1) how do I find out a homes Style?
2) What is the best way to describe The subject property? Best way to describe subject neighborhood?
3) And where do you get the stats or statistics of the neighborhood?
4) Should we use absorption rates? Is so can you give me an example on how you would write it out. 5) what are the BPO Companies that pay $50.00 & up for exterior BPO's.
I am in Los Angeles
Thank you everyone!!!
Replies
Most info you can find on your MLS listing
Style is levels
Describe subject property I use the remarks from the listing of look at the pictures same with the neighborhood this is what I use
Planned subdivision, standard size lots, homes similar in design, style, location with brick, block, stucco exteriors, curbs and sidewalks, walking distance to parks, schools, churches, easy access to major through fares and bus lines
I use the 3 sold comps and divide by three and most BPO forms have a adjustment negative and positive
Dont pay any of those companies that promise to get you BPO's you just go to their web sites and register I work with
Singlesourcesolution
Emorgalogic
Goodmandean
Clearcapitol
Exterior dive by pay $40-$50
Interior $60-80
Good luck
Thank you Alex!!
William:
In all honesty.... The questions you have asked, are the basics, to not only BPO's , but to Home Sales....
Are you new to BPO's or New to Real Estate....
I suggest you find an REO Team or BPO guru, and see if they will let you help them with volume....
I personally do not ever remember being this green....
LOL!!
William - the reason I suggested that you join NABPOP or take some classes is that you do not seem to have enough real estate experience in general to learn this on your own. If you are doing CMAs for sellers in your market, this is not all that different.
Thank's
Hmmmm. You are a real estate agent, correct? Most MLS 's have a description guide. Besides, how do you get a real estate license without knowing at least some? Most of the sites have drop boxes with many styles but the review people are in a different country and if call almost everything that isnt a ranch a '2 story' or 2 level, etc. they dont care. Ive done 5,000 BPOs. I know the system. Except for some of the more ANAL companies like Corelogic whose people will come after anything just to show their position is needed, most are sloppy, lazy and or just want to be paid as quickly as possible just as we do.
The main thing to remember is head them off at the pass. If you have to put anything in other than a drop down or multi choice spot, throw an explanation. Many of them wont even know what you are talking about but at least they see an explanation and pass it. Now dont get me wrong---this isnt a plan just to slide bad work through to get the measly fee. You do things well or dont do them at all. Thats how all life should be. Almost all BPO companies have classes or tutorials on site. You just go through them Some require it. You DO NOT NOT NOT need to join any organization, pay and 'guru' for their stupid aging books or e-books on 'How To Make A Million Doing BPOs'. You never sign up with a company that charges you to join. Never. They promise things and dont deliver. Ahh you know absorption rates. Well, dont worry they dont or dont care. Almost all the companies simply give you fill in the blank forms that have drop downs. Some are very good about letting you do line by line adjustments and then their form does the final adjusted price. Hate to say it but Core Logics is one of the best. Others leave so much to be desired that I wonder why the banks give them business. The most important of all is ADJUSTING. Pick a stock set of adjustments. They dont have to be that accurate. Who knows what it would take to ad a half bath if you are comparing a 2 bath to a 2.5? How about single car garage to a double? Or either vs a carport? I use $1500 for a half bath, $2500 for a full bath 3500 to 5000 for a car space in a garage, andkinda wing it on carports or no garage. Remember with them its more about doing it than having it make sense. If your comps are over a half mile tell why in a generic way that makes sense and they wont question it. I like 'Due to slow market activity, guidelijnes had to be expanded to include comps up to 2 miles. Areas chosen are similar enough not to need adjustments'. Etc. What can they say? In Portland, its so depressed with such low activity that I have not done a SINGLE BPO that was fully within appraisal guideline standards. Square footage, or GLA? It may take $1100 a foot to build a whole hose but if you two that are 100 sq ft different then go by a much lesser figure. At that point there are no other amenities such as appliances, etc to jump the price per foot. I us $28 to $50 a foot depending on the neighborhood quality. So--its all how to get through the individual PROBLEMS encountered with each of their sites/forms. SOme take a long time to save, others wont save in certain fields and you hit save over n over til you want to quit. Get some basics in your head for speeds sake, dont leave any potential question unanswered and its all so easy that even the low fee will seem like stealing. Of course, if you have to drive 14 miles one way through traffic so bad it takes an hour--its not worthit. Most companies are under $50 My best one is 30. Ive done 258 for them in 6 months!! They require NO COMPS and no adjustments though. Use Marktomarket, CLear Capital, Corelogic (for frustration but good pay) LRES, RRReview, and whoever else the gang here likes---remember they can be very regional. National companies can take large orders from regional banks. I was flooded for about a year from one taking deals from several large west coast S&Ls that went under. Then---NADA! Dried up. I called and they said now they had thousands of orders from a new client in the midwest. It will sound funny to hear me say it, but do these to help you learn a lot more about local values then your competition then forget the things and sell real estate. One sale will give you more than doing ten a day of these.
Cece is right you are very inexperienced. where is your Broker and where is his/her training for new agents. I hope you have your license ---if so you should have learned some basics in your real estate licensing classes. You need a lot of training before you do BPOS, besides you need to try and sell and list before you jump into the BPO business -- it takes knowledge and experience
LOL Well Patti we all start somewhere, and yes I do have my real estate license. In the business three and half years. My first year did not sell anything my second year sold 6, last year sold 8. This year is a little bumpy only sold two. Has some family issues and just got married. My main focus is listings. But I keep my options open that's why I'm doing some BPOs. A real man does what he can to put food on the table. Everyone has their shortcomings as far as real estate is concerned I'll probably have more experience than most agents and my market. But I'm always open to learning more and more. One of my biggest handicaps in writing good descriptions so what better place than completing the BPOs two help me in this endeavor. Each BPOs I complete I'm getting better and better. Thank you for all your comments.
WoW thank you for taking the time to help. I really appreciate your advice.
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