It’s no secret that pre-foreclosure leads can be a great source of business for many real estate businesses. Homes in pre-foreclosure are already in financial distress and could be late on mortgage payments. In these cases, the homeowners are often looking for a saving-grace-solution.
That’s where you come in.
Savvy short-sale agents love pre-foreclosure leads. They know the ins and outs of working this type of lead. Knowing the secrets of the trade can help take your agency to the next level.
1. You have less competition
Real estate agents have a tendency to circle the lifeless corpses around low quality internet leads. They fight like vultures to obtain some scrap of business, all the while ignoring the fact that there are pre-foreclosure leads that are wide open. While mailers and phone calls can be very effective, they lose their potency with each competitor’s efforts. Because fewer real estate agents are on the lookout for properties in pre-foreclosure, you have a clearer, quieter channel of communication.
2. Homeowners aren’t always residents
It is not uncommon in pre-foreclosure cases that the home is being used as a rental property. This means that sending your contact information to the property in question is often ineffective. Chances are your mailers will go to non-paying tenants or even an overstuffed mailbox as a result of prolonged vacancy. The trick is to dig just a little deeper. When looking over your list of leads, look closely for properties with a tax-associated mailing address that is different than the property address. Then, direct your marketing efforts to the mailing address, where it is far more likely to reach the right audience.
3. Sellers have more motivation
In pre-foreclosure cases, you’re not dealing with homeowners who want to hold out for the highest bid or who take their time through the sale process. These people need a quick fix, and they need it now.
You, as an expert in the field of real estate, are essentially a protective guide through the foreclosure process. Homeowners in pre-foreclosure will be desperately looking to you for answers. Do we sell? Do we refinance? You’re the expert, steer the way through the deal.
Ready to take on the world of pre-foreclosures? Take a look at how REDX can simplify the process of finding and communicating with these leads by visiting our website.