Im currently testing a marketing strategy to increase my inventory. Im doing a direct mail campaign to NOD's that will direct traffic to my Website which is a niche site for Short Sale called avoidforeclosurehamptonroads.com. I have postcards that are designed for this as well as I will be advertising in a local magazine that has great reader response. Better than the newspaper in my area and a lot cheaper! Same methods with the magazine, direct traffic to the website. Im also targeting expires as most of them where priced to high because they did not want a short sale but after 6 month of being on the market they may be a little more open to the idea if they qualify. For sale by owners in this market are usually homeowners yelling for help. I will have a mailing campaign targeting that niche as well. Along with my web strategy I believe this will be a great success. I will keep testing and tweeking.
So far, most of my leads have come from referrals. Usually from other realtors who do not have short sale experience or feel comfortable and know that I do. I completed the Certified Distressed Property Expert course and let all my fellow realtors in the area know. This might be something you want to consider.
When I started marketing for short sales in 2007, I used an effective, economical, but time consuming method. It was very easy. I purchased a membership with foreclosures daily, printed a lis pendens report daily, cross referenced each property with the mls to see if they were listed, then knocked on those doors of the unlisted properties from the hours of 5 to 8 pm. I picked up 20 short sales my first month. At one point I had over 100 short sales. Due to the effort of the first few months, I have been living off of referrals ever since. I no longer knock on doors.
I can assume that getting a short sale listing is a bit more complicated now, considering that more options exist. However, its easier to sell your service when you are face to face with the homeowner. Its amazing how so many homeowners get foreclosed on without ever consulting with a professional.
You are absolutely right Carlos about distressed homeowners not consulting with professionals prior to the foreclosure. That is because they do not know where to go, home modifications have not worked for them and they just don't know where to turn. Some are also in denial. These people need help from ethical professionals that can get the job done for them.
I agree Mike, the internet is the new frontier however it takes time and good content. One thing every blog should have is a Youtube video, I have gotten many listings from the content I record and have been able to sell people in advance.
I have run into a bit of a slowdown in Short Sale listing leads from the blog though, although I rank #1 in Maine Short Sale Realtor right now. It might be accross the board though, not necessarily just me?
But I like the bandit sign idea, its not being done by anyone else.
Post cards are a waste of time and money, plain and simple....I think email lists are too.
Bandit signs are cheap and catchy, the 800 # is a good idea too with a URL maybe?
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