Broker Price Opinions in Seattle Washington can vary depending on what specific neighborhood or Seattle suburb you are in as well as other outside factors. It is important for an asset manager to hire an experienced agent and also one that is extremely detail oriented! A BPO (broker price opinion) should be completed with extremely accurate and up to the minute information in order for the asset manager to make an informed decision regarding an REO (real estate owned) property. A good BPO can make all the difference!
Agents interested in performing BPOs for asset managers: Sign up with third party websites and make sure to accept as many assignments as you can. If you consistently do good BPO reports, the various companies will continue to give you assignments. If you consistently do not accept assignments, they will stop pouring in. An agent can make a very decent living from performing BPO reports, but it is just as important to provide detailed reports with accurate information. In order to do a normal BPO report, you must visit the property and take pictures according to the instructions on the order.
Cheap Seattle BPO work: Bpo reports do not pay well individually, but if you do many of them, it is easy to schedule them between normal appointments and group your property visits into tours so that you are not out driving back and forth to the same areas. This not only saves gas, but also makes your BPO property visits more efficient. An asset manager will usually give you at least two days to get the report in unless it is a higher paid rush file, and some give you as long as a week. The pay range for a BPO can be as low as $35 and I have seen them go as high as $100 for a super rush file. This may seem pretty cheap, but if you group them together as I have suggested, you can punch them out pretty quickly. It takes an extreme amount of discipline to make sure to complete them on time and accurately, but it is worth it if you can get the orders to start coming in.
It took me a few months, but at the peak of my BPO work, I was making between $35,000 and $50,000 on BPO work alone. This was in a slower BPO market. Right now, there is opportunity out there and an agent could make a stand alone living performing BPOs for asset managers if they wanted to. Today, I do quality Seattle area BPOs and also take Seattle area foreclosure listings in addition to my regular clientele.
Accurate BPO reports: A broker price opinion has to be accurate! Make sure to find the best comps! In addition to lending integrity to your work, an impressed asset manager could end up placing a listing with you. The bottom line is: If you can’t fill out a simple BPO accurately, then why on earth would they ever place an asset with you?
Courtney Cooper ….For all your Seattle Washington Real Estate Needs!
I have an accounting degree and provide extremely accurate and detailed Broker Price Opinions! courtney@courtneycooper.com if you need a BPO done in King or Snohomish county. Asset Managers: I can help you with your Seattle foreclosure!
Seattle Area Real Estate Agent: Associate Broker and Realtor with a BS in accounting serving North King & South Snohomish County – Experienced and with a background in accounting – I love my clients and work hard for them! Call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle, Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!
[...] or REO properties, you will first need to start doing Broker Price Opinions or BPOs. I did many Seattle Bpo reports before breaking into the foreclosure market! A BPO is similar to a CMA (Comparative Market [...]