subject: Are You Thinking Of Using Bpo Software Today [print this page] The BPO or broker price opinion is very important in the real estate sales business. Real estate agents and banks, as well as real estate investors rely on broker price opinions. If you are a broker that offers price opinions you need to use the best BPO software on the market.
The BPO is different from the real estate appraisal that is done by a professional appraiser. The appraiser will go to the property and measure the land and all the structures. He will take photos of the land and the physical structures. He will then run a complete analysis of the property to come up with a value for the land.
His is a more exact science compared to the broker price opinion which is more subjective in nature. The price opinion is based more on market trends and recent home sales in the area of the property in question. But it is still a very important number in the real estate business.
He will look at similar houses in the area and find out what those houses are selling for right now. This is a more subjective way to determine the price a house should sell for, but the BPO plays a big part in the real estate investment business because it will determine what price a property investor will offer on a particular house. Some banks also require a BPO before they will negotiate a price on one of their foreclosed properties.
If you are in the market for broker price opinion software, make sure to buy the one that works in conjunction with your MLS website. The MLS is the multiple listing service available on the internet where real estate agents and investors alike find critical information about the houses in the area of the ones they want to buy or sell. This service provides the house comparison prices.
The compression prices are the prices of homes in the area of the house that is listed for sale. If one house sold for one hundred thousand dollars and a home owner wants to list his house for sale, his real estate agent needs to know that homes in the seller's area is selling for one hundred thousand dollars. If he does not have this information and lists the house for one hundred and fifty thousand, then the seller will not receive many offers.
The BPO software should interact with the MLS so that the information on the multiple listing service is readily available for the software to integrate it so you can make the broker price opinion you can. In other words, the right software will allow you to make the most informed opinion. If your business depends on accurate price opinions, choose the best software available. You will glad you did.
