The BPO Tutorial – Issue #2

Ok , now that we’ve established what BPOs are, now we’re going to cover the part that that dozens only come here for – how to get BPOs.

First off , let me say that BPOs are not the money making wonder that some agents believe they are. They are not a get-rich-quick scheme that will prevent a agent from closing up shop.

To get a flow of BPOs you will need a relationship with a company.

First things first, I’d suggest that you evaluate how well you can do a comparative market analysis. Since you’re in the business of selling homes, how close do the original CMAs reflect your true final sales price? If you’re off in your value with owner occupant properties, you’ll be off in your BPO values too, and loose the game quickly.

After that, I would evaluate yourself :

• Do I have a reliable vehicle
• Do I have a reliable and accessible digital camera
• Do I have a moderately fast computer (So you can do the BPO while the MLS is up)
• Do I have the ability to spend 3-6 hours a day on orders?

It’s going to be hard to do BPOs all day at a shared office computer, hard orders can take a hour or two to complete. In addition , a digital camera of poor quality could give you poor remarks on your company scoring.

So , once you’ve got those items taken care of , you can start to apply with BPO companies. View the list here to see a list of quite a few companies that are out there.

Each company will have different requirements, some may give you listings if you do a good job of working on the BPOs (Please don’t assume you’ll get listings). Some requirements you may not meet, if you’re a new agent that has never sold a home before, it’s going to be hard to get into BPOs due to the fact most are requiring a few years worth of expirance.

In addition , many of the companies that do handle REO listings will require several years of doing REO properties, and a minimum transaction #. PLEASE Do not lie on your applications, almost every single company will do reference checks on your application, and you have a really great chance of being banned from them indefinately.