real Estate agents and/or brokers supplement their real estate income by performing BPOs. BPOs 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 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.
Some of the many benefits agents and brokers enjoy performing BPOs:
- Receive Income (Click to auto-scroll) ⇓
- 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 BPOs. 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. Some NABPOP members perform BPOs 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 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.
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Not only will you be working for and establishing a reputation with banks and lenders, some BPO assignments can lead to receiving a listing through the lender. Loan servicers will evaluate your performance on BPOs in order to determine future listings. REO/Foreclosures are everywhere and BPOs 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, the BPO practitioners who perform the BPOs, in a default situation, develops a rapport with the asset manager. A BPO practitioner’s performance can lead to future REO or short sale listings (although possible, listings are NEVER guaranteed). BPO competency is essential in the default process.
NABPOP members have access to the Directory of BPO and REO companies to sign up with to start doing BPOs. Many BPO and REO companies are interested in NABPOP Certified Real Estate Pricing Specialists (C-REPS). Becoming BPO certified can lead to receiving BPO assignments sooner than a non-certified agent.
Doing BPOs will put you in the community as a Real Estate expert. You will come into contact with property owners every day in order to perform BPOs. These property owners look at you as a Real Estate expert because you have been assigned from a bank or a lender to evaluate their property. During inspections, BPO 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 BPOs makes you a Superior Real Estate Professional. Completing BPOs requires you to perform tasks which you would not otherwise do as an agent/broker. As a function of every day practice doing BPOs, a Real Estate Professional garners, sharpens, and hones the following skills:
Price houses and properties- Value amenities and features
- Inspect and evaluate a house’s interior and exterior
- Inspect and evaluate neighborhoods
- Gain more in-depth knowledge of service area and market
- Searching and utilizing MLS efficiently
- Search and find information from public records
- Stay up to date with your local economy
A Professional who performs BPOs also handle many technical aspects of Real Estate such as determining square footage, room counts, measurements, architectural styles, and house types and much more. An agent who performs BPOs are 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 BPOs on a regular basis, and making good money at it. 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 BPOs are going into neighborhoods on a regular basis 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 BPOs as well as the marketing opportunities which present themselves to agents who do BPOs. There are many brokers who require their agents to perform BPOs in order to develop their real estate skills and knowledge as well as to expose them to more marketing opportunities.
Performing BPOs definitely will add to any Real Estate Professional’s career and business.
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