Completing Broker Price Opinions for Banks
A Broker Price Opinion, BPO for short is a real estate property valuation ordered either through a financial institution or an asset management company. Each State has specific rules and regulations on who can complete a BPO, which should be confimed prior to joining a BPO company. A BPO is completed be either a licensed real estate agent or a licensed real estate broker.
A Broker Price Opinion differs from a property appraisal. An appraisal is a full property valuation with many factors considered including measurement of the property. A BPO can be either a interior inspection of the property or it can be a drive-by which consists of an exterior inspection. A good amount of real estate agents and brokers these days are completing BPO's to substitute their income due to the decline in the market. Earnings from completing BPOs can vary on the company that requests the BPO.
A typical exterior BPO can pay from $30 to $120 depending on the local and how rushed it is needed. An interior BPO can pay from $65 to $150, also depending on the local and how quick they want it. Commercial BPOs will pay a significant amount depending on the size of the property, not recommended unless you're an expert in commercial properties.
Here are some tips on getting started:
- Make sure you check with your state Dept. of Real Estate on rules and regulations on completing broker price opinions.
- Check with your broker to see if the carry E&O insurance for BPOs
- Sign up with as many BPO companies as you can
- And always produce quality BPOs, follow the requested instructions and give them your best opinion on your findings.
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Completely free list of bpo companies for agents and brokers in the real estate industry. Check out our bpo companies list, sign up to start completing bpo orders