Hi all,Now that REO listings have all but dried up out here in Phoenix, I have been searching for alternate methods of finding listings (I prefer to list rather than work with buyers) and because short sales are now driving the RE market here I started researching ways of finding people who need help.Having worked as an REO listing agent the past 2 years I noticed that about 7 out of 10 people won't even try to do a short sale and just walk away from their home. To me this is not only very sad but crazy!I spent 3 days searching the internet for a reliable list broker company that could sell me a fresh 60 day late list (be very careful if you decide to do this, ton of flaky companies out there).After reading reviews until my eyes crossed I came upon 2 companies that appear to be reliable. I purchased 3000 leads for $725.00 and they send me 500 per month, for 6 months, which is what I requested.I just sent out my first 500 letters, which should be in their mailbox by this coming Wednesday, and I will let you know what kind of response I receive.I just completed my CDPE designation (Certified Distressed Property Expert) and was surprised that this training actually taught me quite a bit and feel very confident about my abilities (I have successfully completed only 3 short sales prior to training).Anyways, I was curious if anybody else on REO-PRO has tried this and what kind of response did you get?Thanks you guys!Mark
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I spent countless hours researching list companies and these guys came highly recommended. I have now been marketing for 1 1/2 months and have 1 new listing and about 4 possibilities.
The problem with marketing to the NOD list is the people in distress are being bombarded with advertising for help and unless your mail piece really stands out, your letter will go into the trash or into the huge box of unopened mail we are usually handed by a new short sale client when we first meet with them and start asking questions.
To receive the 30 day lists, I had to agree to offer a solution to home owners in trouble, which I am. I always try and help the people stay in their home with a modification attempt as it is so close to a SS package and it gets me in with the negotiator where I can start to work my magic.
I did my CDPE and it was very informative, one more in my long list of designations. I took the exam first and watched the video afterwards. Some of the asset management companies ask for it although not required.
Namneet Dhaliwal
Orange County CA http://www.namneet.com
Brea, Fullerton, La Habra, Orange, Placentia, Yorba Linda, CA, Real Estate Agent, Broker
Find, Brea CA Real Estate Listing Agent, Broker, Realtor, Listings, REO, Luxury homes, Homes for Sale, Bank Owned, Short Sales, Bulk Sale, Orange Cou…
Hi Namneet, I actually really learned a lot by going through the CDPE training. I think it is more about getting as much education as you can and not just about more letters to put by your name.
Sooo many agents here where I am at, do NOT get ANY extra training and "fly by the seat of their pants".
Thus we have a failure rate for short sale listings of 8 to 9 out of 10.
I mentioned this one in a previous forum but the company we use for these charges $.20/name when you order 1000+ and they have a guarantee that 96% (I think) of the mailing addresses will be good.
Their website is MailingList.org. Talk to Jeremy there.
Make sure to mail out multiple pieces and don't get discouraged if people don't call right away. Many people wait until they get their NOD and then call.
Short sale can be lucrative but they take way too long and there's too many other programs out there now competing for that business. Soon short sales will be way more stream lined but until them it's a long haul. I started in real estate doing just that but I just couldn't seem to get any closed. You have to be real innovative with your marketing or your product will just end up in the garbage along with the other 10 letters the homeowner receives. i would suggest you read an old book called Guerilla Marketing. It's a great book for what your trying to do.
The key to sending out postcards or something similiar is to be consistent. It takes several attempts for people to repond and that gets costly and takes up a tremendous amount of time that can be spent focusing on shorter term financial success. That whole process from mailing our your first card to closing on one of those properties will take many, many months the way things are set up now. On top of that, i'm sure yoou know by now that these banks do everything possible to ensure the short sale is not successful. If it was me in your situation, I would rather try to work with buyers than do short sales or sign up with some of the companies getting into the approved short sale market. That's going to be the future and it's better to get on the boat now.
Keep in mind my opinions are jaded because I hate non-approved short sales. Good luck
A broker I formerly worked with marketed to the NOD list aggressively and had many folks who would come into the office to do short sales. At the time the banks were not as accommodating but he was getting great results.
Postcards are a waste of money. You need to make your mailing pieces very unique if you want to get them opened. Using odd sized, colored envelopes with handwritten adresses works well. You could also add something of bulk like a penny to the envelope which makes many people curious and therefore, more likely to open the envelope.
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http://www.responsemaker.com/preforclosureleads.html
I spent countless hours researching list companies and these guys came highly recommended. I have now been marketing for 1 1/2 months and have 1 new listing and about 4 possibilities.
The problem with marketing to the NOD list is the people in distress are being bombarded with advertising for help and unless your mail piece really stands out, your letter will go into the trash or into the huge box of unopened mail we are usually handed by a new short sale client when we first meet with them and start asking questions.
To receive the 30 day lists, I had to agree to offer a solution to home owners in trouble, which I am. I always try and help the people stay in their home with a modification attempt as it is so close to a SS package and it gets me in with the negotiator where I can start to work my magic.
Mark
Namneet Dhaliwal
Orange County CA
http://www.namneet.com
Sooo many agents here where I am at, do NOT get ANY extra training and "fly by the seat of their pants".
Thus we have a failure rate for short sale listings of 8 to 9 out of 10.
Keep up the training :)
-Mark
Their website is MailingList.org. Talk to Jeremy there.
Make sure to mail out multiple pieces and don't get discouraged if people don't call right away. Many people wait until they get their NOD and then call.
The key to sending out postcards or something similiar is to be consistent. It takes several attempts for people to repond and that gets costly and takes up a tremendous amount of time that can be spent focusing on shorter term financial success. That whole process from mailing our your first card to closing on one of those properties will take many, many months the way things are set up now. On top of that, i'm sure yoou know by now that these banks do everything possible to ensure the short sale is not successful. If it was me in your situation, I would rather try to work with buyers than do short sales or sign up with some of the companies getting into the approved short sale market. That's going to be the future and it's better to get on the boat now.
Keep in mind my opinions are jaded because I hate non-approved short sales. Good luck
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