When I enetered the real estate business two short years ago, I was lucky enough to be taken under the wing of a successful REO agent. Last year our group closed over 150 REO deals. He started in the business about 8 years ago primarily doing BPO's and residential listings. He credits the hard work he put into each BPO as a contributing factor to his success today.
A BPO is a Broker Price Opinion. It in essence is a market analysis of a subject property ordered by a bank (most of the time). The back asks an agent to insopect the property either by just drining by or touring the interior of the property. In the BPO report the agent supports their recommended sales price with comps and explanations about the local market. In essence the agent is the eyes and ears for the bank. The agent tells the story about the property and the market to the bank.
The reason I encourage agents who are just getting into the business to start doing BPO's is the knowlege gained could be invaluable. I know many agents who look down on BPO work as beneath them and not worth the time. I tend to disagree. The time spent teahes you so much about the area that you are reporting about. The research, if done right, can be valuable for working with buyers and sellers in that area. If an agent takes the time to do the best job they can they will benefit from the knowledge they gain.
This is why I encourage new agents to start looking into BPO companies and start leaning as much as they can about their market.
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