'Broker Price Opinion Basics 101' is the only course in existence, anywhere that is offered as a live accredited classroom based course that can be taken by any Washington state real estate professional. A non-accredited version of the course is also available nationally that can be taken anytime and anywhere.
Please note: the live course was approved on June 1, 2010 (Course Number 7051) through the Real Estate Board within the Department of Licensing in Washington state for 9 clock hours / continued education. The course is taught in a live classroom based setting once a month for two half days at various locations around Washington state.
Both the accredited live course and the non-accredited distance learning version of 'Broker Price Opinion Basics 101' course focus on information that is contained within the top-selling book titled, "All You Ever Wanted to Know About Broker Price Opinions," that was written by our lead instructor and the founder of BPO University, Nicole Ocean. This ‘how-to manual’ offers 130+ pages that also includes an up to date list of company names and direct links to sign up with 120 National BPO, REO and Asset Management companies.
Topics Covered Within The Course Include:
Module One (Approximately 15 minutes)
Module Two (Approximately 15 minutes)
- Current State of BPO Market
- Why is BPO Work Available?
- Reasons for the 'Mortgage Meltdown.'
Module Three (Approximately 30 minutes)
- Common Myths in the BPO Business
- What States Is It Illegal to do BPO's?
- Regulations Explained
- I Need Special Designation or Certification to do BPO's
- There's Too Much Competition Now
- There Isn't Enough Work for Everyone
- One BPO/REO Company Has All of the Work
- Companies Aren't Accepting New BPO Agents?
- Top 10 Companies Who Are Still Accepting New BPO Agents
- I Won't Be Able to Get Any REO Listings
- BPO's Won't Be Around Much Longer Anyway
Module Four (Approximately 30 minutes)
- Intro to 'Broker Price Opinion Basics 101'
- Who is Allowed To Do BPO Work?
- How Much Can You Expect to Make?
- Types of BPO Orders
- Typical Fees for BPO Orders
- Trend in Price Reduction of Fees
- When Will I Get Paid?
- What Do You Need to Sign Up?
- What Type of Equipment Do You Need?
Module Five (Approximately 30 minutes)
- Sample BPO Forms
- Main Types of BPO Forms
- Sample Freddie Mac 1092 BPO Form
- Sample Fannie Mae BPO Form
- Sample Photos of the Subject Property
- Sample Comp Photos
Small Group Activity: "A Day in the Life of a BPO Agent."
Module Six (Approximately 15 minutes)
- Basic Concepts to Know Before Filling Out a BPO Form
- Life Cycle of a BPO Report
- Property Types
- Property Styles
Module Seven (Approximately 1 hour)
- Broker Price Opinion Standards and Guidelines
- Making History by Creating Standards and Guidelines
- - History Behind the BPOSG
- - Quick Breakdown of the Standards and Guidelines
- - Broker Price Opinion Standards
- - What Are the BPO Standards
- * Limitations
* Ethics and Conduct
Module Eight (Approximately 1 hour and 15 minutes
- Broker Price Opinion Guidelines
- What Are the BPO Guidelines?
- - Guidelines to Consider When Doing BPO Orders
- - What If You Have To Go Out Further to Find Good Comps?
- - When Picking Comps….Compare "Apples to Apples.‟
- - Variance Range for Square Footage
- - Variance Range for Lot Size
- - Variance Range for Age
- - Understanding Room Count
- - Not Considered Rooms…
- - Understanding Bedroom Count
- - Bed/Bath Count Expectations
- - Understanding Bathroom Count
- - Physical Characteristics
- - Comments, Comments, Comments
- - Comparable Selections Based on Market Conditions
- - Normal Market
- Stable Market
- Rapid Market
- Lack of Comparables
- - Comparable Application
- - Basement and Below Grade Area
- - BPO Applicability
- - Rating the Property/Neighborhood
- - Understanding Photo Requirements
* Exterior Photos
* Interior Photos
* Extra Photos
* Don't Take Photos of….
* First American's Guidelines
Individual Exercise (Quick Exercise in Converting)
Module Nine (Approximately 2 hours and 30 minutes)
- How Do You Complete and Fill Out a BPO?
- Overall Plan of Action
- Let's Walk Through a BPO Order
- * Researching the Subject Property
* County Tax Records/Assessor's Website
* Researching the Subject Property in the MLS
* Use More Sources to Verify Information
* Assessor's Information Sheet
* Find Your Comps Within the MLS
* Filling in a BPO Form
* “Cookie Cutter Phrases”
* How To Do Adjustments Correctly
* Finding the Current Market Value
Small Group Activity: "Do Your Own BPO Now"
Module Ten (Approximately 1 hour)
- Using Automation Software to Streamline Your BPO Business
- Basics Concepts About BPO Automation Software
- Individual Activity: “Let's Do A Basic Info Macro.”
- Quick Overview
- Beating Out Competition by Using Auto-Accept Software
- Basic Concepts About Auto-Accept Software
- There Are No Guarantees…
Module Eleven (Approximately 30 minutes)
- Creating and Setting Up an Order Tracking System
- Backing Up Your BPO Forms and Pictures
- Staying Organized
- How to Create 'Log-in' Macros
- Individual Activity: “Let's Do Some 'Log-in' Macros.”
Module Twelve (Approximately 30 minutes)
- Vendor Rating System
- Actual Agent QC Rating Methodology
Wrap Up & Extra Helpful Resources
- List of 120 BPO, REO and Asset Management Companies
- Where to Go For REO Education and Training
- Question and Answer
Additional Course Info:
Instructors: Nicole Ocean, Lead instructor for the BPO University. Steve Lorimer, Senior Instructor for the BPO University.
Class Sessions: Held the first Monday and Tuesday of each month.
Real estate professionals all across the nation can take the non-accredited distance learning version of the 'Broker Price Opinion Basics 101' course right now in the comfort of their own home. The non-accredited version of the course is considered a home-study course where you take it at your own pace. The contents of the course is almost exactly identical to the accredited version (that is taught as a live class.)
BPO Manual Info:
2nd Edition / ISBN #: 1-4392-5776-0
Library of Congress Control Number (LCCN): 2009909394