What can BPO's do for you?!

Real Estate Agent with CondoDomain.com

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?


Comments (6)

Gabrielle Kamahele Rhind
KGC Properties LLC, Tucson Property Management & Real Estate - Tucson, AZ

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

Sep 08, 2009 11:26 PM
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA

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.

Sep 08, 2009 11:32 PM
Jeannette Neerpat
CondoDomain.com - Coral Springs, FL
e-Pro Coral Springs/Parkland Real Estate

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...

Sep 08, 2009 11:32 PM
Jeannette Neerpat
CondoDomain.com - Coral Springs, FL
e-Pro Coral Springs/Parkland Real Estate

Frank ~ Glad to see others seeing it that way...

Sep 08, 2009 11:33 PM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

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.

Sep 09, 2009 01:17 AM
Julie Chapman
Julie Chapman Broker - Ormond Beach, FL
Sales in Palm Coast, Saint Augustine, Ormond, New


My personal experience with BPO's was that my time was better spent elsewhere.

Sep 10, 2009 09:56 PM