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How do I coordinate a BPO or “Broker Price Opinion” ?

  • Updated

In some states, agents may receive payment for consulting, outside of a real estate transaction.  

  • This may include a BPO, also known as a “Broker Price Opinion", “Broker Letters of Opinion”, or “Opinion of Value”.
     
  • If you are coordinating a BPO, or an estimate of a property’s value, and have negotiated a consultation fee or any other funds with your client as payment for your services - then you will need to contact your Broker and set this up in reZEN to coordinate your Commission Payment.
     
  • All payment for services by Real Agents must be processed through the Brokerage and entered into reZEN.  Payment for services outside of commissions are subject to the same splits and fees that are charged on a transaction.
     

Here is a step-by-step guide to help you coordinate your BPO:

 

Step 1: Contact your Broker Team for guidance

  1. Your Broker Team will be able to confirm how a BPO / Broker Price Opinion is coordinated in your state/province and if you are able to receive Commission for these services in your area
  2. Your Broker will also confirm if your state requires specific forms and if they need to be signed by your client

  3. Contacting your Broker in reZEN is super easy! Click here to learn how

     

 

Step 2: After you review your BPO/Broker Price Opinion with your Broker, set up a Referral Transaction in reZEN

  1. It’s easy to set up a referral transaction in reZEN!
     
    • If you are using your desktop computer:
      • Click on My Transactions on the left hand side navigation
      • Then click on the Create Referral button on the top right
         
    • If you are using the reZEN mobile App:
      • Click on the Handshake Icon on the bottom of the reZEN app
      • Then click on the Create Referral button
         
    • Click here for additional information: How to create a referral transaction in reZEN
       
  2. The system will then walk you through a series of questions and will set up a new Referral Transaction for you
    • reZEN will request the name of the external agent and their Brokerage. Since this does not apply to a BPO or Letter of Opinion - please use placeholder information such as "N/A" or "Does not apply" to get past this step in reZEN.
       
  3. Once you've completed all the steps, review and click the Create Referral button at the bottom of the screen to confirm the transaction set up
     
  4. The system will then create a Referral transaction - for you to use to coordinate your BPO Commission Deposit and Outgoing Payment
     

 

Step 3: Once your BPO Referral Transaction has been set up in reZEN, upload any needed documents to the Checklist and coordinate the Commission Deposit with your Client

  1. Please upload any required documents to the Referral transaction Checklist:
     
  2. Then coordinate the Commission Deposit with your client:
     
    • Option 1: One of the best ways to get the funds sent to Real is by sending an External Deposit Link to your client! 
       
      • Here is a quick overview: It's super easy!
        • Tell your buyer to write a check to Real Broker
        • Go to your transaction in reZEN, go to the Deposits tab, then click on the "Get External Commission Deposit" link
        • Copy the external payment link and email it to your client
        • When your client clicks on this link - they will then be able to take a photo of the front and back of their check using their mobile phone
        • The system will then add the funds to your transaction automatically 
           
      • Click here for a step-by-step guide:
    • Option 2:  If your client is not able to upload a check there are other ways they can submit payment to Real
      • They can also deposit the funds at a local Chase bank, wire the funds, or send the check via the mail.
      • Click on this link for additional information: Step 6: Close & Transfer Funds to Real
      • Please note: If your client wires the funds, sends a check in the mail, or deposits at a Chase bank - You will need to upload a receipt to the Proof of Payment in your Checklist in reZEN - Click on this link for a step-by-step guide: Proof of Payment
         

Good to know:

  • Please note: reZEN is not able to generate a Commission Document or Invoice for a Referral Transaction. Real's W9 is used instead.
  • Please provide Real's W9 to your client.
  • To download and send Real's W9 to your client:
    • Click on this link and select the state where the property is located: Where do I find Real’s W9?
    • Then download Real’s W9 and email it to your client directly

 

 

Step 4: Receive Approval, approve the Commission Calculation, confirm the Deposit, and then receive your Outgoing Payment

  1. After you upload any required documents to the Checklist in your transaction in reZEN, you Referral transaction will be approved
  2. Please click on the Approve Commission Deposit button to confirm the Commission Calculation
  3. Then confirm if your client's Deposit has been received and confirmed by Real. Click on the Deposits tab in your transaction reZEN to view
  4. Once your transaction has been approved and Commission Deposit has been received, we will then close the transaction in reZEN - and your Outgoing Payment will be issued to you!
     

 

Have additional BPO questions? Click on these links:

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