Get Going As A Broker Price Opinion Professional

With the real estate bubble now broken, being a Broker Price Opinion expert offers an alternative income source for real estate professionals

. Mortgage lenders and bankers too are busy with foreclosures and refinancing, and as such - looking to cut costs. The BPO market is heating up and it's a good time to wade in.

What is a BPO: A BPO is what lenders and bankers call a broker's valuation estimate of a property that needs financing or has to be sold. The broker is asked to take a look at the property and submit a report. The report needs to have comparison properties, a neighborhood analysis, and area and region specific real estate market information.

Types: The first type of BPO is called a Drive By. The broker doesn't have to go into the house or talk to the owners or tenants. The second kind is called an Internal BPO, where the broker needs to take a closer look at the house, talk to the occupants and submit a more detailed report.

Qualifications Required: A BPO can be done by any real estate professional with a current license. Brokers, realtors and appraisers are all qualified. However, the laws on BPO validity differ by state, so it's better to consult a real estate attorney with a good knowledge of state laws.

Certification: Considering the importance of the assessment to the entire transaction, it's critical that anyone doing a BPO be certified. But it's not a legal requirement. The certification is done by the National Association of Broker Price Opinion Professionals (NABPOP).

Finding Work & BPO Companies: BPO experts are hired based on their proximity to (and knowledge of) the property and area in question. It is, therefore, important that lenders, banks and BPO companies be aware of a broker's availability as a BPO expert in a specific area. A good way to start is by getting listed in the NABPOP directory. It's also easier to get work if the broker has a website where his or her experience and qualifications as a BPO expert can be highlighted, along with references. Brokers should also contact a few BPO companies in the area to keep a steady flow of work in the pipeline.

In summary, it's pretty easy to make some extra money in the real estate business by doing a Broker Price Opinion once in a while. But for those who want to do it more professionally, get certified and start networking with others at NABPOP. It's a small world, and people who get regular work have built up trust and relationships.

by: Pedro Hitchcock

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