How to Do a BPO on a Condo or Townhome

Condos and townhomes look simple on paper: similar floor plans, similar finishes, plenty of sales. In practice they trip up BPO agents because the building and the association matter as much as the unit itself.

Start with the same complex

The best comps are usually recent sales in the same complex or building, with a similar floor plan. Only go outside the complex when there is nothing recent inside it, and explain why in your comments.

Match the details that drive price

• Floor level and position: top floor, ground floor, end unit or interior unit.
• View and exposure: water, park, parking lot or street.
• Parking: garage, assigned space or open lot.
• Size and layout: bedroom count often matters more than square footage.

Look at the association

HOA fees, special assessments and the condition of common areas all affect what buyers will pay. If the building exterior, roof or grounds look neglected, note it. A unit in a well-kept community can sell for noticeably more than the same unit next door in a tired one.

Exterior photos for attached homes

For an exterior order, photograph the unit entrance, the building, the street scene and any shared amenities you can see from public areas. Make sure the unit number or entrance is identifiable, because clients need to know you were at the right door.

Watch for financing quirks

Some buildings are harder for buyers to finance, which can lengthen marketing time. You do not need to research lending rules, but if days on market in the complex are unusually long, mention it.

Common condo mistakes

• Using a detached single-family sale because it was closest.
• Mixing a two-bedroom and a three-bedroom plan without an adjustment.
• Ignoring a top-floor or water-view premium that buyers clearly pay for.
• Forgetting to mention a pending special assessment you know about.

Each of these is a common reason for a revision request on attached homes.

Related: how to pick comps for a BPO.