BPO Jobs & REO listings are becoming a larger niche market today. With the downturn in the housing market, and influx of bank owned properties, many real estate agents are tapping these niche market income streams. Here is a quick overview of what a BPO and REO are, and where to go to find that business.
The BPO market is a way to make some money between closings. A BPO is a broker price opinion, and are used by banks and hard money lenders to value properties either without having to order a full appraisal, or in addition to a full appraisal. There are a number of BPO companies out there, and you can make $50-100 per BPO done typically.
Another niche market that many agents are taking advantage of is the REO market. Listing REO property, or bank owned property, often times gives you the leverage to price a property at a price point that will allow it to sell. Additionally, you can also get repeat business from the bank. Both are a benefit of listing REO and bank owned property.
Knowing where to find these listings is key, Click Here to check out a pretty informative guide that can help you get started with REO listings, BPO assignments, or to build your resource list.