There is a secret for real estate agents to make a steady income- that’s right, a steady stream of income to take away the worry of when the next commission check might be there. While all of the news is constantly telling us how terrible the market is, there is a way for you to build your career, when many other agents are deciding that it is time to get out.
We all know that foreclosures and short sales have been steadily increasing in every market for the past few years. Some estate agents mailing list housing forecasts predict that there will be over 10 million foreclosures through 2012. This means that there are many new avenues of business that most agents have never thought of. It is possible to turn this negative news into something positive in the end.
Because of so many houses that are coming on the foreclosure market, there are many industries thriving to handle the maintenance and monitoring of these properties. This is where Broker Price Opinions, or BPOs, come in to play. There are many servicing companies that hire agents in markets all over the country to tell them the true market value of a property. This is where you can find an immediate source of business.
If you are a licensed agent, with at least 2 years of experience, you are eligible to work with most of these providers. It is important to find reputable companies to work with in order to ensure that you will be paid for your work. The reputable companies will pay as much as $75-$125 for interior inspection reports on properties.
Not only will you be working in the real estate field, you will have orders and checks coming in the mail as soon as you learn what these companies need. They do not evaluate properties quite the same way as agents do when they are viewing listings, they each have their own specific criteria. Not only will you be making money through these reports, this is a gateway to getting the much more lucrative REO listings that are not going away any time soon.
Many lenders use BPO agents as a testing ground for finding people who are reliable and knowledgeable in their markets. The listings will most likely not be immediate, but with time, and quality work this is the best resource for finding the asset managers who are in need of your services.