Listing REO and Short Sale Properties

If you are one of those excellent agents who is blessed to be on the contact list for a bank that owns properties in your area, chances are that you are so busy you don't know what to do with all those listings! On the flip side, if you are on the list of mediation companies who are mitigating short sales in your area, you are also extremely busy!

Listings can be a profitable venture, or they can be a veritable money pit with no end in sight and a possible loss on your part if not done correctly.

REO properties (aka Bank Owned) are generally a little easier to work with than short sales. By the time a bank owns the property, they have decided they don't want to own it, and have decided exactly how much they want to receive in the form of an offer. They have a dedicated contact and get things done quickly.

Short sales are a little more tricky. They bank has basically agreed to a short sale and a price, however they are not quick to respond when an offer comes through and can take quite some time to put all the wheels in motion when an offer is actually accepted.

Either way, you still have to actually list the property. Generally speaking the average listing could cost you, the Realtor, approximately $500 or more to market. Minor tasks are uploading to MLS, creating flyers, uploading to websites, creating marketing pieces (newspaper, postcards, Homes and Land, etc), and keeping up with the market statistics that need to be sent to the banks monthly to determine how their listings are placed in the market. Then, the property actually has to sell! That's the topic of another blog entirely...

All of this is overwhelming for even the most seasoned agent. Some teams are so overburdened by these basic tasks that nothing else is getting done. Newsletters aren't being mailed regularly, "normal" clients are not being contacted, and basic customer service is suffering.

If you and/or your team are overwhelmed and just can't afford to bring in another staff member, give me a call or send me an email. I can take care of the listing "basics" for you so you can keep giving superior customer service.

Click Here to visit my website and find out more about how I can help you and/or your team. I look forward to talking with you.


"Remember, a real decision is measured by the fact that you've taken new action. If there's no action, you haven't truly decided." ~ Anthony Robbins

Marketing in Today's Market!

Truly, todays market is a bit of a roller coaster for everyone. Buyers, Sellers, Realtors, Lenders, and Investors are all cruising up and down this coaster hoping to get off the ride at some point.

Realtors are having to get very creative just to bring business in the door. Listings are a hot commodity, however they are taking a lot longer to sell (the average short sale takes approximately 6-8 months from start to finish). Commissions are being cut by lenders on "bank owned" properties in order to retain as much of their money as possible.

One of the biggest complaints from Realtors is "How do I market myself and my listings in this crazy market?" Several of the tried and true options are always available: newspaper ads, Real Estate magazine ads, postcards and newsletters. Honestly, how many leads have you obtained from these sources? Statistically, not many. Some of the new methods are: web advertising (CraigsList.com, your own website, property websites, and blogs...just to name a few), e-newsletters/flyers, and TalkingHouse.

If you need help learning about some of the new ways to market properties, feel free to give me a call or send me an email. Let's get those homes sold!!

"Watch, listen, and learn. You can't know it all yourself.. anyone who thinks they do is destined for mediocrity." --Donald Trump