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Hello Team

 

Below is the e-mail I got yesterday. If some one is interested in doing Commercial BPO.

 

Are commercial BPOs are very difficult to do that?. And how much you can ask to pay ?

 

 

 

 

 

Good Afternoon,

 

My name is Dan Monaco and you are currently in our system to complete residential BPO’s for Secured Lending Services(SLS).  SLS completes BPO’s for HSBC and you fill the form on our site:  www.irepvm.com.   SLS has a sister company called National Real Estate Information Services(NREIS).  NREIS has clients that will order BPO’s with us from time to time, (you may be already completing BPO’s for NREIS).  Here, there isn’t a website that you will fill out the forms.  The form and the order itself will be emailed to you. 

 

NREIS has a new client that will be ordering commercial BPO’s with us.  They are Wolters Kluwer They will be ordering commercial BPO’s and commercial property profiles.  A commercial property profile is just short form of the commercial bpo.  Where we need just 3 sales and no listings. 

 

I’m sending this email out to our SLS agents to see if anyone does commercial work.  If you do or know anyone that is, please let me know. 

 

I would need to know what counties you cover and fees.   Fees for commercial exterior and interior BPO’s.  And for commercial property profiles.

 

Any questions, please feel free to call or email me.

 

__________________________

Dan Monaco

Vendor Relations

 

NREIS / SLS

Title | Appraisal | Settlement | Default       

 

P: 1.800.753.3339 x5954

F: 1.800.307.4118

dan.monaco@NREIS.com

www.NREIS.com

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Replies to This Discussion

We do not good amount of them. If you don't have CoStar, it can be EXTREMELY difficult. If you're not active in selling commercial real estate, the cost of CoStar can be overwhelming.

As long as you have the right software, they're not too much more difficult than residential BPO's once you get used to them. The main difference is lease comps and more market info/stats.

Depending on the situation, we charge anywhere from $0-$500 to do a commercial BPO.
Kyle, once you get rolling, how long does it take to do one? I am thinking that this would be a good way to break into commercial market.
I can do one in about an hour (excluding taking photos).
We do commercial orders, but haven't done any for them. It really depends on the form as to what the charge should be. I have done them for clients that send a typical res form- which is a pain in the..., and other clients have Excel docs and ask for GRM, NOI, Cap rates etc. In those cases you would need to know the formulas to calculate. Ask to look at the form before you accept an order.
Very few banks have a form to use so we just made our own with all the fields that we know we can obtain from the MLS, Loopnet and CoStar. They LOVE IT!!!
Thank you all for your feed back. I always learn.
Kyle,
The info you have provided has been so great! Thank you. Would you mind sending me a sample form? I have been trying to put one together and want to see if I am covering everything.

My email is smalikrealtor@gmail.com

-Saj Malik
To your questions:

Are commercial BPOs very difficult to do? >> Only because obtaining comps is more difficult. You either need to be an expert in the area, or subscribe to databases with commercial sales data. Otherwise the BPO is easier in my experience.

And how much you can ask to pay ? >> Typically more than a residential BPO but not enough to matter. Maybe $55 to $100. Like residential BPO's - one does them in hopes of future business (listings).

Troy / TexasBuildingsAndLand
I do not remember the name of the company ,they contacted me back in feb for a commercial bpo and they were giving me $450 to complete the bpo .which I have refused it. I guess it depends if there are not enough commercial realtor in the area the price go up. One can always negotiate the price with these comPanies.As we all are hearing now it is time for the commercial reo's
I've never been offered more than $125. You are probably right that it is a supply vs demand priced item. It would benefit you to determine your resources for comps prior to deciding to accept one. Best wishes. Troy
I've done several for irepvm, there commercial form is one of the easier ones. They will pay $150-200 per order but it will take about 8 weeks to get paid.
Lighthouse is pays $75 for exterior com. order. I've done several for them.

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