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Has anyone been doing BOVs?

I have recently been ask to do a Broker Opinion of Value. Thoughts? Good way to open the door for additional broker business? My company does not have a property management division... w/o can I realistically get the marketing exclusive? I am a very experienced commercial broker and was a bank examiner years ago.
In General Area - Asked by Dina C. - Jul 10, 2011
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Answer(s)

Scott W.
Broker/Agent
Sun City, AZ

Dina,
I have completed several BOV's for multiple banks. Until recently, I have been paid for the service. If you are going to do the job, make sure to have a contract for payment. Even with a great bank relationship, I have not been getting the listing. The banks have been choosing the larger firms.
Good Luck

Jul 12, 2011
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Carol G.
Broker/Agent
Brentwood, CA

Hi Dina,
So far I have been asked to deliver BOV's by intermediaries, and have been paid...although it has sometimes taken a month.

Jul 12, 2011
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Alan C.
Broker/Agent
Suwanee, GA

A great way to obtain listings. I received listings on 7 of the 10 I gave BOVs for last year. Do well and you can expect repeat business. If you are not a large or full service firm, focus on a geographical or property type niche and own it. Not all listings will need to be formally or actively "managed", since many REOs will be completely vacant. Outsource a clean up/paint/handyman crew to get it presentable then get it to market.

Jul 15, 2011
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