When I first started doing BPOs completing the forms would take me hours to turn around. I could not understand how any real estate agent would want to do BPOs, because they are so time consuming. I needed to figure out a way to fill out the BPO forms fast. Through a lot of trial and error, working with a BPO mentor and developing autofill software I am significantly faster.
Why use automation to fill out your real estate BPO forms?
You will be able to earn more money, because you can turn the BPOs around FASTER, EASIER and BETTER with automation.
Faster – using the BPO autofill form is a lot faster than filling out all of those data fields manually. The BPO forms are tedious to fill out by hand because of the large volume of data.
Easier – using automation helps to streamline your workload and processes. When I was doing BPOs without automation I would get very frustrated, because not only is are the forms a lot of data entry but filling out the forms requires a lot of going back and forth to grab data and copy paste.
For example, even with automation I would have to stop and figure out the average rent or the average days on market or the low/high range of the comps. Using BPO Plus most of the data is autofilled for you. The sections with calculations and even the addendum are automatically filled. This saves you a lot of time.
Better – using automation is better than using a real estate virtual assistant for your data entry. Not only will you save money, but the time it takes for the VA to turn around your order you could have had the form done using BPO Plus.
Here is an example of how automation works with the Asset Valuation and Marketing BPO form. This broker price opinion form took about 20-25 minutes to complete. If you were doing this form by hand it could easily take an hour or more to fill in.
Of course, as you become an expert with BPOs and with the automation software you can complete the form faster. However, depending on the how complicated the comps are to pull it could take longer to complete.
Why do real estate BPOs?
BPOs are a great way for real estate agents to earn extra income. Especially during slow times of the year. There are many agents that make a full-time income off of only doing BPOs.
Also, BPOs will help you to learn your local real estate market. You will get really good at being able to quickly value properties. I have gotten so good at doing BPOs that I can drive through a neighborhood and quickly have a idea of the price range of the homes in the neighborhood.
Completing BPOs are easy when you use automation software so being a BPO agent is something that you should consider especially if you are a new real estate agent. New real estate agents can use BPOs to earn income while waiting on the first commission or even to help pay for marketing expenses and fees. As a new agent you will have a lot of unexpected expenses. The BPO income can help to offset and pay for the expenses.
How Much Do BPO Companies Pay?
BPO companies pay anywhere from $35-$75 per BPO. The key to earning an income doing BPOs is to be really fast and efficient. If completing a BPO takes you a couple of hours then you will earn less than minimum wage making it not worth your time. If you are fast then it will be worth your time.
You will more than likely need pricing training classes on the basics of pulling data, pulling comps and doing adjustments. A thorough knowledge of your MLS system is also important. If you struggle with how to find and filter your comps then doing the BPO will take you a long time to complete. Take advantage of the free training provided by your MLS.
In order to turn the BPO around fast you will need automation. There is a lot of data to input into those BPO forms. While your automation is running you can step away and grab a cup of coffee, answer emails or return phone calls.
Plus, with automation you will increase your accuracy rate. Broker Price Opinion companies track your accuracy rate and that is how you get more BPO jobs. BPO companies grade agents on several factors including accuracy, response time, tardiness, and rework.
Try the Real Estate BPO Autofill Software
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If you are a real estate agent that does BPOs then give BPO automation software a try. BPO Plus is more than just software, we are a collaborative community of REALTORs that helps each other. Please join our Facebook Group community if you would like to be a beta tester.