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
Report Abuse
Answer this Question

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
Report Abuse
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
Report Abuse
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
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question