What is the usual BPO fee?

[yes4me]

My father's friend can give us lots "BPO" (Broker Price Opinion) work.

My father and I haven't agree yet, because we simply didn't state how much we would like to charge. Personally, I am not even sure what BPO is, how much work is involved and what forms to use. Anyhow... if I were to do some BPO, how much should I normally charged? Can this work be used for hours toward an AR license? Please tell me yes.

PS: my father and I work together for years...

 

[Meandering]

You need to have a sales licese to do BPOs. Otherwise asking appraisers if you should do BPOs, or admitting to doing BPOs, is like loading the gun and pointing it at your head and asking some one to goose you. While it's late in the night, do yourself a favor and change BPO to APO and hopefully no one will loose their mind responding to you.

 

[AnonApprsr]

Appraisers shouldn't perform Broker's Price Opinions.

 

[yes4me]

Oh I didn't know. Thanks for letting me know.
Then I guess no BPO for both of us.

 

[AnonApprsr]

Listen, you "can" do them, but they can't be called BPOs as you aren't a Broker. Again, you could fill out the same exact form, performing an appraisal, just cal it a AVO (Appraiser Value Opinion.)

 

[Lisle]

A small piece of your soul.

 

[goumcanes]

A small piece of your soul.

And an even larger liability when that single piece of paper they call a BPO comes back at you and is then clearly referred to as an Appraisal.

 

[rbrienza]

If you are an appraiser then pretty much anything that as any thing to do with a value is an appraisal..... so, a BPO is an appraisal.....

- ray

 

[J Grant]

I did 3 BPO's a year ago for a realtor who wanted listing opinion...the are a lot harder than they seem if u do it right (which most realtors don't). Most times they are done online on the client's form, a real PITA. See if you can do them on your own software, most software has a BPO or APO form.

You do not have to be a broker to do one (sales agents do them, rarely brokers), and an appraiser can do one, but of course would then be liable for the value That is okay if you feel comfortable with the value and keep a work file. The form is like a mini appraisal, actually. The fee...$45 to $75. Some realtors do them for as little as $25 (keep in mind, realtors do them in exchange for getting some of the REO listings. ) If an appraiser does one it might be labeled an APO since you are not doing it under auspices of a licensed RE broker.

If you are going to do them long term, you might want to get a realtor's license and do them as a sales agent ( but you'd have to get the broker's permission and they'd want a cut).

Many BPO's want an ext photo. Imo does not pay to do one esp with photos for less than $75. $100 would be better, see what your client will pay. I hated doing them and those three were the last three I ever did.

 

[jnordquist]

yes4me,
I know youre just looking for work which is a good thing, but BPO's are not the route to go. 3 years ago I did one for an REO listing (I'm a non-practicing agent, I may sell 1 house a year to cover some of my costs) , if you do them correctly they will take just as long as an appraisal report. In addition to the time/work involved for a lousy fee, BPO's are a cheap way for lenders/asset managers to get a valuation for a property without ordering an appraisal.

Jon N