What is a Broker Price Opinion in the Real Estate Market?

 A Broker Price Opinion may be called many things, BPO, valuation, "mini appraisal" even CMA has been known to title the information in a broker price opinion. What is a Broker Price Opinion? In real estate it is an OPINION of value, based on current real estate market analysis. It is not an appraisal. There are many more technical requirements for an official appraisal; among them is an appraisal license. Broker Price Opinions are performed by agent/brokers in the real estate market. Each state has separate requirements for licensing levels; however, the experience needed is the universal skill, of valuing a property for current market sales price.

Banks use these values, for determining approval on mortgage loans, second mortgage loans, home equity loans, and refinancing. The information that is required for each bank and each loan purpose varies greatly.

There are many training vehicles for completing Broker Price Opinions, highly recommended is RealEstateProGuides.com, a business building site for real estate professionals. They provide learning guides for niche markets in real estate, and include forms to use for inspections and invoice tracking, among with a client data base with contact information. It is important to attain the names and contact information for clients in training to start a broker price opinion business. Some are very reputable, and others are not. Having them recommended is a great source of security for the broker new to the business. Go to www.buildbpobusiness.com for a FREE interior inspection checklist, a valuable tool in completing interior broker price opinions.

Registering with the BPO mills is sometimes easy and sometimes complicated. Brokers are recommended to have their information ready before applying to a site, so that they are ready with the requested information.

Building a broker price opinion business requires time and energy, but not a lot of money or people. It is a very resource friendly business to begin. A licensed agent/broker can have it up and running inside of a month. The key is to know what a broker price opinion is, who needs broker price opinions, and how to complete a broker price opinion.

About the author:

Kim Polinsky is a real estate specialist. She has authored two e-guides on real estate niche markets. Kim works closely with Margot Murphy at www.realestateproguides.com

 Kim Polinsky

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