The current housing market presents many challenges to our real estate industry, few more important than valuation. Evaluating properties depends more than ever on professional expertise and competence, the best use of technology, and a commitment to approach the valuation assignment from all pertinent perspectives.
According to industry estimates, more than 10 million BPOs are performed annually throughout the country. BPOs provide critical information for decisions, and have been widely adopted as a valuation tool in the mortgage industry and – increasingly – for government programs intended to aid the economy and help homeowners avoid foreclosure. A useful summary of how BPOs are utilized is available here. For brokers and agents, BPOs provide multiple professional and financial opportunities for growth and expansion.