Broker Price Opinions?

While visiting a friend's family with her for a week I made a fascinating discovery. It seems that her dad, who is a real estate broker, was hit pretty hard during the sub prime debacle. Yet they still had a very high standard of living and he still had plenty of money to burn. How the heck did he manage this? Come to find out he was working on the side doing, what he called, BPO's. This means Broker Price Opinions. So we hung out with him for a few hours to see what it was all about.

From those few hours I learned that companies hire people to do these BPO's because they are not able to do it themselves without being penalized by the IRS. When certain companies have a need to know specific information about certain properties they email the real estate broker that they have on file for the area. The real estate broker then goes out and either examines the site on foot or does what my friend's dad calls, "a drive by." The requirements are to take photographs of the property using as many angles as possible. The company wants details of how many rooms, windows, condition, etc. pertaining to the site. After gathering the details the real estate broker would then take all information and create a profile for the property. He would also need to look at house prices in the vicinity of the property in order to accurately place a value on it. All I know is that there is a lot of money to be made here, usually consisting of about $50 or more per BPO.

Sounds pretty easy right? Not true. There are also downfalls with this particular endeavor. He had told me stories of how drive bys were very dangerous. People see you taking pictures of their house and will yell and scream at you. Some even run out of the house/property with weapons. One agent/broker was even killed by someone hiding on the property, who stabbed him to death. Caution must always be the main priority if you decide to do this for a living.

So if you can deal with the drawbacks and have some decent time on your hands, not to mention a real estate broker's license, then BPO's are the way to go.

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