What Are BPO Jobs?
If you are like many real estate agents, brokers and other professionals today, you keep hearing about BPOs and BPO jobs – perhaps you even know an agent or broker who is involved with them – but don’t know much about them and nobody seems to be sharing much information either. In fact, you might find yourself asking the very question, “What Are BPO Jobs?”
Especially today, banks have a great need to know the value of properties. For example, with the increasing number of short sale offers, banks and lenders need to know if they are being lowballed or if the offers are reasonable. They also need to know the values of properties when determining refinances and loan modifications, along with variety of other situations.
What Are BPO Jobs – The Banks’ Perspective
Of course the bank could hire an appraiser, but this can be costly and for these types of situations the bank can get by with a simple value estimation done by a real estate agent or broker. In this situation, the bank will order what is known as a BPO – or Broker Price Opinion. Essentially what this means is that the bank is requesting the opinion of a real estate broker or agent on the value of a particular property.
So what are BPO jobs? Basically, a BPO job is when a real estate agent or broker responds to one of these requests.
What Are BPO Jobs – The Real Estate Agent’s Perspective
Any real estate agent or broker can decide to become a BPO agent. By registering with the servicing companies that manage BPO orders for banks and lenders, a real estate agent or broker can begin receiving requests to complete BPO jobs – and getting paid by the lenders to complete them!
In this situation, the agent will simply visit the property, take photographs as requested by the lender, calculate some figures based on comparables and other data, and submit this information in a report back to the lender.
It’s actually quite a simple process and many real estate agents and brokers are taking advantage of this great opportunity to add an additional stream of income to their real estate businesses.
If you are interested in becoming a BPO agent, you can find great training and other resources at the BPO REO Academy – a community of BPO and REO experts experienced in completing BPO jobs – dedicated to the success of real estate agents and brokers looking to get started as BPO agents. Simply visit http://www.bporeoacademy.com to learn more!
