Associate Broker in MD
& Licensed Realtor in VA
BPO training is very important for real estate professionals who are serious about jump starting their BPO REO business. There are many types of BPO training available for real estate professionals.
BPO or broker price opinion is an opinion of value of real estate that is determined
by a real estate professional typically for banks, lenders, investors or anyone who
needs to know the current value of real estate. The BPO or broker price opinion
process involves the BPO agent visiting and taking photos of the real estate, then
completing an online report including neighborhood information, information on
the subject property, 3 comparable properties that are for sale and 3 comparable
properties that have sold within the past 3-6 months.
The Advantage of BPO Training
Many BPO professionals guard their knowledge and secrets so that not just anyone can begin completing BPO orders. Quality BPO training will teach you how to do all of the tasks mentioned above and also include the insider tips, tricks and secrets to completing BPO orders faster.
Real estate professionals who build a BPO REO business can earn anywhere from $500 – $3,000 per week just from their BPO business alone. It is recommended that if a real estate professional wants to build a BPO REO business that they invest in BPO training first because without good BPO training a real estate professional could invest a lot of time and money into building a BPO business and receive very little, if any returns.
Many real estate professionals involved with the listing of REO property are looking for professional development and REO training. The right education and training can help you acquire more REO listings and achieve greater success, so this is a great investment in yourself.
REO, which stands for Real Estate Owned, refers to property that has already been to the foreclosure auction and now belongs to the bank or lender. Shortly after the auction the bank or lender will assign the property to a servicing company. In some cases the banks and lenders have departments in-house, but most of the time they outsource it.
The BPO REO industry is a very lucrative industry that will be very profitable for the next 3-5 years because of all the foreclosures that are coming. There are many ways for real estate professionals to profit from this business, if you are a real estate agent or broker you can profit from completing BPO’s (broker price opinion) and listing the REO properties. When you list REO properties, not only do you get the commissions from the listings, but all the buyer leads that come from those listings as well. Real estate investors can make profits from rehabbing or wholesaling these listings.
Picking The Right REO Training
There are many REO training courses out there. If you are interested in REO training, you should do your research because most of the time established REO agents will not share their information and while some of the larger companies provide certification, they often don’t actually help you get the REO listings.
REO Training vs. REO Certification
Don’t confuse REO training with REO certification. There are a lot of REO training courses that will help you get started, which I recommend you pursue before attempting to get certification. Certifications all cost money and some even require experience, so you will want to making money and gaining experience first before going through the certification process. Start with the training first to start your BPO REO business, then after you get some experience, you can invest in certifications.
If you are interested in becoming an REO agent you should focus on building a BPO business first because before you can start getting listings. The servicing companies prefer you have experience. If you build the BPO business first, not only are you gaining the experience needed, but you are earning a great income as well. Getting into the REO business does take some work – that’s why I recommend that you build a BPO business first, once those relationships are built, they can be leveraged to get the REO Listings. Investing in REO training is a great idea if you are interested in jump starting your career in the BPO REO business.
How To Get REO Listings
If you’re a real estate professional looking to get into the REO industry, it’s important to learn how to get REO listings. This article will teach you the fundamentals of how to get started as an REO professional and list REO properties from banks.
REO stands for “Real Estate Owned,” which is a term that is given to real estate that has already been foreclosed on. The bank has regained possession of the property and is looking to dispose of the asset or sell the property. After the bank takes possession of the property back after the foreclosure sale they will select a real estate agent or broker to oversee preparing the property for sale and the selling process of the property. A real estate professional who knows how to get REO listings can then use their knowledge of this process to be the one who earns the listing from the bank.
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Complete solution to REO management, marketing and disposition of single, multi-family residences, land, and commercial properties. I am a multilingual full time agent with Nitro Realty who has been listing and selling real estate in Maryland and Virginia for over 10 years. I am fluent in English, Spanish, Portuguese, and Farsi. I am licensed Associate Broker in the State of Maryland and a licensed Realtor in Virginia. I have closed millions in sales during the past 4 years and achieved a "Top Producer Award" every year.