Distressed properties continue to drag down the US real estate market. This morning I did a quick Google search of the latest real estate news regarding foreclosures. Needless to say the news is not good. More than a quarter of nationwide homeowners with a mortgage are in a negative equity position. In some US markets that number is far higher reflected by the 46 percent of Massachusetts borrowers that are upside down. Conservative estimates unfortunately have distressed properties being a major factor in the US real estate market for at least the next 5-8 years.
If you are a real estate agent, the road map is clear. Short sales are not going away. Agents that choose to ignore this segment of the current real estate market are simply turning their backs on additional business/revenue. Many homeowners, maybe those within your own sphere of influence, are faced with foreclosure. Most homeowners are not aware that they have options to avoid foreclosure. That's where the real estate agent (the local market expert) can fill the void, educate the homeowner and show them the available options to avoid the foreclosure route. Now more than ever Short Sales are becoming more acceptable in the real estate transaction process. Letting the homeowners know is the first step.
The problem for the agent today wanting to help is how to market to these distressed homeowners? Most agent websites fail to address the short sale/foreclosure problem. Most have lead forms and contact phone numbers but no understanding of the emotional impact that impending foreclosure has on the homeowner. These individuals are embarrassed, depressed and anxiety-ridden. An agent needs to rethink their website or at the very least their marketing.
Your website should provide the relevant information and education that the homeowner searches for online. Your marketing should do the same- less about you and more about educating the homeowner. The agent needs to understand the emotional mindset of the seller and their marketing should reflect that mindset. How is the agent "getting the word out?" Do your fellow agents and your sphere know that you are a "short sale" expert? Do you have a short sale marketing strategy? If not, consider participating in a FREE webinar on "How To Develop Your Short Sale Marketing Strategy." At the very least you will leave this session with a solid plan of action to market to foreclosure clients.