REALTOR Call to Action - Request NAR involvement on the BPO issue
Thank you for your interest in participating in the call to action of this very important issue. To support this effort, you simply have to send an e-mail to the National Association of REALTORS (NAR). There are three options to send an e-mail:
1. automatic e-mail (if you don't have time to write an e-mail) click here for Automatic E-Mail to NAR,
2. copy and paste e-mail (some e-mail programs will not allow auto population of e-mails so you may have to copy and paste the verbiage), or
3. write an e-mail in your own words.
Below are talking points to use when writing your own e-mail. Writing your own e-mail should have a more profound impact with NAR.
Please note: At this time, there is no need to call or write a physical letter to NAR, your state REALTOR association, and/or your local REALTOR boards. This e-mail campaign will let them know the resolve of our industry. The internal staff at NAR will tally the e-mails received and forward the net results and messages to the decision makers within NAR. The more e-mails they receive, the stronger the message to support BPOs.
Automatic e-mail to NAR, please click here Automatic E-Mail to NAR .
Copy and Paste. If the above automatic e-mail to NAR does not work with your e-mail program, click here to copy and paste the e-mail verbiage
E-mail in your own words - Talking points:
The following are potential talking points that you may consider including in your e-mail to NAR. Personalized e-mails are powerful; include or add comments that resonate with your experience in the BPO field. Let NAR know just how important BPO generation and usage is to you, your profession, and your livelihood! Send your e-mail to email@example.com
- If you make a significant amount of income performing BPOs, include that amount. An annualized number will usually sound more impressive than a weekly or a monthly number.
- If BPO production is the primary activity of your firm, let NAR know that BPOs are your business, and performing them is what allows you to remain in business (and a member of the Association).
- If performing BPOs is one of many revenue streams in your business model, emphasize its importance in augmenting your income and in diversifying your revenue opportunities. You might also speak to the significant contribution to our industry's and nation's economy via the performance of BPOs (i.e., over a billion dollars annually).
- Include examples of related business opportunities that performing BPOs opens to your real estate business. Examples could be:
- Performing BPOs allows you to prove yourself to banks/lenders in order to secure REO or short sale listings.
- Performing BPOs inherently places you in situations where you are perceived as a real estate expert to the public. Marketing opportunities abound while performing BPOs.
- Performing BPOs increases your abilities as a real estate professional. You are paid to determine prices, amenity values, inspect houses, inspect neighborhoods, track market conditions etc... You perform these functions on a regular basis.
- Performing BPOs immerses you in your service area and gets you as close to the pulse of the market as possible.
- BPOs provide critical information to the mortgage lending industry, and they have been widely adopted as a valuation tool due to their accuracy, fast turn times, and cost effectiveness.
- REALTORS® are the most well-informed and up-to-date (relevant) sources to provide critical real estate price information.
- BPOs are a "win" for the mortgage industry. In today's challenging mortgage environment, BPOs are a key tool to help distressed borrowers restructure their debt. In fact, BPOs are recognized as a legitimate home valuation tool by our federal government, with BPOs being recommended within Obama's Homeowner Stability Plan.
- Top-ranked mortgage servicers utilize BPO's when evaluating the best course of action when reviewing short sales, REO strategy, and portfolio reviews. While appraisals are the preferred product for underwriting newly originated loans; for other purposes, BPOs are faster, less expensive, and are performed by professionals like you, who have their finger on the pulse of their local market.
- Consumers benefit from choice in the marketplace. Not only are BPOs commonly delivered expeditiously, they also tend to cost far less than other lengthy valuation procedures. While fast and cost-effective, equally important, BPOs deliver a strong ‘real-world' opinion of market conditions and trends.
- With the housing market in such a state of flux, having your professional finger on the pulse of the current market and any emerging trends is more important (and relevant) than ever. Retrospective (past) valuation tools and tactics simply cannot capture the dynamic real estate market in which we find ourselves today.
- To secure the best possible outcome for the distressed property owner speed, accuracy, and low cost are all critical. BPOs fit the bill. The housing market recovery, and the larger overall economic recovery, benefit from the availability of BPOs in a free marketplace.