Many listing brokers who represent banks resist the energy that it takes to round up buyers prior to the sale. However, in a market where there are many opportunities for investors, it is critical to take the time to build a list and market to that least at least two times a week.
Building a List
Building a list can be very tedious. You must remember to question every buyer for their email address, phone numbers and criteria. Then, once you have your data it is equally important to update your list with the current status of that buyer. You can not treat all buyers the same. If someone purchases from you, they must be treated differently than someone you have never met.
Making the Homes Attractive
Use multiple photos, videos and well-crafted descriptions to lure the buyers to the homes. Just because something is a good deal in this market will not make the home stand out. You can offer to do a caravan for buyers when you are assigned the listing from the bank. Offer to keep your buyers updated the minute that you get the listing price or any information about any home that they have expressed interest in.
Email the List Often
Personal emails as well as group emails notifying the buyers of new additions to the list, new updates about the properties and new photos that you have as the property improves is a critical piece to building and maintaining your list. Once you have captured the attention of the buyers, they will often share your information with their associates. Email at least two times a week with updates.
So to recap this concept; the key to selling homes quickly, even though they are bank owned is to seriously market them with good verbiage, excellent photos that are updated often and even video that you can post to You Tube or your own server. While you are doing all of this, make sure that everyone you are in contact with is able to learn about your weekly, updated list from your website, your voice mail and your overall pitch when you are speaking to people. There are a lot of people out there who want to dabble in foreclosures because they are fans of HGTV and believe that buying a foreclosure and doing the repairs themselves will make them rich.
After you have gathered the list, you must communicate often to make sure that everyone is on the same page. More importantly, you must keep the individual buyer updated on the property so that they have their offer ready as soon as the bank is willing to accept one. These keys will result in you becoming more powerful in marketing and selling bank owned homes.
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From Rhonda Duffy, Real Estate Broker and National Consumer Advocate
The Real Estate Powerhouse