REOPro - Real Estate Default Professionals

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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!


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Let us know how it goes. I had sent out 250-300 postcards and didn't hear a peep. I hear success stories from others, please keep us posted!
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.
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.
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
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 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.
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
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.

Keep up the training :)

Well.... we are on the same track!!--In Florida, our tax roll states whether or not the property is currently under foreclosure. I handpicked suitable properties that are in lis pendsss... I created a postcard online and I've planned to send out 500 per month for 3-4 months ( to the same families)... Will let you know how I do. There were so many addresses to chose from... so many potential short sales, I was shocked. None-the-less.... alot of people do just walk away.....will keep everyone posted!!
Good LUCK with your program Mark!!
Regards, Rose
Hi Rose, here is how I mail to my lists. After reading countless courses on direct marketing here is what I have come up with.

I purchased 3000 leads from the company I just mentioned on the post below this one. I receive 500 per month for 6 months (I am in Phoenix and there are only about 1200 (30 day lates) in the entire metro area so I figured this was enough)

Anyways, I first send a cheap postcard using to "Wash" the list. The cards that are returned I remove from the list then 3 weeks later I send the list a letter with a stamp. I am going to do this every 3 weeks until day 120.

One idea of thought is, if market to them early, and they keep seeing your name, when they are ready to do something odds are they will contact you.

Many direct marketing "gurus" say that the 4th letter is when your phone will ring. I know it sounds crazy, but my second mailing to first 500 people poroduced 4 more calls than mailing #1.

Food for thought.

I was doing REOs like crazy but they are holding back the homes now or something and I am only getting 1 or 2 listings every 3 months instead of 5 a month, 8 months ago.

We gotta keep busy :)

Hi Mark, thanks for the reply. I use Response Makers LLC,

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 too am a listing agent and have always had good responses from mailings. I mail postcards, much cheaper and do they do not have to open an enevelope to see your message... as I say, sometimes your message might be read by them as they are tossing in circular file. Having a genuine, unique, "non canned" message to prospective seller I think is key. Do not send for delivery on junk mail Wednesday. I have also just started marketing for shorty's. Good luck to you, keep us posted on your success with your target list.
Is there anything in particular you say in the letter or postcards to grab the receivers attention? I do have a one page letter, that I am willing to share but I am not sure if I am on the right track.


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