| You have something the REO companies want: | | | | you to make a personal connection with the REO |
| market knowledge. Every BPO (Broker's Price Opinion) | | | | company. Ask if it would help if the BPO is turned in |
| you complete is an opportunity to show them your | | | | the same day it's accepted. Ask if there is anything in |
| market knowledge. The REO company knows very | | | | particular they like to see on their BPOs. Ask if they |
| little (or nothing) about your local market conditions, let | | | | might need a follow up BPO on the same property in |
| alone the condition of the house. They need your help! | | | | the future. When you ask questions you stand out. |
| Keep this in mind when you complete your BPOs and | | | | Try hard to say "yes". Sooner or later you will be |
| you will be taking your first step toward making your | | | | asked for a BPO on a "rush" and it's due in less than |
| BPOs stand out. | | | | 24 hours. Inconvenient for you? Yes. But it's also an |
| The REO company wants your market knowledge in | | | | incredible opportunity. Needing a "BPO on a rush" |
| the form of a completed BPO. What do you want? I | | | | means someone's in a bind, and they need you to bail |
| already know you want to list an REO property, and | | | | them out. Maybe another Realtor was not able to |
| those will come. But first you need an interim step: | | | | complete the BPO and now it's been re-assigned to |
| Your primary goal when completing a BPO is to stand | | | | you. You want to be their get-it-done-person when |
| out from all the other agents completing BPOs. I'm not | | | | they need something right away. When you become |
| talking about just completing the BPO on time. You | | | | that person, you will stand out when an REO listing |
| need something more. | | | | comes along. |
| Here are a few places to start. | | | | Cut and paste your BPO comments. Some people |
| Do more than the minimum. Most people don't. When | | | | disagree with me on this. I try to use cutting and |
| you visit the property, take the time to get a couple of | | | | pasting as much as possible on my BPO comments. |
| extra pictures. Put extra effort into your description of | | | | Comments like: "The exterior paint is worn and |
| the property and the neighborhood. Paint an even | | | | appears to be in need of repainting." Or "The roof |
| more accurate picture with a detailed description of | | | | shingles are a composition and there is some moss |
| the local market. If you are the one Realtor | | | | beginning to appear." are repeated over and over in |
| consistently doing these things, you will stand out. | | | | BPOs. I keep a list of these phrases and try to cut and |
| Look for special instructions. There's always special | | | | paste in my BPO comments. I usually add in a few |
| instructions. If there's not special instructions call and | | | | words or sentences of my own but cutting and |
| ask "if there is anything that I need to be aware of" on | | | | pasting allows me to make detailed comments more |
| that BPO. Maybe it's a deadline - usually in 3-4 days. | | | | efficiently on all my BPOs. You will stand out if you can |
| Maybe it's a specific interior photo they're looking for. | | | | consistently have detailed comments in all your BPOs. |
| Look for special instructions and meticulously follow | | | | These five strategies will get you started... but they're |
| them to the letter. Most people don't read instructions | | | | just a beginning. Promoting yourself on every BPO is |
| carefully, let alone follow them. If you can be the agent | | | | one of the most important steps to getting REO |
| that follows all BPO instructions to the letter, you will | | | | listings. If done well, these strategies can lead to more |
| stand out. | | | | listings than you can handle. Finding a way to stand out |
| Ask a question. If you don't have a question about the | | | | from the competition is the goal in all parts of our |
| BPO, you need to find one. When you ask questions it | | | | business, but if you want to break into the REO |
| shows you're interested and available. Questions allow | | | | industry, it's critical. Good luck! |