3 Tips for Great Broker Price Opinions (BPO’s)

Writing a killer BPO can mean the difference between a great real estate career and barely getting by in today’s market. With approximately 40% of the transactions in the US last year coming from the distressed market segment, the BPO is a vital business tool for today’s real estate professional.

The next time you’ve got a BPO to write, grab a coffee and remember these 3 tips.

  1. Use the comments section. Don’t just list the facts here, tell the story of the property. Have a conversation with the asset manager who will be reviewing the BPO. This is your chance to stand out and make your case for the pricing strategy you are suggesting. Every house has a story, the challenge is to figure out what the story is and communicate it within the BPO format.
  2. Choose your comparables carefully and add explanations. If the house is bigger or smaller, newer or older, has different features or whatever, make sure you highlight and explain these factors and how you accounted for them in your overall pricing evaluation.
  3. If the property has been on the market previously or even if it is the first time on the market it is extremely beneficial to add other agents comments to support your recommendations. This is an added validation that can go a long way.
BPO’s are not rocket science. But they are time-consuming and usually not one of our favorite activities. Motivational speakers often tell their followers that if you are going to do something– do it 110%. I think that advice applies to the BPO. Raise the bar each time you start a BPO and I guarantee you’ll be pleasantly surprised with the outcome!

Published by Wendy Forsythe

I've spent my career working with people and organizations to help them build their brands. We live in a connected world where that line between a personal and professional persona has become nonexistent. Your brand is you 24/7. This blog is about me and my life. Some of it will relate to my passion for the real estate industry and some of it will just be about me living life and exploring my interests. The opinions expressed here are my own personal opinions.

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