Who typically requires a BPO?

A broker price opinion (BPO) is primarily required by sellers seeking to understand the current market value of their property. This valuation is crucial for various reasons, such as setting a competitive asking price, deciding on a marketing strategy, or assessing potential offers from buyers. Sellers are often looking for a quick and cost-effective way to get an estimate of their property’s value without going through a full appraisal process.

While property investors may also utilize BPOs to evaluate potential investment properties, they are not the primary group that requires them. Real estate agents might conduct BPOs for their clients, but they are typically the ones providing the analysis rather than requiring it themselves. Municipal tax assessors, on the other hand, usually rely on more comprehensive appraisal methods to determine property values for tax assessments rather than BPOs.