Are you a REO agent providing minimal information about each bank owned listing? The bank expects you to market each listing as much as possible so the best possible offer is received. You should never look at an REO property as a burden and/or think little effort is required. Remember, each successful sale contributes to the next listing you receive from the REO Company/Bank.
Here are a few tips when listing the REO:
• Take the time to take incredible picture of the property. If the property has been de-trashed after the listing, upload the new pictures to the MLS. Do not leave the garbage-ridden pictures on the MLS or your flyers.
• Take the time to write about the property and its features. There is more to a property besides the standard, "Bank owned, sold as-is, great property." Write about the upgrades, good features, kitchen, amenities, etc. Give the property much needed attention.
• Fill out the square footage and acres if your MLS does not import all of the information from the tax records.
• Make sure your email address and fax is accurate.
• Always list the docs required from the bank in the broker area regarding all offers.
• Create a flyer and upload as an attachment in the MLS.
• Upload the offer instructions and letter of intentions as attachments to the MLS.
• List the property on various FREE websites. It is a good way to obtain buyers and investors for your database and sphere.
• Keep copies (PDF) of all marketing efforts so the banks will know that you are giving your best.
• Schedule showings and obtain feedbacks. You will need this information for the MMRs. If your area does not have a showing system, hire one or hire an assistant that can assist with your showings and feedback collection.
• If you do not have your own website, consider getting a site through Point2 so you can display your REO listings or have a site created.
• Create a network among local agents. Send updated listings to each on a weekly basis. Make sure you have permission. Even though marketing is an effort performed by all agents, I am still amazed at the number that balks when new listing emails are received.
Some of these tips appear as common sense but it is not all common.
Carolyn Dobbs, www.onlinerepa.com | www.reobookkeeper.com | www.point2close.com