A Broker Price Opinion may be called many things, BPO,
valuation, "mini appraisal" even CMA has been known to title the
information in a broker price opinion. What is a Broker Price
Opinion? In real estate it is an OPINION of value, based on
current real estate market analysis. It is not an appraisal.
There are many more technical requirements for an official
appraisal; among them is an appraisal license. Broker Price
Opinions are performed by agent/brokers in the real estate
market. Each state has separate requirements for licensing
levels; however, the experience needed is the universal skill,
of valuing a property for current market sales price.
Banks use these values, for determining approval on mortgage
loans, second mortgage loans, home equity loans, and
refinancing. The information that is required for each bank and
each loan purpose varies greatly.
There are many training vehicles for completing Broker Price
Opinions, highly recommended is RealEstateProGuides.com, a
business building site for real estate professionals. They
provide learning guides for niche markets in real estate, and
include forms to use for inspections and invoice tracking, among
with a client database with contact information. It is
important to attain the names and contact information for
clients in training to start a broker price opinion business.
Some are very reputable, and others are not. Having them
recommended is a great source of security for the broker new to
the business. Go to
www.buildbpobusiness.com for a FREE interior
inspection checklist, a valuable tool in completing interior
broker price opinions.
Registering with the BPO mills is sometimes easy and sometimes
complicated. Brokers are recommended to have their information
ready before applying to a site, so that they are ready with the
requested information.
Building a broker price opinion business requires time and
energy, but not a lot of money or people. It is a very resource
friendly business to begin. A licensed agent/broker can have it
up and running inside of a month. The key is to know what a
broker price opinion is, who needs broker price opinions, and
how to complete a broker price opinion.
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