Broker Price Opinions (BPO), how do you learn to do them?

In the webinar I did last week for AAR, Make it Rain, I was asked how I learned BPO’s. I mentioned joining NABPOP, the National Association of BPO Professionals (www.nabpop.org). nabpop-member-1-inch-115-pixels Unfortunately, I couldn’t remember the full abbreviation or website so here it is now with my apologies.

I learned industry standards, how to do BPO’s, and the accepted industry guidelines. In addition, they have a list of companies looking for BPO agents. I received some of my first BPO jobs from that list.

Even while I was actively doing BPO’s I was able to keep on top of changing guidelines through this organization.
If you are thinking of going into a part of real estate that demands the ability to do good property valuations, or if you just want to get better at valuing property, I recommend this organization.

All kinds of real estate and real estate clients demand property valuations more complex than a simple CMA, but not as complex as an appraisal. Probates, short sales, REOs, buy & hold investors, and fix-n-flip investors to name a few. Some lenders prefer to have both a BPO and an appraisal.

BPO’s can be an interesting way to gain knowledge of your market, make some money and start broadening your real estate niche.