BPOs for a New Agent

9 Replies

I had previously heard of new agents doing BPOs on an episode of biggerpockets, but never really understood the concept until recently.  None of the experienced agents in my market want to do them, so as a new agent this is such a great way to become an expert in the market!  Anyone doing BPOs out there that has some systems or files they use to assist?

Jared Viernes, Real Estate Agent in KS (#SP00239501)
(316) 573-3879

My wife used to enjoy BPOs or drive-by appraisals as she and her friends called them. There are actually a number of websites you can register to perform BPOs. They are a great source of gas money and they get you acclimated to neighborhoods, so you can show properties to people, (know where you are going, without needing a phone).  

Search Google for BPOs and you can find quite a few options. They will become more in vogue when we start seeing more foreclosures and the economy change. So work to grow your options. 

Hi Jared, I think doing BPO's is a great way to really become fluent in local values. REO Agents have to be very good at BPO work as well, so it could mean opportunities for you in that way too. Each company uses its own system. I have a list of BPO companies to sign up with if you would like me to send it. We started doing BPO work because we were trying to get REO work, so we knew we had to be very good at them first.

@Kim Knox that's a fantastic idea!! I can't believe that never crossed my mind. I want to get into a different market and that would be a great way to learn it. Any chance you would send me that list as well?

I wanted to add that you need to check your state laws and broker's rules as many do not allow agents to do BPOs. It's my understanding, in my area, at least, that you have to be a certified appraiser unless you're producing a CMA (not BPO) for a potential listing.

@Kim Knox.  I'm in the process of getting my license.  Would you mind sending me that list as well? 

@Jared Viernes That’s how I started! I got hooked up with a couple of BPO companies and started doing them 45 minutes to an hour away from my hometown. Made more money the first year doing BPO’s than the one Property I sold! Haha

I got my C-REPS certified through the NABPOP to get a better chance at securing BPOs. I’m did my first one this week. Took me waaaaay to long. But I’m sure I’ll get faster with time and really understand values in my Market.

Jared Viernes, Real Estate Agent in KS (#SP00239501)
(316) 573-3879

@Kim Knox , can you please send me that list as well?

Originally posted by @Kim Knox :

Hi Jared, I think doing BPO's is a great way to really become fluent in local values. REO Agents have to be very good at BPO work as well, so it could mean opportunities for you in that way too. Each company uses its own system. I have a list of BPO companies to sign up with if you would like me to send it. We started doing BPO work because we were trying to get REO work, so we knew we had to be very good at them first.

 Could you send me the list of companies to sign up with please?? @Kim Knox

Kramer Stewart, Real Estate Agent in Arkansas (#81462)
(501) 831-4332

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