Hello BP members,
I am a newly licensed agent eager to dig deeper and start getting experience in the real estate business. I came across some quite interesting information on the web regarding BPOs (Broker Price Opinion) and making extra money by completing BPO orders while making connections with asset managers. They say it's a good way to connect with people dealing with REOs. but it's also very difficult for new agents to get started. Do I need to get some sort of certificate/designation in order to do that and is it worth the money? Please, share with me if you have any additional information on that and what are the steps I need to take to become a BPO agent (vendor)?
You typically make like 35-65 for a drive by BPO...maybe 65-100 for a internal bpo. Some brokers want a piece of that too.
Expect them to take you 2-3 hours once you get good at them. Expect tight time lines and very annoying clerical staff pushing you to do it "their way". I've done maybe 1000 total in my life and i've ordered maybe 200 or so for my own personal use.
I've never gotten a listing from my BPO work, and the money i made wasn't enough to hire someone at 12/hr to do them for me. Watch out for companies that love to stiff agents too, agents doing BPOs are easier to find than a soda can on the side of the road and the market treats you as such.
Thank you for your response Leigh - very helpful!
I agree with @Leigh C same experience. They don't really want a market opinion, they've developed statistics that they want comps to fall within, regardless what the market delivers. It's stressful and too much work for what you get in return.
I've also bought into programs that guarantees BPO and listings. I have never gotten either from those services. Good luck collecting on the guarantee because they disappear or change the name.
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