Broker price opinion training is starting to become a hot topic, and with good reason. Several years ago, lenders did not have much of a need for this service as the economy was trucking ahead and mortgages were flying off the charts. But in the past couple of years, it has become increasingly evident that the amount of back owned property is only going to continue to increase at break neck speeds.
This presents a wonderful opportunity for Realtors to generate income for themselves during a difficult time in the home sales market. This opportunity is in broker price opinion (BPO) services, and there is no shortage of lenders, banks, and investors that need this service from a good real estate agent.
The process is actually quite simple. You will use your skills and tools available as a Realtor to give an estimated property value and selling price on real estate that has either been foreclosed upon by a bank, up for auction, or potential investment. The reports take into consideration market trends for the area, pulling comps on recent transactions, and forming your opinion in a simple report.
The only training you really need is learning how to find the companies and resources that are actively looking for real estate professionals to appraise properties. Many banks are even using broker price opinion services as another tool in refinancing and home equity line of credit applications. That is why a wonderful place to start your BPO business is with these local banks who will not have the in house resources available to appraise on their own.
Small, local lenders are much more likely to outsource this service as it financially makes sense for them, and helps give them more protection in their lending decisions.
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