Three easy steps to get started completing BPOs.
In today’s world, many real estate agents are looking for new sources of income outside of commissions to add diversification to their real estate business. Broker Price Opinions can help you accomplish that goal. Broker Price Opinions, also known commonly as BPOs, are a valuation report used by banks, investors and other corporate property owners. They are a hybrid between a traditional CMA and an appraisal and in most states can be completed by a real estate agent. Learn more about BPOs by reading this additional article.
How to get BPO orders
The process of getting started in making money for BPO reports is fairly simple. You’ll need to spend some time getting set up with the companies that order reports. Follow these simple steps.
- Gather the documents that are commonly requested when signing up with BPO companies
- Register online with the companies that order reports
- Double check to make sure your profile is complete and you are eligible to receive orders
Gather the documents you need
When you register to complete BPO reports with companies who request them, you’ll commonly be asked for certain documents. You will need to upload copies of the documents (generally in a PDF format). Here is a list of the documents you’ll usually be asked to upload.
- A copy of your real estate license (must be active).
- A copy of your E&O insurance (often you’ll need to get this from your broker).
- A W-9 form (this is the IRS document that tells the company who to pay). A copy can be downloaded here.
- Your biography. This is your experience and varies by company.
- Coverage area – a list of zip codes where you will provide reports.
Gathering these documents in advance can make the registration process much easier. Keep a digital copy on file and don’t forget to the update the sites when key documents like your license and insurance renew. There are a ton of different companies that request reports and you are sure to find additional companies in the future you with which you will want to work.
Register online with broker price opinion companies
Registering with BPO companies is generally as easy as filling out an online form. There are dozens of companies who request these reports and compensate agents for completing them. Gather your documents and start registering with BPO companies. The REO Agent Society has a complete database of companies with registration links for members. You can get our PDF cheat sheet emailed to you now.
For even more sources of BPO companies as well as referral and REO listing companies, consider joining the REO Agent Society.