When you are working with properties that are about to be foreclosed on, time is money. The faster you can push the deal through, the better for the seller and the buyer. That's why effective and efficient marketing strategies are more important than ever.
What do we mean by "effective and efficient marketing strategies"? Well, we mean online marketing. Nothing's faster than the Internet at creating awareness, communication, and collaboration. Need to advertise your short sale? Enter it in the MLS, add it to your website, put it on other popular home search sites such as REALTOR.com, Yahoo Real Estate, Zillow, Trulia, Google, and AOL Real Estate. Email the listing to your network of past and prospective clients, even your fellow agents. Create a paid search campaign in Google to drive more traffic to your website. Internet advertising can be as quick as you need it to be.
What marketing techniques have you found to be effective for short sales?
Trademark Realty Group of Palm Coast - Palm Coast, FL
Flagler County & Palm Coast Realtor
Foreclosures often move at a much quicker rate than short sales. This is because of the process associated with short compared to selling a foreclosure. The second piece is that foreclosures will always get a great response because they are often priced below market value and buyers know that. They are like the 'discount rack' in stores. These properties come with a lower buyer expectation in terms of condition and price is often the motivator over presentation.
When it comes to short sales the situation is totally different. Buyer expectation in terms of condition is higher but price can play a hand in being an offset to repairs. The issue then becomes what can be negotiated between the bank and the seller in terms of handling the difference in what is owed.
In any event, you can not sell what others do not know about (advertising) and buyers will not come out to see what doesn't peak their interest (presentation). We know many buyers shop the internet for properties for sale, and being on the major sites and social networking sites as you mentioned is important. Email advertising is also a key piece. These combined allow you reach a very wide audience in a relatively short period of time. But just being there will gain nothing without great presentation and accurate pricing. The other component to moving short sales quicker is having the leg-work done up front which doesn't always happen. I do all the paperwork upfront with the seller and present that to the lender prior to going live with the listing. This way "the ball is in motion" and when offers come in the process can move quicker and to the tune of months quicker.
Nov 08, 2009 01:32 AM
Century 21 Lake Tulloch - Copperopolis, CA
GRI, Copperopolis, Ca
Interesting. I am a little burned out on short sales. As a matter of fact I don't think I will do any more. They are so much work and only close half the time. I can do more on reo and regular sales than more that pay for the time they take. Do like your approach however.
Nov 17, 2009 12:48 PM
Dave Jones Realty, llc. - Prospect, CT
Broker/Owner - e-PRO Dave Jones Realty llc Prospec
Short sales are definitely "an animal all their own." There is so much more emotion involved dueto the fact you are dealing with clients that are still connected to the property and don't always "want" to sell, but rather "need" to sell.
Nov 20, 2009 01:42 AM
Rainmaker
53,336
53,336
iHOUSEweb Inc.
Real Estate Websites With Integrated IDX Search
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