Tips and Tricks for Photography and Outdoor BPO

1. Order of operations

In general, you should complete the Exterior Broker Price Opinion portion of the report after taking pictures of the home. Implementing this method will result in a more accurate current value if you personally observe the house and neighborhood before reporting. In addition, the inspection will also be fresh in your memory.

2. Avoid confrontation

The bank may have ordered a BPO on an occupied property, but chances are people don’t know you’ll be taking pictures of your home. Any typical homeowner or renter would be suspicious if they notice you taking pictures. To minimize confrontation, you should be discreet and remain in the vehicle unless approached. If this is still not an option, the best thing to do is simply explain who you are and what you are doing to alleviate any concerns. If you ever feel that you are in a threatening situation, please leave the property immediately.

3. Bring business cards

It is impossible to do every foreign BPO without the confrontation of the curious. It’s just going to happen. The business card works like a get out of jail card. If you hand it over while explaining that you’re doing an outside BPO for the bank, that’s usually the beginning and the end of the conversation. Regardless, most owners have no idea what an outside BPO is.

4. Buy a quality camera

A camera or smartphone that has at least 30x zoom (3x optical and 10x digital) should be optimal. This will allow you to zoom in on a home address. Any home that sits on a deep lot will also be easier to photograph. If the photo is too small or unclear, the appraisal company will request that a new photo be taken at their expense and time. Save yourself the hassle.

5. Don’t take photos of people

Appraisal companies consider this unprofessional and will request new photos or Photoshop editing. People in image may be racially, religiously, or gender biased when determining home value, which is illegal.

6. Take note of visible damage

Boarded up windows, outdated roofs, and peeling paint are a few examples. An outside BPO can typically pass quality checks without the need to identify repairs. However, the lender will want to see that the report reflects what is seen in the images. Repairs will ultimately affect the current value of the exterior BPO, so they should be added when necessary.

7. Selection of comparables

To make a foreign BPO report, you must search for six comparable houses (comps) in the immediate area of ​​the subject. Three comps must be dirty comps; the other three should be listing comps. The selection of compositions is determined using a variety of similarities with the property in question. These similarities can include size, age, and location, to name a few. Price is the only stat not taken into account when choosing comps. Defaulting to a value is not wise as it would create a biased report.

Following these simple steps will help you go from being a Broker Price Opinion amateur to an expert in no time.