With the real estate market declining and the number of foreclosed homes climbing, experienced agents are looking for ways to get bank REO listings fast. The problem is that the typical Real Estate marketing tactics don't work when you're trying to pick up REO listings. Instead, you'll need to change your mindset and your marketing plan.
If you've been a producing real estate agent in your market, you've probably been doing all of the typical marketing activities associated with most agents. While marketing methods such as postcards, open houses and internet ads work well for generating standard resale listings, if you want to get bank REO listings fast, you'll need a entirely new strategy.
First, Identify Your Target Market's Needs:
If you're going to list REO properties, your target market will change and it will change drastically. You are no longer trying to influence a homeowner struggling with a change in their personal residence and all of the emotional and financial decisions that go along with that change. Instead, you are targeting a group of people that make their decisions for much different reasons: Asset Managers.
Completly understanding how asset managers think and make decisions can have get bank REO listings fast and turn you into a top REO agent quickly. To understand how asset managers think, you need to understand their biggest concerns:
-Asset Managers Hate Babysitting Agents: When you market to banks and their employees, draw attention to your experience and how you can get the job done and get it done without having to be watched over.
-Asset Managers Hate Being In The Dark: Make sure your marketing material highlights any and all communication measures you take to keep your clients informed. Tell them about weekly updates you give, bi weekly market stats, etc.
-Asset Managers Love Numbers: Most of their day is spent staring at spreadsheets and financial data. Include plenty of data and numbers highlighting your accomplishments (days on market, list price versus sold price, etc).
Second, Identify Your Target Market's Location:
Listing resale homes is easy. You simply get a mailing list for the neighborhood you want to market to and then start mailing. Finding banks and asset managers can be much tougher.
An asset manager in charge of a home in your neighborhood in Cleveland may work in Orlando. No matter how well known you are in your market, they've never heard of you and you've never heard of them. You need to change that.
First, you need to get both a mailing list and an email list. THIS IS CRITICAL. While your marketing campaign to banks should include handwritten, mailed pieces, the bulk of your marketing will be done by email. While tangible postcards and thank you notes are effective, a weekly email report on your market will go a long way to cementing you as the real estate agent of authority in your area. In addition, email costs virtually nothing and as long as your emails contain valuable information to the asset manager, you won't be considered spam.
Finding a good list of banks and asset managers is a little difficult. You can't just open the phonebook and find them. You need to find a solid provider that specializes in REO Bank lists. I've compiled a list of the top suppliers of these lists on my review site (see the about me / resource box for a link). Most of these lists are under a $100.
If you can get a strong bank list and are able to understand what asset managers need in a real estate agent, you'll be able to get bank REO listings fast and become a top REO agent in your area.