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BPO Training

Learn about BPO, CMA guidelines, types, comparables selection, equipment needed, and pricing. Get started in the BPO industry with registration steps. Tips on scoring high in timeliness and compliance.

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BPO Training

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Presentation Transcript

  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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