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Johanna Welty, Broker

Licensed California Broker BRE #01307696

Boutique Hospitality and Historic Property Specialist

 

 Professional Broker Price Opinion (BPO) and Expert Witness Testimony:

Tailored to Niche Markets of

Boutique Hotels and Historic Properties

 

What is a Broker Price Opinion?

A broker's price opinion is the process used by a licensed real estate broker to determine the potential selling price or estimated value of a property. A BPO often is used in situations where investors, owners, sellers or financial institutions believe the expense and/or delay of an appraisal is unnecessary.

A BPO considers the many factors that affect the value of a property with only some listed below: 

  • characteristics of the individual property, such as structure type, size, room use, age, lot size, and parking,
  • compliance with local zoning requirements,
  • characteristics of the neighborhood,
  • values of similar properties in the surrounding area,
  • condition of property.

Although most BPOs are brief reports, usually two or three pages in length, Johanna Welty provides much lengthier BPO reports that usually range from 50 to over 100 pages. 

There are two types of BPOs. A broker may complete either a drive-by BPO or an interior BPO. In drive-by BPOs, the broker does not have access to the interior of the property and relies on exterior appearance, neighborhood information, comparables, and other documentation.  The interior BPO is more in-depth; it requires advanced contact with the property's inhabitants, evaluation of the interior and exterior, and additional photographs.  Johanna Welty performs only full interior BPOs. 

What is Expert Witness Testimony?

An expert witness is a broker whose opinion by virtue of education, training, certification, skills or experience, is accepted by the judge as an expert. The judge may consider the witness's specialized opinion about evidence or about facts before the court within the expert's area of expertise, referred to as an expert opinion.  Expert witnesses may also deliver expert evidence within their area of expertise.

REALTOREqual Housing Opportunity
CalBRE Lic. # 01307696

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