Broker Price Opinion Software Comes In Different Shapes and Sizes
Deteriorating mansion from the 1920’s of citrus tycoon William John Howe located in central florida. Photo by Bill Dickinson
For those of you looking to start working on BPOs or already completing many BPOs its important to know what you are buying before you purchase the Broker Price Opinion Software you are looking for. Lets consider the fact that BPOs come from a number of different types of parties. Some are assigned by smaller regional banks and some are assigned by larger banks or clients like Fannie Mae and Freddie Mac. Some BPOs are asked for by individual clients looking to sell their homes and others by Estate liquidators or Attorneys in divorce proceedings. Depending on the particular client though they may have different requirements they are looking for in their BPO. Once you start doing BPOs in a larger scale or even on your first one, you can save hours by investing in an appropriate broker price opinion software. Lets look at some of the different types.
Broker Price Opinion Software for Filling out Forms
The most basic and widely used broker price opinion software are form fillers. Full disclosure, we offer our own BPO software that offers over 15 different BPO forms that allow you to easily fill out the BPO forms online and then generate the pdf or email the pdf to your client. The beauty of this system is it provides the most widely accepted forms including residential bpos as well as a commercial bpo form. If you are just starting out or have received an order from a client and they haven’t provided a form, this is the perfect software for you. Looking for some assistance in how to complete a bpo, you may want to consider this e-book as a great reference.
Broker Price Opinion Software for Accepting Assignments
When completing BPOs on a regular basis for bulk bpo assignment companies, they will often email you to notify that there is a BPO assignment available in your territory. These companies generally work on a first come first serve basis and the first agent to login to the platform can accept the assignment. In recent years with increased competition between agents for the work, some software companies have popped up that offer broker price opinion software for accepting assignments. These platforms automatically login to your account and claim the order prior to the next agent.
Broker Price Opinion Software for Autofilling from MLS
Part of the BPO that can be very time consuming is pulling comparables from the MLS. A BPO is essentially a comparison of comparable properties that are listed and sold recently in the market where your subject property is located. This requires using the Multiple Listing Service to search for comparable properties and then once you have them, you gather all the information to enter into your BPO report. There are quite a few fields about each of the comparable properties that you are collecting and entering and this can take time. There are some broker price opinion software options for autofilling your BPO data from your MLS into your BPO Form.
Broker Price Opinion Software for Third Parties
Lastly some companies require you submit them a specific file type or enter your BPO into their online platform. There are a number of different BPO software platforms that banks or bpo companies use and there are a number of software options that will fill your information into their platform. Some clients will often ask for an xml file or zip folder. An xml file is a specific file type that can be uploaded to clients software platforms and allows them to easily organize the data and retrieve it in reports on their side. AMN Forms offers a software solution that generates the xml file format as well as submits into Fannie Maes version of equator system.
In summary there are a number of things to consider when looking for a broker price opinion software but the most important is to make sure it works for you. As a parting gift, here is a link to a list of over 250 BPO companies for free. You just need to sign up for the list and you will get instant access to the free list. Best of luck. Still unsure what is a BPO? Read More.
