A Broker Price Opinion, commonly referred to as a BPO, is a process completed by a licensed real estate agent or broker that provides their opinion of the value of a piece of real estate. Broker Price Opinion orders are completed for banks, lenders, investors or owners of real estate to determine its value. The Broker Price Opinion agent visits and takes photos of the property to report back to the lender with an opinion of its value.
Types of Broker Price Opinion Orders
There are 3 types of Broker Price Opinion orders: Interior, Exterior, and Desktop.
- Interior Broker Price Opinion Order – Which is completed by the real estate agent or broker going to the property and taking a photo of every room in the house including laundry room, garage, sheds and photos of A/C system, water weater, furnace, etc., and then completing the online forms.
- Exterior Broker Price Opinion Order – Which is completed by the real estate agent or broker going to the property and taking a photo of the front of the house, address verification, and street view, and then completing the online forms.
- Desktop Broker Price Opinion Order – Which is completed by the real estate agent or broker on a computer by simply completing the online forms.
The online forms require all the information about the subject property and neighborhood information. The value is determined by using 3 comparable properties that are for sale within 1-3 miles of the subject property and 3 comparable properties that have sold in the past 3-6 months that within 1-3 miles of the subject property. The forms require all the information on all comparable properties used. Many different things can cause a BPO to need to be completed such as a loan modification, foreclosure short sale, and many other significant transactions. A BPO is very important for banks, lenders and investors to determine the value of a property. Banks could use an appraiser but that would cost $300-400 versus $50 for a licensed real estate agent or broker.
Broker Price Opinion Orders for Real Estate Professionals
BPO or Broker Price Opinion orders can be an incredible source of income for real estate professionals, the typical broker price opinion pays $40-$75 per order and real estate agents and brokers can be assigned anywhere from 10-100 broker price opinion orders per week. There are many BPO or broker price opinion training courses, BPO companies, BPO forms available on the internet. The BPO REO Academy is the most comprehensive BPO Broker Price Opinion training and courses on the market and is owned by a licensed real estate professional who has completed over 6000 BPO’s and counting.
If you are interested in learning more about BPO or Broker Price Opinion Training visit the BPO REO Academy
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