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.

When working as a BPO agent, a BPO inspection is performed on the piece of property that you are assigned. This BPO inspection is similar to a comparative market analysis that most real estate agents are familiar with. The main goal of the inspection is to estimate the market value of a piece of property.

BPO agents are in greater demand to perform comparative analysis because of the increased cost it requires for a bank to hire an appraiser. A bank can usually negotiate the price for the BPO analysis so that it is beneficial to them and to you.

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.

One of the most important resources that will be needed in order to begin is a list of banks that are currently hiring BPO agents. Look for a complete list that provides all contact details and any other special requirements needed in order to setup a BPO assignment with that institution.

Until the economy comes back strong, then becoming a BPO agent can truly help you with gaining extra income while using your current skills. This has been my source of income for some time now as I wait to get back into selling real estate.