| The initial BPO is where you're going to shine. At the | | | | detail to have a clear idea of the condition of the |
| very least you will prove you're expertise. At times the | | | | home. Additionally, your report should also have a good |
| BPO may seem a bit insignificant; the truth is it's the | | | | idea of how it compares to the rest of the community |
| asset manager's first real glimpse at how you handle | | | | the property is in. Make sure to take pictures of any |
| your business and the detail you place on the | | | | conditions that will affect value positively or negatively, |
| completion of your tasks. You have to impress them | | | | for example, a park across the street or a power |
| with a complete and thorough BPO. The best thing | | | | plant across the street. Those two will affect value |
| that can happen here is that you are off on your | | | | greatly when determining value. Don't miss them, |
| estimate as opposed to the back up bpo's and they | | | | power lines, highways, near by recreation areas etc. |
| contact you for an explanation. If this happens you'll | | | | For your pictures, take small pictures. Most online |
| have the opportunity to show them how well you | | | | platforms where you'll be uploading pictures won't take |
| researched the property and the comparable sales. | | | | large pictures. Taking them small will save you from |
| Like I said, shine. | | | | having to re-size them later. Also, research the |
| We find it easier to have and order to follow when | | | | property before you go. Find out if it's a single family or |
| inspecting the property, along with a note pad for | | | | multiple units. This can help you determine if there is |
| notes. Start with the exterior of the home; take an | | | | any un-permitted work on the property. Again, this will |
| address shot and a picture of all sides of the home. | | | | influence your pricing strategy. |
| Do the same for the garage if it's detached. Make | | | | Be sure to note if the property will have trouble with |
| notes of any damage and take close up pictures of | | | | financing do to the condition. For example, if the |
| the damage. Remember to address it in your report. | | | | property has minor issues that can affect financing, |
| Also include a shot of the water heater, gas meter | | | | when the buyer is using FHA, make sure to note it. |
| and electrical panel. | | | | This will help your asset manager when reviewing |
| The interior of your BPO will include all the rooms, take | | | | offers. FHA is prevalent at this time and the home has |
| several shots of rooms to experiment with which | | | | to be in acceptable condition to qualify. If its not you |
| show it in its best light. Make notes of large living areas | | | | can expect problems. Your initial BPO can help you get |
| and family room, upgrades and obviously damage. | | | | more listings don't over look it. |
| Again, take close up pictures of any interior damage | | | | Finally, be on time. Most will be completed online. Few |
| you find. Include shots of laundry rooms and | | | | require you to send a copy via mail. If they do, plan for |
| conversions in garage if they exist. Don't forget a shot | | | | mailing time. Mail delays are not an excuse, if its not |
| of the furnace. | | | | there on the due date its late, regardless of any |
| The initial BPO should give the asset manager enough | | | | explanations. |