Banks and mortgage lenders will commonly hire a BPO agent to conduct a Broker Price Opinion – a process that helps them quickly and affordably determine the value of a property. It is much faster and more affordable than hiring a licensed appraiser, and also offers a great additional stream of income for real estate agents and brokers. A BPO can be conducted by any real estate agent or broker willing to learn and complete the process.
If you’d like to become a BPO agent, you will first need to sign up with a bank or lender. Once you are approved, the lender will begin sending you BPO orders to fulfill. Then, as long as you complete the BPOs successfully and within the required time frame, the lender will send more orders for you to complete – and, of course, pay you for completing them! The orders you will receive will vary in complexity – some BPO orders only require you to photograph the exterior of the home, while others will require you to enter and photograph the interior as well. You will also generally be paid more the higher the complexity of the order, and some of these may be rush orders which typically pay more as well.
Once you are familiar and comfortable with the BPO process, you can sign up with as many banks and lenders and complete as many BPO orders as you’d like. Being a BPO Agent will provide an outstanding way for you as a real estate agent or broker to add a
consistent additional stream of income to your real estate business!
For step-by-step training on how to become a BPO agent, you may wish to consider investing in a BPO course that will guide you through the entire process of registering for companies, as well as provide you with all the BPO forms, spreadsheets and other materials you will need in order to complete your first BPO order. The BPO REO Academy offers not only comprehensive, easy-to-follow training, but also a support community of BPO experts available to help you every step of the way. Learn more at www.BPOREOAcademy.com