First of all, let’s define the term BPO. The definition of a BPO (which stands for broker price opinion) is a report prepared by a real estate licensee that gives their opinion of the current market value of a particular property. The BPO has become an important tool in valuing assets in the current marketplace – they are used for negotiating short sales, pricing foreclosures, loan modifications, and mortgage refinances.
Professional BPO agents can make a lot of money. Many agents are learning to do broker price opinions in their part time in order to make an extra $1,000-$2,000 per month in income.
We’re off to the races on research and development for our new digital product that will be an incredible answer to the commonly asked question ‘’how can I make more money as a real estate agent in today’s market?”
The answer: perform BPOs
We are going to be creating this product publicly – partly to keep us accountable, but also so that feedback can be provided where needed -you can view the initial bpo article here to get an overview of what this product will offer.
I want to share what we have accomplished up to this point:
- Software used for collaboration
- Keyword Research
- BPO Company List Compilation
Let’s get started.
Software Used for Collaboration
We have decided to use www.basecamphq.com for our collaborative efforts. I have great things about it and have been looking for a reason to give it a try. It’s a paid service, but is free if you only have one project that you are collaborating on – we went with the free version.
Keyword Research
We used google’s keyword search tool in order to discover search terms and see the traffic for each. I also sat down for an hour and manually ran a number of google searches to measure returns. I took specific notes on specific results that were returned. The goal is to determine how we can best be discovered in a google search. This includes determining our competition for bpo search terms, discovering other bpo educational products out there, and figuring out the best channels for distribution to get this out to those who need it the most!
BPO Company List Compilation
PPhhhhewww [brow wiping involved]! We have finalized the list of companies that will be included in the eBook. We want the list to be accurate and useful. BPO companies come and go. There are of course a number of big players to work with, but there are many reputable smaller companies that have to be found, given that they don’t advertise in a major way. We plan to give our customers the best information possible with our opinion of each company. We’ll possibly use a star rating system or a grade scale of some type.
This is where we are now. In the next BPO product post, we will be covering:
Channel distribution research
Domain name research
Networking done for promotion
BPO company updates
Leave a comment if you have questions or ideas about how we can improve our digital product. In the meantime, I hope that you’re pushing hard and striving to be better in your personal life and in your business.
{ 3 comments… read them below or add one }
Good stuff, Brooks! Wishing you the best with your upcoming product.
Thanks Shae! It’s my first – it’s a fun process thus far – my partner has got information that she’s bursting at the seams to share!
Good stuff Brooks – good luck with the product!