What Have I Learned From Doing BPO's? Broker Price What?

As I sit here completing a BPO that is due for tomorrow, I sit and wonder what have I learned from my experience completing BPO's(Broker Price Opinions)? Well, a lot! I have learned that most banks really under value the worth of the product Realtors are completing and the type of work they are doing. This is reflected in the fee most realtors get for doing BPO's.

I have not personally come across those aggressive asset managers who demand you to change your comps, actually my asset managers are quite nice and work hard at what they do. The fee is reflective to what most companies think what BPO's are worth. If you do not know how much you get paid for a BPO I am not going to tell you since it is not enough for a good diner in a New York City restaurant. However, the knowledge you receive of the local area, the REO's and the market in general are priceless.

Since being contracted by various asset managers to complete BPO's I find that I have a better understanding of the Real Market not just the Real Estate Market.

If you want to gain very valuable experience in valuation, real estate and the market you owe it to yourself to do as many BPO's as you can, the pay as I said is not great but you will appreciate the experience. As professionals any knowledge we gain becomes an asset not just for you but for your clients.

Oh by the way I will tell you what the fee is for a normal drive by BPO; this BPO I am completing tonight has a pay rate of $5,000 penies :)

Good luck and get out there and do some BPO's and remember a BPO is not exactly the same as your grandads' CMA...

If you have any questions or comments feel free to drop me a line.

KB Collins