OK I know that many of you frown 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 general 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?