RealNova  "Providing Real Estate Innovative Marketing & Research Systems For The World  

Global Client Number Login

       

 

                    

 

                         

 

  Your Global                   

RealNova Global Services

  Real Estate & Business Broker  

1266 W. Paces Ferry Rd

  Professionals  

Atlanta GA  30327

   

Global: 1.888.241.8890

   

Local: 678.495.1475

   

 

     
     
     
     
   

facebook twitter Connect With Us On LinkedIn wordpress you tube 30x30

     


Home

Client Login

Order A BPO (Broker Price Opinion)

Our National BPO Network

Order An Appraisal

Flat Fee Listing Services

Mobile Notary Public Services


Agent Referral Program

Advertising Opportunities

Domain Names For Rent / Lease / Sale




Who is RealNova & Team USA & Canada?
Why should I use RealNova professionals?
About This Web Portal
How To Increase Your Credit Score
USA Today Article On
Foreign Investors
Locate National Real Estate Agent
Locate National Business Broker
 


Broker/Agent Solutions

Real Estate Agent Enrollment

Business Broker Enrollment

Opening A RealNova Office In Your Area

Contractor Opportunities

Military Housing Assistance

Short Sales Assistance

Commercial Real Estate

Businesses For Sale

Contact Us
 

 

 

BPO (Broker Price Opinion) Business     ( NEW CUSTOMERS & CLIENTS - CLICK HERE TO ORDER A BPO )

One of the immediate benefits of becoming an authorized RealNova Partner is the ability to start building your BPO (Broker Price Opinion) Processing Business today.  We provide BPO (Broker Price Opinion) referrals to all partners that are in good standing.  In addition to the benefit of working with our national referral network, we also provide each partner with our most current contact list of National BPO banks, lenders and vendors. This valuable list is provided to each partner immediately following enrollment in our partnership program...Click Here To Become A Partner Today

Guide to earning $40,000.00 to $50,000.00 per year performing BPOs......read more

3 Basic BPO (Broker Price Opinion) types
.....read more

5 Steps to building a successfull BPO Business
......read more

10 DOs & Don'ts of the BPO Business
......read more

List of BPO (BROKER PRICE OPINION) Banks, Lenders, and Vendors
......read more








Real Estate Guide to earning $40,000.00 to 50,000.00 per year performing Broker Price Opinions

Due to the current market conditions REO and FORECLOSURE services are in demand like never before.  Banks, lenders, and third party companies request BPOs (Broker Price Opinions) for the purpose of getting an in-expensive valuation of their property.

There are a number of reasons when a professional valuation of property is desired yet a formal appraisal is not. In these instances, the Broker Price Opinion (BPO) service is the preferred tool banks and 3rd party providers use. The BPO of a commercial or residential property is conducted by a local, licensed real estate professional. The report combines information from a drive-by exterior examination, external data sources, previous sale data, property assessment data, recent comparable sales and current listings, as well as a photograph of the subject property. The BPO may include estimate of repairs to obtain fair market value, community or neighborhood information, and value estimate (90, 120, 180 day marketing time for "as is" and "as repaired" values). Photographs include subject and street scene photographs. Front photographs of all comparable sales are also available for an additional fee’s.

This can be a highly profitable business for Commercial & Residential Realtors. With each “drive-by” BPO paying an average of $50 and taking 30 minutes to complete for the average residential property and $200 and up for commercial properties, it is easy to understand how quickly this can turn into a lucrative business.

Once you establish a relationship with a particular company, you can expect to receive multiple BPO requests per day. You will be given the choice to accept or decline each order, based on the due date and the fee they are willing to pay.

Each company on our BPO Lender list has their own stipulations in accepting new Real Estate vendors. If a vendor application is not readily available on their web site, email them directly and put ATT: “New Vendor Application” in the subject line. Or call them directly. When signing up be prepared to provide:

• E&O insurance
• List of 3 references
• Licensing info
• Completed 1099 or W-9
• Brief Bio
• Zip Code coverage area

We do not detail what is entailed in completing each firms BPO because they all vary. Each company has their own online template for you to complete. They are all relatively simple and self-explanatory. If you have ever done a “CMA” you will not have a problem completing a BPO.

A common question we get is whom do I list as references if I am new to the BPO business? It is the age-old question of course, anytime you are starting something relatively new. I once started with no experience and managed to land my first account. Of course additional accounts became easier once I had the first under my belt. If you want a strategy, then sign up with as many companies as you can where references are not an issue. Once you completed 1 BPO, you now have a reference. It is very unlikely that these BPO vendors follow up on your references (take that for what it is worth). They will however confirm your licensure status.

The BPO vendors on our list pay for each order you complete. There are companies that ask agents to do BPO’s for FREE. The pay off they will say, is a potential shot at the listing. From our experience, you will never see a listing from them. If you receive this type of request, be very inquisitive about who they are and the chances of you actually getting the listing. It may or may not ultimately becomes an REO for you....JUST BE CAREFULL.

Establishing relationships with these companies will supply you an endless stream of revenue for as long as you stay in business. Other companies are selling similar lists of BPO Banks, Lenders and Vendor companies for $300 and more. Our partners receive this list immediately following their annual enrollment as an authorized RealNova partner.

Broker Price Opinions & Short Sales: Additional revenue sources

The most common purpose for a BPO is because the commercial or residential property owner is delinquent on their payments. Typically Drive By BPO’s are ordered at 60,90,120,180 days delinquent.

Obviously these are property owners in trouble. And you know about them before anyone else (except their lender or mortgage company). More than likely they are upside down in their mortgage. In other words, in all probability they would already have their property on the market (and some will) if they had equity in the property.

These are the most PRIME, pre-foreclosure leads that exist! A very high percentage of these property owners will either fall into foreclosure or list their property with a Realtor to pursue a short sale.

Therefore, when you do your drive-by photo, either knock on their door personally or leave a promotional piece at the property with your business card. Position your marketing to them with a generic message that you can HELP them. That message should state you're a foreclosure specialist and that you are an expert at helping property owners out of foreclosure.

Leave the marketing piece and a business card at the property, put them on a bi-weekly mailing list and you should be following up with telephone calls.

In your first mailing, introduce yourself and provide them with some local government sources in which they may receive foreclosure assistance. (Do a local web search for local agencies that assist property owners in foreclosures). Follow your 1st mailer with a phone call to ask them if they have received the information you sent them.

The homeowner of course has no idea that you know anything about their situation. And make sure you do not mention ANYTHING about the BPO. This is proprietary information between you and the company you are completing the BPO for. And most if not all BPO vendors will require you to stipulate that you will in no way contact the property owner.

If you are doing any volume of BPO business, and you follow up each BPO property with an aggressive marketing campaign, you will quickly build a large book of short sale business.

If you do not want to get into the short sale business, you need to be referring these leads to a Realtor that specializes in Pre-Foreclosures and/or Short Sales. Negotiate a fair referral fee (20%-30% is reasonable). Most agents working the pre-foreclosure market will be ecstatic to work out a deal with you.

To earn over $100k per year, you need to average “6.5” BPO’s per Day and average $50 per job. $50 is the minimum compensation provided by most companies. If you sign up for each of the companies on our BPO Lender & Vendor list and follow up with each to earn their business, you will in no time be at your 6.5 per day average. Conversely, to earn $50,000 per year, you will have to complete 2.25 BPO’s per day.

Lastly, you must pursue the BPO business like any other business. I assume you cannot afford to simply sign up for these companies and passively hope to hear back from them (although there is a good chance that will work). Proactively pursue these companies business! .........Click Here To Become A RealNova Partner Today

return to top





3 Basic BPO Types

External Analytical Only BPO  /  Drive-By BPO  /  Internal BPO


External Analytical Only BPO -
This type of BPO does not require a visit to the subject property.  It is very similar to the CMA (Comparabel Market Analysis) that agents provide to potential buyers and sellers at no charge.  However, the Analytical BPO will require more detail information than the traditional CMA (Comparable Market Analysis).

Drive-By BPO
-
The lenders and companies that hire real estate brokers to do BPOs, or Broker Price Opinions, have very specific requirements. Don't assume from the name that a "Drive By" BPO will involve only a couple of photos from the car and a short form with information about what you saw. The forms used by lenders and loss mitigation companies vary greatly in how they are laid out and the information they require for a Drive By BPO.

Internal BPO - We can begin by stating that all the requirements of a drive-by BPO would also be a part of an Internal BPO. However, an interior BPO might require that you verify things like square footage and room count rather than estimate them. Of course, there will be a requirement for photos of the interior rooms of the home. Unless the home is unoccupied, an internal BPO will likely involve contact with the homeowner or a tenant. If the BPO is for refinance purposes, this likely will not be an issue or problem. However, if a pre-foreclosure situation exists, care must be exercised in personal contact situations. Different lenders and loss mitigation companies will have different policies in this respect. Obviously, the best situation would be that you are expected and treated with courtesy.

return to top






5 Steps to Success in the BPO Business

1. Get your required information together so you can be prepared to fill out numerous BPO vendor applications.

a) Your Real Estate License
b) Your Broker or your personal errors and omissions Insurance ( expiration date, policy amount)
c) List of References ( past clients, associates in your office, friends)
d) Completed 1099 or W-9 ( usually provided by each of the vendors)
e) Coverage Area (the areas you want to cover by zip code) create your zip code list in word or notepad so you can easily copy and paste the zip code list into each BPO Vendor Application.

2. Reference our BPO Lender and Vendor list and start submitting vendor applications. Send applications through the internet, email submissions, fax or by calling. Don’t give up until you get
    your application in to a BPO Company. Make sure to confirm they got your application. When filling out your applications, discover which email address is associated with your cell phone.
    Most cell phones have an email address associated with that cell phone, if you don’t know the email address call your cell phone service provider, and get that email address. Then take that
    email address, and enter that email address in all of your BPO vendor applications. Then when a BPO Assignment gets blasted out to the all real estate agents in your service area zip code     you will be alerted by text to your cell phone, giving you an edge over the general population. This way you can get right back to the BPO Company and accept the assignment.

3. Create a filing system for each BPO Company so you don’t get BPO’s mixed up. This will also help you keep track of who you spoke with at each company, so that you can create a tickler
    system for your follow up system. Make sure to follow up with that specific person if you can. This will help you build rapport. Get friendly, make small talk, it goes a long way.

4. Now that you have submitted all of your applications, develop a spreadsheet in order to keep track of your BPO’s.  This will ensure you get paid on all of the BPOs you perform.  Set up your
    spreadsheet columns as follows.

    a) Property Address
    b) Bedrooms
    c) Bathrooms
    d) Square footage
    e) Value Given
     f) BPO Company Info (This is the Company that requested the BPO)
    g) Amount to be paid
    h) Agreed payment terms ( Upon Receipt, Net 30, Advance Payment, etc)

5. Follow Up, Follow Up, Follow Up! Don’t just submit the vendor applications and wait around for the BPO Companies to contact you. Start building rapport, after you submit your initial  
    applications contact the BPO Companies and confirm receipt of your application, let them know your ready to go right now. If they don’t have work for you at that specific moment let them
    know you will follow up next week. Don’t pester the BPO Companies, split the list up and contact them weekly, stay on their mind. Once you start completing BPO’s and start getting  
    rated you won’t have to follow up the business will come to you
.........Click Here To Become A RealNova Partner Today

return to top





The 10 Do’s and Don’ts of the BPO Business
1. DO Be Prepared to Offer Up All Of the Required Information

a) Proof of Real Estate License
b) Errors and Omissions Insurance

c) A Completed 1099 Form
d) The Area You Want to Cover
e) References

2. DO keep track of all the BPO’s you complete preferably by using a spreadsheet program. When you get busy things will get chaotic, so keep track of your deals. This ensures you get paid on all your BPO’s.

3. DO make sure you get back to all the BPO companies or banks when they contact you. Do not let any stone go unturned. This will ensure you stay highly rated, and continue to receive BPO requests. If you can’t fulfill a BPO request do not ignore the BPO Company, or bank. Please make sure to return their call, and pass on the request. They will understand if your busy, but if you ignore them, that is poor business practice, then they will ignore you.

5. DO make sure to FOLLOW UP, FOLLOW UP, FOLLOW UP with the list of BPO Companies and Banks. Sitting around and waiting for them to contact you after you submit your initial vendor application isn’t going to get you business. Proactively calling them regularly will help you stay on their mind. We don’t suggest you pester them, the best technique is to divide the list up and call a different set every day, then the following week start over. That way, your on their mind once a week without being a pest.

6. DON’T Ever Perform a BPO for FREE, even the companies or bank entice you with the listing this is an industry ploy. Disregard working for FREE tell them your expertise is worth money.

7. DON’T perform a fake BPO or enter incorrect information. BPO Companies have quality control divisions that check on random BPO’s to ensure accurateness. If you get caught consider yourself blackballed.

8. DON’T contact the seller and try to get business from them. You will risk losing credibility with the bank and BPO Company, and right now that is where the gold is, stay on the bank’s good side.

9. DON’T eliminate referrals. Just because you can’t contact the seller doesn’t mean a colleague can’t. Therefore if you see a property that isn’t listed refer the lead out to a colleague, and collect a handsome referral fee. This keeps you focused on doing BPO’s while getting some nice pops from great priced listings without having to service them.

10. DON’T submit BPO’s on your own form, or mix up forms from another BPO Company, this poor business practice. By doing this you are showing disorganization in your organization. This business runs on accurate organized information, and a poor representation of that will ensure you out of the business.

return to top


Click Here To Become A RealNova Partner Today

 


 


 

 


Home

Client Login

Order A BPO (Broker Price Opinion)

Our National BPO Network

Order An Appraisal

Flat Fee Listing Services

Mobile Notary Public Services


Agent Referral Program

Advertising Opportunities

Domain Names For Rent / Lease / Sale




Who is RealNova & Team USA & Canada?
Why should I use RealNova professionals?
About This Web Portal
How To Increase Your Credit Score
USA Today Article On
Foreign Investors
Locate National Real Estate Agent
Locate National Business Broker
Refer A Professional


Broker/Agent Solutions

Real Estate Agent Enrollment

Business Broker Enrollment

Opening A RealNova Office In Your Area

Contractor Opportunities

Military Housing Assistance

Short Sales Assistance

Commercial Real Estate

Businesses For Sale

Contact Us
 

 


U.S. Division:
  Global: 1.888.241.8890    Local: 678.495.1475

Visit
RealNova Global @ www.realnova.us

                                
                             

U.S. Real Estate & Business Broker Markets:
Alabama   Alaska   Arizona   Arkansas   California   Colorado   Connecticut   Delaware   District of Columbia   Florida   Georgia   Hawaii   Idaho  Illinois   Indiana   Iowa   Kansas   Kentucky   Louisiana   Maine   Maryland   Massachusetts   Michigan   Minnesota   Mississippi   Missouri  Montana   Nebraska   Nevada   New Hampshire   New Jersey   New Mexico   New York   North Carolina   North Dakota   Ohio   Oklahoma   Oregon   Pennsylvania   Rhode Island   South Carolina   South Dakota   Tennessee   Texas   Utah   Vermont   Virginia   Washington   West Virginia   Wisconsin   Wyoming   Caribbean   Mexico

Canada Real Estate & Business Broker Markets:

      Alberta
 
British Columbia    Manitoba    New Brunswick   Newfoundlandand   Northwest Territories   Nova Scotia   Ontario   Prince Edward Island Quebec   Saskatchewan   Yukon 

       
RealNova, Inc. proprietary, confidential and trade secret information. This document contains proprietary and confidential information that is legally privileged. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by RealNova, Inc. in writing is strictly prohibited. This document additionally contains protected trade secret information of RealNova, Inc. Please contact us for additional information,



Copyright © 2001-2013 RealNova.Com. All rights reserved      Advertise      Online Payment      Feedback       Office Space & Suites Articles