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Every where we look, it seems as if the real estate industry will not improve any time soon. The slowing economy has caused a surplus of foreclosed properties. Even thought the most hurt area has been in real estate, I am here to tell you not to give up on real estate.

As a real estate agent, I have seen my sales decrease since we have entered into the beginning of this recession. I remember a time in which real estate sales and closings could be done fairly quickly. Properties were only on the market a matter of days. Since then, the real estate industry has totally changed. In order to keep up with all of these changes, I started doing some research on BPO agents.

A BPO (Broker Price Opinion) agent is an individual contractor that works very similar to a real estate agent. The difference is that BPO agents work for a bank instead of an individual seller.

As a BPO agent, you perform an analysis of a property similar to how a comparative market analysis (CMA) is done. This analysis is done to compare the amount a property will likely sell for given the current market.

BPO agents are more desired by banks when compared to appraisers because they can be contracted out by a lower price. The BPO agent can negotiate with the financial institution the price for the analysis per property so that the negotiated price meets the need of the bank and the agent.

Because of the rise in foreclosures, banks are hiring BPO’s to perform BPO inspections in order to assist banks in selling these properties. This, in turn, opens up a whole new market that can be tapped into.

In order to be successful as a BPO agent, it is vital that you are aware of which banks and financial institutions are currently hiring BPO agents. A comprehensive list will contain the information that you need to successfully contact financial institutions to obtain BPO assignments.

Working as a BPO can assist you in wavering the storm as we wait for the economy to rebound. It has served as my source of income over the past several months as I wait for the real estate industry to make a come back.