Broker's Property OpinionOK I know that many of you frownFrowning down on BPO's down on BPO's, that they are a waste of time and pay no money. But my frame of mind is otherwise different. You see it has forced me to see my market in a whole different view.

Let's start with the basics. Do you know what type of information you need to give the bank for BPO's whether you are doing an exterior or interior? The pictures you need to give? It's like doing a CMA, only some more information is given.

CMA's are done mainly for listings, and think have of us are not listing, we are working with buyers. In BPO'sgeneral we won't do a CMA. Yeah, when I am putting in an offer with my customers we go over the compared solds. But that's it.

Here the banks are having us go to the subject property and looking at it from a different perpesctive. Like an investor sort of speak? What the value is compared to what has sold or to what is listed.

Now obviously this has to be done the right way. I have seen some agents come up with some crazy numbers for a BPO making me think what he or she was taking at the time.

When I am going to a subject property, I am not only looking at the home or condo. I look at the surrounding neighborhod, jot down the parks, the schools, shopping plazas, the nearest highways. It has forced me to go out and pull neighbor info.

I have not only learned of some new areas to shop but also the values of homes, what the deprication is and more. And this is beacuse of doing BPO's. Its forced me to learn, to look from another point of view.

Have you done any BPO's? What is your take? What do you think it has done for you?

Jeannette

 
This post has been included in Florida Real Estate News Broward County, FL Real Estate News Tamarac, FL Real Estate News
Post is included in group: Bloggers Choice Selections
Post is included in group: Club Chaos
Post is included in group: Diary of a Realtor

6 Comments on What can BPO's do for you?!

SEP
09
2009
590,918 Points 99 Featured Posts Outside Blog Called Shot Master

GOOD MORNING JEANNETTE!What a positive take on BPO - and no I haven't done any yet - but your words make it seem like a good challenge for me!  --Gabrielle
6:26am • #1
490,884 Points Outside Blog Called Shot Master

Jeannette, I have done a number of BPO's. For myself I was already and still do pay attention to the surrounding areas. this is the best point of doing BPOs. It is a great learning tool.
6:32am • #2
162,476 Points 11 Featured Posts Outside Blog

Gabrielle You always the negative remarks about BPO's, its too much work and get paid little for it. But if you are doing it in volume you can get paid well.

But my main reason to post today was to explain how it helped me see things in a different way. Hopefully others will see the same...
6:32am • #3
162,476 Points 11 Featured Posts Outside Blog

Frank ~ Glad to see others seeing it that way...
6:33am • #4
731,668 Points 15 Featured Posts Outside Blog Called Shot Master

Jeannette, I've done several BPO's in the past. Every one was a learning experience. BPO's are a good way to look at a property from a different perspective. Everyone should do at least one. It will help them do a better CMA. Thanks.
8:17am • #5
SEP
11
2009
542,410 Points 8 Featured Posts Localism Sponsor Outside Blog Hit Router

Jeannette,

My personal experience with BPO's was that my time was better spent elsewhere.
4:56am • #6


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Face_shot2 Rainmaker_large

Jeannette Neerpat, e-Pro Coral Springs/Parkland Real Estate

Coral Springs, FL

More about me…

CondoDomain.com

Address: 7727 NW 79th St, Tamarac, Fl , 33321

Office Phone: (954) 993-4104

Cell Phone: (954) 993-4104

Email Me

Coral Springs real estate, Parkland real estate, Tamarac real estate Twitter Button from twitbuttons.com

MySpace Countdown Clocks
Locations of visitors to this page Get the ScrollFx widget and many other great free widgets at Widgetbox!
Jeannette Ne..., Real Estate Professional in Coral Springs/Tamarac



Listings

Links

Archives

RSS 2.0 Feed for this blog