BPOs Lead to REO Listings
Guaranteed To Get You Into the BPO REO Business and Get You More BPO’s and Bank REO Listings
By: William Martin

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Friday, 11-Jun-2010 17:38 Email | Share | | Bookmark
How to Stand Out From the Competition on Every BPO

You have something the REO companies want: market knowledge. Every BPO (Broker's Price Opinion) you complete is an opportunity to show them your market knowledge. The REO company knows very little (or nothing) about your local market conditions, let alone the condition of the house. They need your help! Keep this in mind when you complete your BPOs and you will be taking your first step toward making your BPOs stand out.

The REO company wants your market knowledge in the form of a completed BPO. What do you want? I already know you want to list an REO property, and those will come. But first you need an interim step: Your primary goal when completing a BPO is to stand out from all the other agents completing BPOs. I'm not talking about just completing the BPO on time. You need something more.

Here are a few places to start.

Do more than the minimum. Most people don't. When you visit the property, take the time to get a couple of extra pictures. Put extra effort into your description of the property and the neighborhood. Paint an even more accurate picture with a detailed description of the local market. If you are the one Realtor consistently doing these things, you will stand out.

Look for special instructions. There's always special instructions. If there's not special instructions call and ask "if there is anything that I need to be aware of" on that BPO. Maybe it's a deadline - usually in 3-4 days. Maybe it's a specific interior photo they're looking for. Look for special instructions and meticulously follow them to the letter. Most people don't read instructions carefully, let alone follow them. If you can be the agent that follows all BPO instructions to the letter, you will stand out.

Ask a question. If you don't have a question about the BPO, you need to find one. When you ask questions it shows you're interested and available. Questions allow you to make a personal connection with the REO company. Ask if it would help if the BPO is turned in the same day it's accepted. Ask if there is anything in particular they like to see on their BPOs. Ask if they might need a follow up BPO on the same property in the future. When you ask questions you stand out.

Try hard to say "yes". Sooner or later you will be asked for a BPO on a "rush" and it's due in less than 24 hours. Inconvenient for you? Yes. But it's also an incredible opportunity. Needing a "BPO on a rush" means someone's in a bind, and they need you to bail them out. Maybe another Realtor was not able to complete the BPO and now it's been re-assigned to you. You want to be their get-it-done-person when they need something right away. When you become that person, you will stand out when an REO listing comes along.

Cut and paste your BPO comments. Some people disagree with me on this. I try to use cutting and pasting as much as possible on my BPO comments. Comments like: "The exterior paint is worn and appears to be in need of repainting." Or "The roof shingles are a composition and there is some moss beginning to appear." are repeated over and over in BPOs. I keep a list of these phrases and try to cut and paste in my BPO comments. I usually add in a few words or sentences of my own but cutting and pasting allows me to make detailed comments more efficiently on all my BPOs. You will stand out if you can consistently have detailed comments in all your BPOs.

These five strategies will get you started... but they're just a beginning. Promoting yourself on every BPO is one of the most important steps to getting REO listings. If done well, these strategies can lead to more listings than you can handle. Finding a way to stand out from the competition is the goal in all parts of our business, but if you want to break into the REO industry, it's critical. Good luck!

Dave Hale, Windermere Real Estate

Associate Broker and Assistant Manager

Dave lists and sells REO and bank owned property in the Seattle area.

Learn more at: http://www.LearnToListREO.com

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