| Banks and other Lending Institutions are | | | | attempt to get them to assign BPOs that are |
| overwhelmed with a record number of properties | | | | needed in a hurry - rushed BPOs or those that |
| needing Broker Price Opinions (BPOs). This is an | | | | were previously assigned to other agents who for |
| opportunity for Real Estate Agents to increase | | | | one reason or the other did not do a good job on |
| their earnings. Executing a BPO is an additional | | | | it. The VA can call these contacts quite frequently |
| stream of income for agents because agents get | | | | using a standard script to ask for "BPO |
| paid after the BPO is finished, which is much | | | | Re-Assignments" and "rushed ordered BPOs". |
| better than waiting for a property to get sold. If | | | | After helping with these kinds of BPOs the agent |
| an agent accepts a large number of BPO | | | | can become a much needed resource to BPO |
| assignments, it won't take long before he/she | | | | Companies because they need agents to |
| gets overwhelmed with just the thought of | | | | correctly turn in BPO that other agents dropped |
| having to handle the entire process alone. There is | | | | the ball on or BPOs that they need to get back |
| a way to increase the number of BPO orders | | | | immediately. |
| while making sure that the quality of work | | | | - Entering in time consuming BPO data: The VA |
| exceeds the expectations of the BPO companies. | | | | can help enter the BPO data into the system |
| Let us first find out what a BPO is. | | | | used by the BPO companies so the agent can |
| What is a Broker Price Opinion? | | | | spend time doing more important things. All that |
| A BPO is essentially a tool used by banks and | | | | needs to be done is to supply the VA with the |
| lenders to determine the value of a property | | | | comparable sold and actively listed properties in |
| without having to pay for a full blown property | | | | form of a Comparable Market Analysis (CMA), as |
| appraisal. An agent is usually assigned the task of | | | | well as the pictures of the subject property. Once |
| carrying out the BPO which can be an exterior | | | | the VA has completely entered in the data, the |
| BPO - requiring only the pictures of; the street, | | | | real estate agent can then go back and quickly |
| the street name, the address numerals, the front | | | | review the data and enter in the final comments |
| of the property, the side(s), the back and so on; | | | | to establish the value of the property. One of the |
| typically pictures that can be taken without | | | | reasons why using a VA to enter in the data is a |
| entering the property itself OR an interior BPO - | | | | great option is - this allows the agent to keep |
| requiring pictures of the interior, pictures of every | | | | track of what type of information each BPO |
| room, repairs needed, mechanical parts like the | | | | company requires and essentially create a system |
| water heater, HVAC, sump pump and so on. | | | | for the VA to actually pull the data on their own. |
| These pictures are usually accompanied by | | | | - Taking pictures of the property: This point has |
| additional information of three sold and three | | | | two sides to it because it depends on where the |
| actively listed properties that are comparable to | | | | VA is located. If the VA is located in the state as |
| the subject properties. Agents are paid more for | | | | the subject property, then the agent can actually |
| the interior BPOs than the exteriors. Depending on | | | | train the VA on how to take the required pictures |
| the market area, agents can get paid between | | | | for the interior and exterior BPOs so that the VA |
| $30 on the low end to as high as $75 (and | | | | can go out and take the pictures. In situations |
| sometimes even more). | | | | where the VA is not located in the same state, |
| How to increase the number of BPO assignment | | | | the VA can help find people to take the pictures |
| by using a Virtual Assistant (VA) | | | | by posting ads on online classifieds such as |
| - Registering with new BPO companies: The VA | | | | Craigslist, Kijiji and so on. In this economy folks |
| can help get additional BPO assignments by taking | | | | are eager for a paying job, I suggest paying them |
| over the time consuming task of signing up with | | | | $10 per property and also paying for their gas. |
| new BPO companies. The VA gives the required | | | | The VA will then be responsible in coordinating the |
| information and fill out the application forms on | | | | picture taking activities of these folks by letting |
| behalf of the real estate agent. The competition | | | | them know the addresses for each property, the |
| between agents for BPOs is fierce; it can easily | | | | types of pictures required and when they are due |
| become a question of how badly an agent wants | | | | back. |
| it and how quickly can the agent accept it. In | | | | These are the various reasons why it makes |
| order to get a sizeable and predictable number of | | | | sense for Real Estate Agents to hire Virtual |
| BPO orders daily, the agent needs to sign up with | | | | Assistants help with BPOs. It really boils down to |
| a lot of BPO companies. | | | | the systems put in place. If a good system for |
| - Following up with BPO company contacts: The | | | | doing BPOs is already established, a VA can easily |
| VA can help the real estate agent follow up with | | | | take on some of the tasks or all of it so as to |
| key contacts at the BPO companies in order to | | | | free up time for the agent to work on more BPO |
| get assigned BPOs. Most times these contacts will | | | | orders while ensuring the quality of work so that |
| say they are no longer looking for agents or | | | | their relationship with the BPO companies is well |
| might just tell the VA to be patient and wait to | | | | maintained. |
| be assigned a BPO. The solution is really to | | | | |