Brokers Price Opinions (BPO) are generally performed on real estate properties that are about to be foreclosed or whose owners are late in paying the mortgage. The cost of performing a BPO is much lower than performing a full property appraisal. Most Broker Price Opinions are "drive by", or performed from the outside of the property. However, there are companies that perform other types of BPO at the client's request. These are some tips on how to perform broker price opinions.
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Difficulty:
Easy
Instructions
1
Decide how to perform broker price opinions. You can work or consult for broker price opinion companies or perform BPO for your own real estate business. Broker price opinion companies generally provide training and the clients. Find these companies on the internet and on real estate job listings services.
2
Perform broker price opinions for your own real estate business. You will need to get the clients; banks, mortgage brokers and other realtors. In most states, a Real Estate License is required to perform BPO. Other things needed are a camera, a car, familiarity with the neighborhood, and access to real estate listings.
3
Locate the property to perform a broker price opinion. Take pictures of the property and the street view. For comparison, use the real estate listings and find similar properties for sale in the area. Also, find similar properties recently sold. Compare all the properties in your sample to determine a fair market price for your BPO. Remember to compare only similar properties.
4
Document the broker price analysis in writing. Use presentation software, like Power Point. Display the property and street pictures used for comparisons. Describe each comparable square footage, the sale price or the price listed, and year built. Explain the process used for arriving at a fair market price on the property's BPO.
Tips & Warnings
Compare similar properties to perform price broker opinions. Similar square footage, years built, same number of rooms.
Automate your BPO process in order to be able to perform more and profit from quantities
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