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BPO Training

BPO Training. Broker Price Opinion - BPO. What is it? CMA with Standard Guidelines Types Exterior/ Driveby CMA Pictures of Front, Side, Street, Address $45-$60 Interior CMA Make an appointment – Number and Contact Provided Pictures of Front, Side, Street, Address, All Interior Rooms

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BPO Training

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  1. BPO Training

  2. Broker Price Opinion - BPO • What is it? • CMA with Standard Guidelines • Types • Exterior/Driveby • CMA • Pictures of Front, Side, Street, Address • $45-$60 • Interior • CMA • Make an appointment – Number and Contact Provided • Pictures of Front, Side, Street, Address, All Interior Rooms • $50-$125

  3. BPO – Get Started • What do I need to have to do them? • Step 1: Registration and Follow-up (Calls) • Copy of Your License • E&O (provided by company) • W-9 (Provided by company) • Zipcodes/County you will Service • Step 2: Equipment • Digital Camera / Camera on Phone • Computer with Internet Service • Access to MRIS • Sentilock for Interior (Not a lot of interiors)

  4. BPO – Comparables • Listing Comparables • Under Contract • Active • 3 Required • Criteria most important • Location • SQFT • Type of Home • Within last 3 no more than 6 months • Sales Comparables • Sold • 3 Required • Criteria most important • Location • SQFT • Type of Home • Within last 3 no more than 6 months

  5. How to Select Comparables? • Get Full Tax Record of Property • Subdivision • GLA/SQFT • Bedrooms/Baths (may need to select Property History) • Go to General Search • Close Date = X/1/201X+ (3 months back) • Enter Subdivision • Select “Active, CNGT/KO, CNGT/NO KO, CONTRACT, SOLD” • List of Comparables • Sort by SQFT • Find those that match – 3 SOLD and 3 ACTIVE • If none – then broaden by Zip Code

  6. Special Fields • Type of Property • Urban <1/4 mile • Suburban <1 mile • Rural <5 miles • Condition of Property – Follow NABPOP Chart • Conforms to Neighborhood • Market • Take similar home sold last year in same subdivision and home sold in last 30 days – find difference. Then divide difference by last years home price *100. This is your % of change in pricing. Then divide by 12 if they want monthly estimate.

  7. Scoring • Timeliness • Around 1 day most preferred • Compliance with Rules • Kick backs not good – time is still ticking • Responsiveness to Asset Managers • They call or email – respond quickly • Updates • Respond as required

  8. Good Luck

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