| You have something the REO companies want: | | | | Questions allow you to make a personal connection |
| market knowledge. Every BPO (Broker's Price | | | | with the REO company. Ask if it would help if the |
| Opinion) you complete is an opportunity to show them | | | | BPO is turned in the same day it's accepted. Ask if |
| your market knowledge. The REO company knows | | | | there is anything in particular they like to see on their |
| very little (or nothing) about your local market | | | | BPOs. Ask if they might need a follow up BPO on |
| conditions, let alone the condition of the house. They | | | | the same property in the future. When you ask |
| need your help! Keep this in mind when you | | | | questions you stand out. |
| complete your BPOs and you will be taking your first | | | | |
| step toward making your BPOs stand out. | | | | Try hard to say “yes”. Sooner or later you will |
| | | | | be asked for a BPO on a “rush” and it’s due |
| Let’s be clear, the REO company wants your | | | | in less than 24 hours. Inconvenient for you? Yes. |
| market knowledge in the form of a completed BPO. | | | | But it’s also an incredible opportunity. Needing a |
| At $50, your BPO is a bargain compared to a $400 | | | | “BPO on a rush” means someone’s in a bind, |
| appraisal for a market analysis. But what do you | | | | and they need you to bail them out. Maybe another |
| want? I already know you want to list REO | | | | Realtor was not able to complete the BPO and now |
| properties, and those will come. What you need is | | | | it’s been re-assigned to you. You want to be their |
| an interim step: Your primary goal when completing a | | | | get-it-done-person when they need something right |
| BPO is to stand out from all the other agents | | | | away. When you become that person, you will stand |
| completing BPOs. I’m not talking about just | | | | out when an REO listing comes along. |
| completing the BPO on time. You need something | | | | |
| more. | | | | Cut and paste your BPO comments. Some people |
| Here are a few places to start. | | | | disagree with me on this. I try to use cutting and |
| | | | | pasting as much as possible on my BPO comments. |
| Do more than the minimum. Most people don’t. | | | | Comments like: “The exterior paint is worn and |
| When you visit the property, take the time to get a | | | | appears to be in need of repainting.” Or “The |
| couple of extra pictures. Put extra effort into your | | | | roof shingles are a composition and there is some |
| description of the property and the neighborhood. | | | | moss beginning to appear.” are repeated over |
| Paint an even more accurate picture with a detailed | | | | and over in BPOs. I keep a list of these phrases and |
| description of the local market. If you are the one | | | | try to cut and paste in my BPO comments. I usually |
| Realtor consistently doing these things, you will stand | | | | add in a few words or sentences of my own but |
| out. | | | | cutting and pasting allows me to make detailed |
| | | | | comments more efficiently on all my BPOs. You will |
| Look for special instructions. There's always special | | | | stand out if you can consistently have detailed |
| instructions. If there's not special instructions call and | | | | comments in all your BPOs. |
| ask "if there is anything that I need to be aware of" on | | | | |
| that BPO. Maybe it's a deadline – usually in 3-4 | | | | These five strategies will get you started… but |
| days. Maybe it's a specific interior photo they're | | | | they’re just a beginning. Promoting yourself on |
| looking for. Look for special instructions and | | | | every BPO is one of the most important steps to |
| meticulously follow them to the letter. Most people | | | | getting REO listings. If done well, these strategies can |
| don't read instructions carefully, let alone follow them. | | | | lead to more listings than you can handle. Finding a |
| If you can be the agent that follows all BPO | | | | way to stand out from the competition is the goal in all |
| instructions to the letter, you will stand out. | | | | parts of our business, but if you want to break into the |
| Ask a question. If you don't have a question about | | | | REO industry, it’s critical. Good luck! |
| the BPO, you need to find one. When you ask | | | | |
| questions it shows you're interested and available. | | | | Good luck! |