I work with Several Brokerages Marketing their bank owned properties. These properties are 20-40% below what they last sold for, and are usually $100,000+ under market. Usually I will go on Postlets, Backpage, Craigslist, and take out a couple magazine ads to advertise the homes. This past week we posted over 100 properties on Craigslist, From Los Angeles, Orange County, Inland Empire, And San Diego. We posted 4 color pictures, a long description complete with home features, school districts, local comparable sales, and how to contact us for a showing. Out of the 100 ads We have received 3 phone calls, 2 of the 3 were buyers agents immediately wanting to cut our brokerage out, and only 1 caller actually set an appointment for today at 5:00PM to see a home in San Clemente that last sold for 1.4M and the bank is asking $800,000 for it!
I don't understand what we are doing wrong. We are contacted by these banks to market their listings, as well as the banks agents as we are known in our area for selling the most bank owned homes, and having agents familiar with the extra disclosures involved and the tedious process.
So back to craigslist, we posted 100 properties and got a total of 3 responses, how is this possible? Most people in Southern California are standing in line to buy foreclosures as it gives the consumer the chance to buy a home far below market value and since most of the homes out here were built newer than 2000 they don't really have any problems with them.
SO... If craigslist doesn't work what does? I'm contemplating buying signs, and putting them up across the city but not being sure of the legality and the cost and tremendous amount of time it would take... I'm just not sure it'll work.. So What do you do to advertise your properties? Legit, Under market Beautiful homes selling for far below market... How do I bring credible buyers to our company? I also tried zillow ez-ads and paid $1000 for 100,000 ads. Well I'm 40,000 ads viewed in and NO CALLS. So Please help out...