Now I've done a some BPO's (Averaging 2 per week) and here's what I've learned.
1. READ the email and get instructions on what the asset company wants. This is important because not all of them want the same thing.
2. Have your camera ready. I made the mistake for not checking the batteries on my camera. If you don't have your camera ready, the trip is fruitless.
3. Have your lockbox key ready. See above for that mistakes. Extra trips to the subject property is wasted gas money.
4. Do your tax record search and MLS Comps in advance. Looking these up should be at the snap of your fingers. I like to print them out to review them, instead of browsing on my screen. It makes comparing and jotting notes easier.
5. Have an idea of the price before you go. Sometimes you can "see and feel" the neighborhood with comps, so get a sense of the area before you head out.
6. Bring a flashlight, jacket full of pockets, and a notepad or folder to write notes. Keep a tab on your photos and note anything you see that will impact your values.
7. Call in to a collegue or friend letting them know you are at the property. For security reasons, of course. You never know what you can expect in a property that's vacant and trashed.
8. Plan out an exit strategy. If you don't feel good, possibly get out. Some homes can be scary because it's trashed, vandalized, even burned. If you don't feel safe, don't do it.
9. Compile all information before you start inputting in the company's website. This saves alot of time alt-tabbing screens or paper shuffling.
10. Be patient for your check. :-) nuff said...
This is my learning curve, hope you all enjoy. Please don't comment on how BPO's are a waste of time for the money you get. This is not part of the discussion. Thanks in advance.
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