How many of you do BPO's? I have been doing them for quite some time now and I am beginning to wonder if this is a huge waste of time. It has been great for learning the market and view properties but it seems like they kick everyone back because they did not like the comps. I try to find the closest comps for sales and listings. The sale comps are usually OK but they usually do not like the listing comps. I had one BPO sent back because the listing comp, which was the exact same home, same floor plan, same builder was more than 10% higher priced than subject. I tried to explain that it is a LISTING comp and not a SALE comp because it was 10% or higher than the SALE comps. If it were priced correctly, it would be a sale comp and not a listing comp.
At any rate, I have gotten some listings from this but it sure seems like the hard way to do business. Please tell me what everyone thinks.