Looks like a time of change for us all once again! Opportunity is here for all of us Realtors who want to be ahead of the curve and educate ourselves on how to take advantage of the down market in commercial real estate. CREOBA will be holding a class at Five Star on how to complete BPO's for commercial properties. If interested, go to www.CREOBA.com sign up and also look into getting your CCIM designation. I'm diving in, who's with me?Good Luck!
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DO NOT DO BUSINESS with Brokers Price Opinion. They DO NOT PAY. I was contacted by Broker price Opinion in August 2013. They said they had 4 rush commercial BPO's. I explained that our local MLS is not a good source for comps and I would have to pay LoopNet for sold & available comps. We agreed on a price with a 30 day payment. I completed the BPO's on time. 35 days later I called and called and called. Each time I called I was pushed off to a voicemail in the accounting department. My emails went unreturned. Finally I spoke with some one who told me they are paying 60 days after completion (Not what we agreed on). 60 days went by and still no payment. Called & called again, same BS they put you through to accounting where I leave a voicemail which NEVER gets returned. Mailed a past due invoice, called 10 more times, sent 10 more emails ... and received an email that said they pay 90 days after completion. I have still NOT been paid. DO NOT DO BUSINESS with BrokerPriceOpinion.com
I have commercial real estate experience and also do residential. CCIM is a "must" but takes time and pricy.I always try to attend as much commercial meetings in my area which is San Francisco Bay Area. There are multiple location with monthly meetings related to commercial real estate. I am sure it is the same everywhere, Title company should know about it. Some are just meetings where agents are presenting their demand or listed properties, while other have a speaker with a specific topic. These can be very informative. The conclusion is experience and to be familiarized with current GRM and CAP rate applicable locally. I have done many BPO's and BrokerPriceOpinion was the only one to assign commercial valuation from retail properties to 120 rental units property. They are great to work with despite their reputation and policy to be paid, I cannot denied. Their reviewers are knowlegable and show cooperation to get the work done. I am not talking to just submit 3 sold comps and 3 listings, but to get enough explanation and fact to support various values based on GRM, CAP and NOI.I have found out they are always available and willing to cooperate with better information and suggestion. Good source of information is LoopNet but often their listings have a lack of detailed information but some flyers are complete and informative.
Replies
Been doing some small commercial for 10 years now.
Land, small office buildings,
Have had a big call for churches valuations last year. Think it was 10 or so. Declined those.
half way through my CCIM now.
DO NOT DO BUSINESS with Brokers Price Opinion. They DO NOT PAY. I was contacted by Broker price Opinion in August 2013. They said they had 4 rush commercial BPO's. I explained that our local MLS is not a good source for comps and I would have to pay LoopNet for sold & available comps. We agreed on a price with a 30 day payment. I completed the BPO's on time. 35 days later I called and called and called. Each time I called I was pushed off to a voicemail in the accounting department. My emails went unreturned. Finally I spoke with some one who told me they are paying 60 days after completion (Not what we agreed on). 60 days went by and still no payment. Called & called again, same BS they put you through to accounting where I leave a voicemail which NEVER gets returned. Mailed a past due invoice, called 10 more times, sent 10 more emails ... and received an email that said they pay 90 days after completion. I have still NOT been paid. DO NOT DO BUSINESS with BrokerPriceOpinion.com
I will be at Five Star & did not know that CREOBA was having this course, will look into it, thanks for the info!
Have been thinking about getting educated re: commercial bpo's & reo's as it looks like less competition & higher income, what are your thoughts?