Broker Price Opinions (BPOs) as a lead source?

[Hunter Wolfe]

Hey BP!

Last night, I learned about BPOs - Broker Price Opinions - and how they can be a creative lead source. I've never heard about these before, so I'm wondering if anybody here uses BPOs as part of their lead generation system and if chasing BPO leads has brought in any deals for you. Always looking for creative new lead sources! :)

[Matthew Olszak]

Originally posted by @Hunter Wolfe:

Hey BP!

Last night, I learned about BPOs - Broker Price Opinions - and how they can be a creative lead source. I've never heard about these before, so I'm wondering if anybody here uses BPOs as part of their lead generation system and if chasing BPO leads has brought in any deals for you. Always looking for creative new lead sources! :)

Yes, this can work - it can be a good source for potential short-sale properties. BUT - the cost is huge in time. BPOs have become absolutely arduous to perform and pay pennies. I stopped doing them last year due to a mix of low pay and the management companies asking me to do unethical things like match whatever $ amount they had in their automated system or use bad comps. Not worth my reputation for $25 on a drive-by BPO for me to put my name on some crap report. Plus the industry is inundated with folks outsourcing their reports to India or automated completion systems, hence the heavy competition for the pittance of the ever-lowering pay.

Also take into account that all BPOs aren't distressed, when portfolios of loans are sold they'll also order a BPO, along with sometimes refinance situations.