Over my last several posts, I’ve introduce some of the basics of a preforeclosure based business, one that can produce thousands in profits. I’ve also mentioned what you may already see as an obvious reality, that being the current challenges in working the mortgage business. After all, what are the formal mortgage broker training, attendance at mortgage seminars, and time and effort that you’ve put in doing for you now? There has to be something else in today’s market. As someone who has had mortgage loan training and who I’m sure pays attention to the news and realizes how many foreclosures are out there right now, aren’t you ready to learn how you can profit from the current real estate economy and, in doing so, earn 10 times what you would make for simply originating a loan?
I’ve also introduced my system for working this business that works and that works consistently! If you really think about it, a foreclosure investment course (or any real estate investment course for that matter) should focus on giving you repeatable results, not just something that may work for a few select people.
Now, let’s continue this next series of lessons, which focuses on business marketing. Since we covered the types of offers you’ll be making and the dynamics of the preforeclosure business model in my most recent posts, it’s time to move onward and forward.
ü Types of offers you will be making to motivated sellers
ü Benefits of a business model that focuses on pre foreclosure
ü The 3 M’s of Marketing Part I – Your Market
ü The 3 M’s of Marketing Part II – Your Message
ü The 3 M’s of Marketing Part III – Your Media
ü Marketing budgets
ü Implementing your marketing plan
The first of what I like to call the three M’s of Marketing for pre foreclosure properties concerns the target market you will be going after. Your target market for your marketing efforts will likely have two levels: primary and secondary.
Your primary market typically includes the most motivated sellers out there: those who are in danger of losing their homes. Where do you find them? If you recall from the Quick Start Guide series of posts, I showed you how you can obtain pre foreclosure lists, as well as lists of properties that are 60 days or more delinquent on a mortgage. Once you get your hands on these lists, these properties become your primary market.
You secondary market can also produce quality real estate investment deals but the motivation from the sellers may not be as immediately clear. Examples of where to find secondary market properties include:
<!-ü Expired MLS listings
<!-ü Properties that are a part of bankruptcy proceedings
<!-ü Properties that are involved in a divorce
<!-ü Properties that are involved in the probate or estate process
<!-ü Properties with absentee ownership
<!-ü Properties that other investors no longer want (e.g. tired landlords)
<!-ü Vacant, abandoned, or otherwise ugly properties
<!-ü Properties inherited by a church or in the hands of an attorney
<!-ü Properties whose owners have had difficulty refinancing or selling (good for your realtor and mortgage broker contacts)
<!-ü Properties that have had recent evictions
<!-ü Properties with property tax liens
<!-ü REO (bank owned) properties
All of these potential sources of motivation are indeed real and now you just need to get lists of addresses and contact the owners.
Since you are in the mortgage lending business already, the idea of marketing your services should be something that you are well on top of, again a huge advantage you have over other investors. The mortgage lending business is intimately tied to real estate and puts you in a great position to profit from the booming preforeclosure market. Please take the time to review the action steps and tips from all of my recent posts and make sure you’ve paid attention because we’re going to move onward and forward and I want you to be in an ideal position to act upon what you are learning. Stay tuned, I have so much more to share with you, and all the best to you in success.
The Short Sale Expert to Mortgage Brokers
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