Data-enhanced automated processes can also identify and highlight unsupported judgment-based adjustments to be reviewed and corrected prior to report delivery.
Is the market changing?
Although growing in many areas over the past few years, the time on market required for each property to sell is constantly changing. Real estate brokers, agents and appraisers have always been able to “feel” changes occurring, but a statistically derived validation of these changes must be an integral part in the development of any market value or price opinion.
Real estate market velocity refers to the direction and speed of market changes that, in many cases, can be tracked and reported at the neighborhood level. Strong validated databases are also the tools used in developing reliable market velocity measurements to support credible BPOs.
Conclusion
So, the question remains: How do you distinguish between a BPO that only looks like a high-performance vehicle and one that actually performs that well? With vendor due diligence, it is relatively simple to ascertain the performance you can expect from your BPO provider. Ask questions, kick the tires, and look under the hood. You may be shocked to see a squirrel running on a flywheel that drives some BPO engines.
A quality BPO provider will welcome your office visits and be fully prepared to meet the highest standards of audit, process and regulatory scrutiny. By identifying a high-quality BPO provider, you can enjoy peace of mind. You’ll know the motor driving your BPO servicing is a finely-tuned engine that ensures exceptional and consistent performance.
Why??? Because most bpo companies emphasize that your performance is heavily weighted on turn around times. If you are late on bpo's you don't get anymore. BPO Co's only want the information handed in before the due date, give you 2 days to complete and pay very little.
I know agents in my area that have only completed bpo's for the last 5-7 years, completing 10-15 per day. Tell me how an agent can drive and see the properties, enter the information and make sure it complies?
Quality is sacrificed for turn around times. If I were depending on a Realtor to give me a good value for a property I might give a longer time for accuracy. The client requesting the information to the BPO company may be hurting themselves and maybe not learning from past mistakes.