Mitch's Blog
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Short Sales
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01/23/2009 10:16 PM
Hi Everyone!
So here I was, at the beginning of this year, a few weeks ago, trying to figure out how to add at least 50 listing sales to my buyers agency. Since we have such a great buyers program, it just makes sense for us to bring on lisings this year. My dilema is, sellers are still not pricing their homes correctly. So what do I do? Today, and I don't know why it took so long, it dawned on me I was going the wrong direction with my listing ideas.
Because we have been on the buyer side of short sales I have been hesitant to get into them. However, today, after brainstorming with the title company next door to my office, I realized that short sales are the best listings of them all. I thought about the benefits:
1. The seller doesn't care what the home lists for or ultimately sells for, as long as they don't have to come to closing with any money.
2. The seller doesn't care about the commission. It's not going to affect their bottom line since they are not getting any money from the house sale.
3. Priced properly, these will sell within a month or two.
Ok, call me dumb, but why did this take so long for me to think of these thoughts? I guess I have been so disheartened from the buyers side, that I blocked out the listing side. In fact, all I did was change the meaning of a short sale from being a pain in the butt to being a great opportunity to sell my goal of 50 listings this year.
Our arrangement is great. We have a title company right next door to my office. We are co-marketing an 8 week postcard campaign to 1,000 homes. Each postcard will be a little different explaining portions of short sales and how we can help ease their pain. We will also be targeting our local database of leads. This title company happens to be experts at short sales and give "over the top" customer service. They are a perfect partner for this venture! If it works with 1,000 homes, we will expand the program to 10,000-20,000 homes.
Recently we also were able to get a customer of ours a loan on a new home even though she went through a short sale two months prior. We are hoping that we can tap into that loan again to offer our displaced short sale customers.
Anyway, I wanted to share this with everyone because I figured if I was thinking this way, others might be also. Or, maybe I'm just a little slower than I thought and I'm the last one to figure it out!
Have a great day and don't hesitate to email or call me with any questions!
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