Good Broker Price Opinion Manual (BPO)

By
Real Estate Agent with HomeBased Realty

With the changing market many agents are signing up with companies to do BPO's. I know that I have been doing them and along with the little bit of extra cash I have earned I have also gotten 3 REO listing referrals from the companies I have signed up with.

When I first signed up I really had no clue what I was doing, but the forms were easy enough so I was able to fke my way through them and on occasion have to make a correction.

Recently I signed up for First American Residential Value View and they have a very good BPO manual. This is the only company out of the 20 - 35 companies I signed up with that makes you take a test and read a manual. I wish I had signed up with them from the beginning.

If you are just startin a BPO business I would suggest signing up with First American Residential Value View http://www.farvv.com/.  I believe this can save you a lot of time down the road if you do not have to struggle on how to do a BPO correctly

 

 

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Rainmaker
217,742
Patricia Beck
RE/MAX Properties, Inc., GRI, CDPE - Colorado Springs, CO
Colorado Springs Realty

Thanks for the info, I haven't done a BPO before so this will probably be useful down the road.

Jul 11, 2008 07:57 AM #21
Rainmaker
317,161
AJ Heidmann
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Donna, thanks so much for sharing this information and your thoughts.  We'll let you know how things turn out for us!

Jul 11, 2008 04:21 PM #22
Rainer
83,362
Matthew Zgonc
Aksland Real Estate - Modesto, CA
Realtor, CFS, CVS

The manual is located on the home page, on the top right. It is a good guide to use and very helpful in how to do BPOs correctly.

Jul 12, 2008 08:04 PM #23
Anonymous
Anonymous

DOES ANYONE KNOW HOW TO START GETTING BPO'S FROM FARVV? I HAVE COMPLETED BOTH CERTIFICATION COURSES AND HAVE NOT HEARD ANYTHING FROM THEM VIA E MAIL OR PHONE? I WOULD REALLY LIKE TO GET STARTED AND NOT SURE HOW TO START! THANKS FOR ANY INFO ANYONE MAY HAVE.

Jul 23, 2008 12:59 PM #24
Rainer
4,683
Sandra Patane
Intero Real Estate Services - Los Gatos - Belmont, CA
The Silicon Valley Group

I was just at First American Title and they did a short seminar on REO's and BPO information. Seems they are hurting for good agents to work with.  This was one of the sites they gave out. Good info!

Seems sometimes there is a long delay before you get an assignment from any asset management company. Hang in it will come.

Thanks

Sandra

Jul 25, 2008 03:16 PM #25
Rainmaker
42,119
Melissa Sall
Sulek & Dutton Real Estate - Saint Clairsville, OH
Realtor ~ Belmont County ~ Ohio

It's advice like this that keeps me coming back for more...thank you for sharing. I'm going to check it out right now.

Jul 25, 2008 08:00 PM #26
Rainmaker
171,190
Heather Fitzgerald
REALTY WORLD-Harbert Company, Inc. - Greenwood, IN
REALTOR Greenwood Indiana Real Estate

Thanks for sharing this information, I have been looking for a manual for BPO's for the right way to do them.

Jul 28, 2008 08:29 PM #27
Anonymous
Anonymous

Thanks, this is just what I needed; very informative Thanks, again.

Jul 28, 2008 09:10 PM #28
Anonymous
Anonymous

For agents who are new in doing BPO's for evaluation solutions please check the posts about evalonline or evaluation solutions at  http://www.agentsonline.net/forums/ubbthreads.php

I have attache some of the posts about them.

After reading how you folks got checks in the "batch" and I didn't - sent another email to Erica @ vendorinquiry..I nicely stated I knew agents in my area who had already received their checks (okay - so kind of a white lie- do I feel bad? Not.)and wondered where mine happened to be???
She called! Apologized. Said there was some problem with my "profile" (??)that has been worked out. (??!)She doesn't know how I slipped through the cracks but a check went out yesterday. Call her again if I do not receive it...
You bet I will Eric-  

 How is Erika going to handle everyone in every state......would seem like I don't hear about anyone in that accounting department! Still waiting on my April check but did talk to Erika once, surprise her voicemail box is full! Emailed her and someone will get back to me in 5-7 days great!
Slow pay is one thing. I never count on a PRTK check before 60 days but the back and forth stuff to see when you'll be paid is ridiculous!

They call me at least once a week and send a desperate email 2-3 times a week. Love the ignore button on my phone for that reason (I have their numbers programmed into my phone with the name, so I know what to do with the call) and the delete email option also, actually need to set them up for auto-trash bin.

I will never, ever do another BPO for them and ORT is next on my list if they don't pay me soon!

 I have 3 orders un-paid. They are 6-8 weeks old. After reading here I will not take another order from The Evil. The driving, the gas, the time and then I have to fight to get paid....no thanks.

Reviewing the email. I didn't get a contact name. So this probably is not that much help...


Vendor Inquiry <vendorinquiry@evalonline.net> to me
show details Apr 23 (3 days ago)


Thank you for doing business with Evaluation Solutions. A check will be cut on 4/30/08 for orders completed on
February 17, 2008 - March 21, 2008. Please notify us if you do not receive the check within 7- 10 days from 4/30/08.

Thank you for your patience,
Evaluation Solutions

Aug 03, 2008 10:19 PM #29
Rainmaker
137,440
Aida Pinto
United Associated Brokers - Downey, CA
Real Estate Broker (562) 916-3237

Hi Donna, great post thank you for sharing.  I will check them out.

Can you give us an update on how you are doing!  Have you gotten any REO listings form the companies you've done BPO's for and if so could you share which ones.

Aug 08, 2008 12:59 AM #30
Anonymous
Anonymous

FOR ALL REALTORS STILL DOING BPO FOR EVALUATION SOLUTIONS! PLEASE BE WARY, DON'T DO ANY BPO FOR THIS FLY BY NIGHT COMPANY IN FLORIDA. I HAVE SEEN A LOT OF BLOGS ABOUT THEM NOT PAYING FOR THEIR BPO WHICH THEY ALWAYS WANT A 24 HOUR TURN AROUND AFTER YOU ACCEPTED THE ORDER. THE PROBLEM THEY ALWAYS GIVE YOU A RUSH ORDER, AT A VERY CHEAP PRICE, THEN YOU WAIT 60 DAYS TO GET PAID OR NOT EVEN GET PAID. YOU CAN MAKE A BETTER USE OF YOUR TIME ESPECIALLY NOW THAT GAS IS VERY EXPENSIVE. I ATTACHED HEREWITH A LINK TO http://www.ripoffreport.com/ ABOUT THIS VERY BAD COMPANY.

 http://ripoffreport.com/searchresults.asp?q1=ALL&q4=&q6=&q3=&q2=&q7=&searchtype=0&submit2=Search%21&q5=evaluation+solutions&Search=Search

Aug 10, 2008 11:48 PM #31
Rainmaker
217,742
Patricia Beck
RE/MAX Properties, Inc., GRI, CDPE - Colorado Springs, CO
Colorado Springs Realty

Thanks for the info, I have this bookmarked!

Nov 16, 2008 10:02 AM #33
Rainmaker
128,796
Marty & Laurie Gale
Utah Realty Source - UtahTeam.com - South Jordan, UT
Utah Realtors - RealEstateSource.com -801-205-3500

I suppose if you are sitting around staring at the walls doing BPO'S for a living is the next best thing to working at the corner gas station. 

I too was enticed with the REO business and the general consensus was to apply to dozens of Asset Management companies and then start doing Broker Price Opinions. www.realestatesource.com

May 06, 2010 09:16 AM #34
Anonymous
Mukesh Bhaskar

Why there are no  current comments for the year 2010,

MB( Mukesh Bhaskar)

May 27, 2010 03:53 PM #35
Anonymous
Grace

Hello, thanks for the good info.  May I ask which companies gave you the REO listings?

Jul 07, 2010 05:54 PM #36
Anonymous
Anonymous

Thanks for the advice. I am new to BPO's and would rather save the money on training e-books and learn from a real company. Hope they have some business in my area. :)

Dec 27, 2010 07:11 PM #37
Anonymous
Anonymous

I just filled out the form for farrv.com. Any idea how long it seems to take before you're accepted and start the training? Info would be appreciated :)

Jan 03, 2011 02:37 PM #38
Anonymous
michelle

I found a great site with a list of companies

http://reo-bpo-list.com/

Feb 20, 2012 07:15 PM #39
Rainer
75,845
Greg Gillespie
Crye-Leike Realtors - Tupelo, MS
CRS TN & MS - Broker

I've done a few and did not think they were worth the time and money....  Of course that was in the heat of the bubble. ... I'll check them out now..

Thanks for the post.

Feb 20, 2012 07:24 PM #40
Rainer
7,684
Jenie Maraga├▒as
http://reliablerealestatevirtualassistan.blogspot.com/ - Alameda, CA

Are you looking for a Real Estate Virtual Assistant who will do all your BPO (Broker Price Opinion) stuff?

Hi there,

My name is Jenie and Im a BPO assistant provider. Im here in the Philippines and I can say that im very expert on doing BPOs for those BPO companies. I have like more than 200 lists of BPO companies.

I pulled comparables, previous listings, tax information, do all the data entry, all the comments, and uploading all the photos and submit the BPO order by myself. 


If you are interetsed to know more about my service and how it works just go to this link http://reliablerealestatevirtualassistan.blogspot.com/

or you can email me below or call my direct numbers.


Have a great day. 

Thanks, 
Jenie 
email: va.jenie@gmail.com / jensm.23@gmail.com 
phone: 646-535-1432 / (970) 316-2610 


Jan 18, 2013 06:03 PM #41
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Rainer
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Donna Oehler

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