| If you are like almost every Real Estate Agent I | | | | you will likely need to crop your image to show |
| know, you are looking for all the additional income | | | | repair or damaged areas and you can retain detail |
| you can get. If that's the case, take it from me, | | | | better with a high-resolution picture. |
| it can happen with BPOs. | | | | An important tip to remember when taking |
| What's a BPO and why are they important to | | | | photos is to make sure no people are in the |
| know about? BPO stands for Broker Price Opinion | | | | picture, especially a picture of someone that can |
| and that is exactly what they are; an opinion | | | | be recognized. Another tip, NEVER take pictures |
| about the actual market value of a property. A | | | | of children. Not only will the BPO Company likely |
| financial institution may require a BPO for one of | | | | refuse them, you may cause concern within the |
| several reasons ranging from verifying info for | | | | neighborhood. |
| homeowner's insurance to foreclosure. | | | | When you receive a BPO and *before* you |
| The process of completing a BPO is very similar | | | | accept it, check the property location on a map. |
| to a competitive market analysis of a home you | | | | If you can't find the address on a map, in my |
| are listing or buying. Most BPO Companies will | | | | opinion, forget about it. You will spend much more |
| require you to submit at least two and | | | | time locating the property and you only are paid |
| sometimes three similar comps. Therefore, you | | | | for producing BPOs and not for locating property. |
| must have access to a local MLS in order to get | | | | Always be aware for your personal safety. Often |
| that information. You will provide square footage, | | | | you will be in parts of town that may not be a |
| age, condition, neighborhood information, etc. | | | | safe as others. If in doubt, call the Police to check |
| There are two types of BPOs; one is a drive by | | | | vacant property before you go inside if you feel |
| the other a full interior evaluation and comp. | | | | at all uneasy. |
| The drive by is much quicker, requiring clear | | | | Also recommended is a data phone with email and |
| pictures of usually the front, side and street view | | | | internet access, I use a BlackBerry and highly |
| of the home. The interior evaluation also requires | | | | recommend that you consider one. Many BPO |
| these photos and more. You will take pictures of | | | | Companies will broadcast a request to several |
| each room of the house, including the garage. You | | | | agents in your area; the first one to respond gets |
| will take pictures of any damaged areas or areas | | | | it. If you only have email access at your office, |
| needing repair. Walk around the home and get | | | | you will often be too late in responding. |
| photos of the back yard, foundation, etc. You can | | | | If you have at least two years Real Estate |
| always eliminate pictures when you get back | | | | experience, willing to drive a little, and do some |
| home, but it will be very expensive to go back | | | | research you will likely find BPOs a good source |
| and take a picture you wished you had taken. | | | | of additional income. Your BPO income won't |
| Your camera equipment must be capable of | | | | match a home sale, but if you build up a client list, |
| taking clear pictures in low light; often the power | | | | it just may very well keep the bills paid until a sale |
| will be off at the property location. Your best bet | | | | comes in. |
| is to use an auxiliary flash attachment. If you | | | | Important: Dealing in BPOs usually requires a Real |
| camera does not have a hot shoe flash | | | | Estate License in your state along with at least |
| attachment, perhaps a slave flash will work as | | | | two years experience. |
| well. Also shoot at least 5 mega pixel or more, | | | | |