When you are hired for a broker price opinion, the company hiring you is usually not in the immediate vicinity. In fact, they could be calling from another state.

A licensed agent is usually chosen, as they can maneuver through the multiple listing system online. The agent will need to visit the property to gather information about it.

Lending institutions and appraisers are the main types of companies that would require this type of information. They will hire real estate agents that are local to the property, and depend on them to collect the appropriate information about it.

The agent is given a set of instructions, along with forms to fill out about the property inspection. There is a lot of information needed, and a lot of time will need to be spent on this project. When the agent is done filling in all the data required, the form is sent back to the company that hired him, either via email, regular mail, or fax.

Pictures of the property are also required. The company hiring the agent for this service will want a shot of the front of the building, as well as the side or back of it. They would also appreciate pictures of the street and surrounding buildings in the area. Sometimes the agent is required to take interior pictures, as well.

The forms that need to be filled out are pretty detailed. Most of the information will be gathered from the local multiple listing service. Info needed could include the square footage of the building and lot, the composition of the building and roof, and the year in which the building was built. Also required may be several comparable properties that have sold in the area over the last several months. The company would also like to know how long the property has been for sale, if this is applicable.

There is a fee that the real estate agent charges for this broker price opinion. The information gathered for the reports, as well as picture taking, gas, mileage and other factors, make the broker price opinion a valuable service. Yet, a long a companies only offer a mere token, such as sixty-five dollars, for example. Most real estate agents will take several hours, or longer, to gather all of this information, transfer it onto the appropriate forms, and send it back to the company that hired them. Therefore, they usually ask for more money and are open to some sort of negotiation. Commercial real estate agents charge much more to do this type of investigative work.

When you need information about the market value, price and condition of a property, utilizing a broker price opinion form is a method of getting a professional report. The cost of a BPO REO is a small price to pay if you want a report on out-of-state property.