Real Estate Agents and Brokers can Earn More Money by completing BPO’s

  1. Subject gross living square footage, lot size, the number of bedrooms and bathrooms, the year the home was built, the number of parking spaces and if they are covered or garaged. Other exterior features considered are if the property has a pool, spa, shed, outbuilding, fence, patio, outdoor entertainment area.
  2. Location of the property: Suburban, Urban, Rural, Waterfront, Oceanfront, Residential, Mountain or Hillside location. Views: City, Ocean, Mountain, Valley, Residential.
  3. The condition of the subject property is determined by what is discovered at the inspection. The usual ratings are calculated to industry standards which are very specific and designated by Code. Another rating used to classify a property condition is Excellent, Good, Average, Fair, and Poor. These are used to determine financing available and what programs might be used to purchase a specific property. Some reports are used to determine rehabilitation funds for repairs and rehabilitation based on specific government guidelines for loans they guarantee. Still, other BPOs are used to refinance an existing loan or obtain an Equity Line of Credit.
  4. Neighborhood: A notation is made as to the property conforming to and if it is typical to the immediate area. Considerations are Zoning designations and values in the neighborhood. Comparable properties listed & sold in the proximal area are then chosen based on the determinations made. This is a crucial aspect of the BPO report.

Broker Price Opinion Vendor Requirements

  1. A valid Real Estate License. If you are an Agent you will need to also provide your Brokers’ State Broker’s License and the BPO Company will require their consent for your activities as a Vendor with their company.
  2. E&O Insurance Policy
  3. Latest W9 Form
  4. Background Check is required by most companies

Increasing Your BPO Order Volume

  1. Only accept orders that you can complete in the time frame allotted.
  2. Never accept a Rush Order you are not certain you can meet the deadline on.
  3. Submit all orders within the due date time frame. You can increase your rating by submitting an order in less time than allocated, however, do not reduce the time for submitting an order at the expense of the quality of your work. Quality will always trump an early submission.
  4. Returns from the BPO companies and clients should be kept at a minimum.
  5. Avoid having orders Reassigned due to missing deadlines or poor quality of your work product
  6. Failing Quality Control (QC) should be kept at a minimum. Any corrections asked for should be submitted within 4 hours (for some companies); within 24 hours for others.

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