Does anyone do BPOs for supplemental income? If so, where can I get more information on this?
Call the office of some real estate brokers in the area and ask who in their office will do a BPO. I have always found someone to do one.
There are also companies out there - google "broker price opinion comapanies". I just have had better luck with the price opinion of a local broker.
Thank you Colleen. However, I am actually interested in doing the BPOs myself for supplemental income. I suppose my post was somewhat unclear.
Way, way back I used to do thousands of them.
They pay very low today, the forms are almost like an appraisal, and they want fast turn times so you can't lump multiple orders together to go take pics as well as you used to.
It makes a difference if you are in a rural, suburban, urban core area as to how many you can do in a certain time. Your broker might not allow it or cover it under their E & O policy.
BPO's are not covered much here. For that agentsonline.net is one of the best places to get info on companies etc.
You want the BPO/REO section halfway down. It's free last time I checked to be a member. To access that restricted forum only open to brokers/agents you will need to provide the admin with proof of licensure.
I usually do 5 or 6 a week, and while most people think you get paid only $35-$40 for an exterior or $50-55 for an interior, I usually get around $50-$60 for exterior and $95 for interior, and while it is not the $$$ most people talk about, I find it keeps my "saw sharp" for CMA's and the extra $300-600 keeps my wife at home with the kids.
Anyway TMI, if you want PM me, I can drop box you a bunch of helpful resources I found online. Or you can go where I found some info which was Tim & Julie Harris Real estate University, very knowledgeable resource!
Thank you all for your responses!
Back in the day you could get 150 for a 24 hr rush exterior on a subdivision with new homes and have it banged out in 30 minutes.
Those were the days!
The BPO's are called the "crack coca*ne" of our industry now for agents who can't sell very well. People did them back in the day for good cash but many do them for low fees today because they have to for getting by.
The forms back then were just a tad above a CMA. If you call local banks instead of BPO mills they might give you a better rate for doing them. The mills have to take their cut so it reduces what you would get paid going directly.
I do some 'exterior' only appraisals. It consists of literally taking 4 photos and rating the property. They only pay $21 per home, but it's easy money if you are already in the area. I use the windshield time to explore subdivision I'm not familiar with...looking for homes in distress.
If interested, send me a message with your email and I will 'refer' you to this company.
@Mike Hibbs Hey could you please me the information if you don't mind.
hey good day. I am a Mi realtor wanting to get niched in on BPO's with the intention of building a resume to obtain listings in the future and also an income stream. Is there anyone willing to share some helpful information I am all in. Thank you!
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!