BANK OWNED BOOOOYAAAAHHHH!

By
Real Estate Agent with Keller Williams

As recent as 90 days ago we had 489 Bank Owned properties in Fairfax County...this evening we are seeing as few as 220. Our marketing strategy is purely focused upon distressed inventory as we see the clients cross selling themselves to conventional listings since the price and or the condition of the properties warrant a further review of the traditional non distressed inventory. The numerous referrals that we are capturing are within the RealtyTrac community and these clients are indeed ready to pursue property and requesting targeted information within all price ranges and locations. We suggest that you handle the internet referrals with exceptional care since many of these clients are ready to transact with the right value metrics...we always ask "What is your Value Range?"

We have tripled our staffing within 12 months and we are moving to Keller Williams since the exceptional ownership culture and fixed cost design is the only true viable business plan that we can defend as other brokers struggle with punitive fee sstructure designed to exploit the entire sales force on a per transaction basis.  Our clients are demanding transaction transparency and we are delivering every step of the way as we embrace the fact that the industry is redefining efficiency via leveraging technology...and indeed some will not submit to this expectation so the gentrified are being rather quickly consumed by the paper tiger.

Bank Funding letters and genuine dialogue rule the day as we see so many first time home buyers capturing excepyional value in all price ranges. We are getting rather proficient at the escalation arena and preparing our clienst expectations with there unique value range. We have indeed sat our clients down over the past 12 months and advised them to prepare for battle(funding, liquidity, credit, ratios, and expecations) for the sky is offering a sea change of value and we must cast our nets for value and this current is moving as well as the inventory so our engines are spooled up to maneuver with care and back home they call this "keen of intellect and swift of foot." 

The market has changed folks...some of our fellow professionals told us to stay away from distressed inventory and this is akin to telling us to stay out of Walmart and advising us to seek the same value at Macys...we indeed looked the other way...walked out of the office and went where the fish are biting as we built an excellent new line of business of clients seeking expertise and Value   bankowned@mris.com    

Comments (3)

Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Glad to hear things are going well for you. Have to go where the market is at.

Mar 30, 2009 04:44 PM
David Ravashiere
David Ravashiere, Tee 2 Green Real Estate - Chandler, AZ

Getting rid of the REO and short sale properties MUST be the first step in stabilizing the market.  As long as those types of listings are out there ... property values don't stand a chance!

Congratulations on your success!

Mar 30, 2009 04:53 PM
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

Wow that is great to see tha the statistics are starting to level out and things return to a normal level.  I have heard that the banks have a large inventory of unlisted properties still in reserve, but havent seen data on it.

Mar 30, 2009 05:00 PM