There are times when you may need a Broker's Price Opinion.  Are you even aware of what exactly a BPO is and is not?  Many investors aren't, and many don't even realize the many uses of getting a BPO done on your properties, or one's you're looking to purchase.

On today's episode we talk to the owner of Lakeside BPO to better understand the differences between appraisals, Broker's Price Opinions, CMAs and regular sold comparables.

If you missed last week’s episode, be sure to listen to How the Economic Machine Works – Ray Dalio.

Enjoy the show!

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Why You Need a Broker's Price Opinion
On today's show, we're going to talk a little bit about Broker’s Price Opinions or what are known as BPOs. Most of you probably know what a BPO is. For those that don't, it's really a half-step between getting market comparables on a property and a full-blown appraisal. You might be asking, "Why do I need one? Why do I care?" This is what we're going to talk about with our guest today. You can see that there are times where it does make sense to get a BPO done. It could be just a check-up on your own property to do some due diligence on a property that you're looking at or in some situations where you have an appraisal that goes a little wonky comes in low and you need to justify the actual value of a property. This could be true if you're a buyer or a seller. In today's show, we're going to really explore what the BPOs are and what they're not and when they apply. Believe it or not, there are services out there that will provide this to you on a nationwide basis.

It's my pleasure to introduce Cameron Gagnon to the show. Cameron is the Founder and Director of Operations at Lakeside BPO. They specialize in Broker Price Opinions and use their advanced proprietary software to efficiently service their client's requests quickly and accurately. Cameron, welcome to the show.

Thank you very much, Marco. I really appreciate it.

I didn't want to get too deep into your bio because I want you to explain what you do and how this all came to be. You're down in Arizona. Is that correct?

That's right. We're in Lake Havasu City, Arizona. It's beautiful and sunny out, great weather.

Cameron, tell us about your business, maybe a little bit of background on you and how you got into this business and why you started this business. Just educate ourselves and then we'll get into the weeds of what BPOs are and who uses them and why investors would need one and when they would need one. There’s some good stuff we're going to cover here today.

Broker's Price: There are a lot of directions to make this a better experience for clients, vendors and real estate agents.

I've been around real estate my whole life. Between family and companies that I've been around, I’ve done a lot of real estate stuff. I've been in the Broker Price Opinion world for several years now. I was working for a larger company that did the Broker Price Opinion and I was servicing them. At that time, I became really familiar with them and I quality controlled process of them and fulfilling them. It was almost a couple years ago, I started this business, Lakeside BPO, a Broker Price Opinion service, because I saw a need in the industry. The company I was working for before, I really became familiar with it and I was excited about it. I saw that there were a lot of directions that I could go personally to make this a better experience for both clients and vendors and real estate agents helping me out to make it a better deal. There are a lot of integrity issues with these companies, especially since they're such low dollar amount...