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Foreclosures, how to tap this growing market.

By
Real Estate Agent with RE/MAX Concepts

It's no secret that the foreclosure market is absolutely booming. The number of foreclosures and interest in them is at an all time high. Of course I'm really talking about REOs, HUDs, bank owned homes and distressed property, but most people lump them together as "foreclosures."

About three years ago I added a page to my website. Back then foreclosures were big but there wasn't the frenzy we see today. Here's the page: http://freeforeclosuresbyemail.myiowahome.com  I've modified the page several times, and I'll likely do so again, but it's working very well.

What I offer is a daily free foreclosures list. All I require is a valid e-mail and phone number to verify the request. Then, I go through the MLS daily and search out all the newly listed foreclosures, distressed properties, bank owned homes, REOs and HUD homes, and the same that have been reduced or have come back on the market. Then I send them out to myself and Bcc everyone else on the list. No one person sees another's name, and no one knows who else is on e the list.

Over the three years I've been offering this free service I've had about 500 subscribers. I have gotten both listings and sales from the people who have subscribed.

All it takes is the addition of one page to your website and the results are amazing. I've added ten people to the list just since last Thursday, that's less than a week. So if you're tired of sending postcards, tired of trying to get your dry-cleaner or barista to buy a house, quit! Add this page to your website and start working with the folks one by one. Take it from me, people appreciate the free service and you'll make both friends and sales.

Good luck!

 

Comments(6)

Nancy Brenner
Referral Associates of Georgia, Inc. - Roswell, GA
Roswell Georgia Real Estate Agent
What a great idea, Matt!  I just might have to adopt it and make a 'foreclosure' page on my website.  Thanks!
Jan 29, 2008 07:20 PM
Joe Henry
Keller Williams - McLean, VA

Matt,

Great post! I have been using RealtyTrac and we have seen 1200 views within one month(three zip codes) and a approximately 40 registered new referrals that indeed request zip code specific REO inventory.

The ability to coordinate the inventory with the MRIS www.mris.com statitical data often provides efficient transparency for the new client as to the pricing resilience of the location that they are requesting..this way I also have a email to verify that I have informed them of the pricing resilience and or erosion.

Folks are ready to buy defendable value in the DC Metro area.

Mortgage Modifications are taking four months.

Some Short Sales are requiring 35% down payment...this makes it punitive to the seller...please inform the sellers of this possible requirement.

The fact that you can build a  resilient client base with a defendable value REO inventory will now be the benchmark expectation as we see this inventory grow and encompass higher quality choices all over the DC Metroplitan area.  google countrywide,reo and enjoy the selection, then triangulate the database with conventional realtor tools to produce a three dimensional due diligence of value for the client..yes folks I do this for our clients and they are worth it!

Matt, always a pleasure to contribute to a great thred and thank you for the advice...Joe Henry

Jan 29, 2008 07:22 PM
Lance Winslow
The Car Wash Guy - Malibu, CA
Pretty smart marketing, folks would be wise to subscribe to this and hunt for opportunities in the market. Foreclosures can be get deals at times, and a smart homebuyer can take advantage of this. Lance
Jan 29, 2008 07:24 PM
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY
That's a terrific idea.  We don't have that many around here but people are always asking about them - although most don't actually buy them. 
Jan 29, 2008 08:32 PM
Ray Nellum
Envision Real Estate Group, LLC. - Fort Smith, AR
Fort Smith Real Estate
Matt, you keep sharing great information and ideas!!!  I have been relaxing to my GREAT JAZZ CD!!!  Thank Brother!!!
Jan 30, 2008 02:00 PM
Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003

Ray: You're welcome! When I previewed that selection I remembered how much I enjoyed it. Now, if I could just find mine!

Jan 30, 2008 06:23 PM