What is the most effective and fastest way of increasing my short sale listing inventory using ForeclosureRadar.com in 30 days? Please help.
Focus on lenders that you know you can get deals done with. Search by that lender name. Start with properties that only have 1 loan. Sort the list by sale date and look at the one with the farthest out sale date first. Next sort by LTV, and focus on those that are the least upside down.
By focusing on properties in your target area that are likely to close you will stop wasting time on un-closeable deals. You are also far more likely to get the listing when you contact the owner as you’ll be able to talk to their specific situation and show them a ray of hope without having to interogate them.
Sean, Thank you very much for this information. It was very helpful.? Tisha
You are welcome. Don’t forget to check out our short sale report for info on which lenders to focus on.
Sean, ? What do we say to these folks, both at the door and on the phone when first contacting them? ? Thanks for your help. ? Brian
I don’t think scripts work. The key is to find a way to make a personal connection. Could be kids, sports, cars, whatever. Look to see what you have in common. Not to suggest you can just shoot the breeze, you certainly need to let them know your a Realtor, but the faster you can find a personal connection and develop some degree of bonding the better your chances are. ? From there you’ll want to show a combination of expertise and empathy. Let them know you are there because you’ve researched their property and you think its a great candidate for a short sale. Let them know you have zero interest in wasting your time or theirs. Explain how you can help and why it will work in a way that is authoritative, but not condescending.
Sean, that’s a good tip to work on the best leads!! how should we approach first - mail or door knock? how many times do we need to follow up via mail and direct? What’s your success ratio in getting the listing - mail and direct?
I’d probably door knock, but leave behind a hand written note if I didn’t happen to catch them at home. Otherwise hand written letters can be very effective as well. ? If you want to take a more blanket approach automated or pre-printed direct mail can work as well, but you really are playing a volumes game. For example on preforeclosure investing I think you need to mail about 10,000 peices for each home purchased. Probably won’t be nearly that bad if you are looking for shor sale listings, but still, you need to plan to send hundreds if not thousands in order to get a reasonable response.
Sean… I only speak of my own anecdotal experiences about scripts…they work and they work very well for me and my students. What I do agree with you is that nearly all don’t work and are mostly terrible in content and delivery. The exact wording, amount of practice put into 100% memorization, memorizing 3 ways to handle the most common 5 objections is crucial, tone, body language, dress, appearance, something of value to give to owner like information or options, and not assuming the homeowner wants to sell…85% don’t want to sell when you meet them. The script should try show that you will work to get them what they want…then peel away what’s not possible and you leave what is possible…foreclosure or short sale attempt. I nearly meet you at the San Jose Realtor Expo…but the line was too long. If you’re curious to have a conversation about the details of some proven word tracks/scripts…I’d be curious to talk as well.