REO properties are proving to be the true deals in our current market. Why? The banks have already gone through the expensive foreclosure process and are simply looking to get rid of the property; which can be a very good thing for you.
One of the very best resources you can have to help you grow your REO investing business is an experienced REO Realtor. Below are 5 ways you can utilize REO Realtors to help not only grow your REO investing business, but also do a lot of the work for you
REO Hot List
Realtors are a great resource to help you create lead generation tools for your business. One of the very best lead generation magnets for attracting REO buyers is a REO Hot Properties report. Consider this the grand slam of all lead magnets! And one of the greatest things is that most MLS systems; which most Realtors are subscribed too, makes it very easy and almost effortless for them to provide this information to you. And even better, it cost you nothing.
They can simply add an automated search in their account which will send you REO listings each and every day; right when they come on the market. Talk about getting them while they’re hot! All that’s left for you to do is put the properties into a simple weekly or monthly report and your lead generation magnet is ready to go.
Comps
Realtors also have easy access to provide current, up to date comps; which can be very beneficial if you don’t have a service you are using. These services can also prove to be costly as well. Yes, you can get some comparables off free internet sites, but they will not be as accurate or as timely as what your local Realtor resource can provide. If you are doing any level of business or considering doing business, you need to know your areas and values inside and out.
Other Resources
Realtors are also great for providing you additional resources and contacts for your business. Need a good appraiser, they probably have one. Need a good inspector to help you determine the cost estimate to rehab a potential property, they probably have one. And if they don’t, they most likely know someone who does. This can certainly make your life a little easier!
Deal Partnering
Many Realtors and certainly one that is educated and works the REO market, probably is investing in REOs themselves and could turn out to be a good business partner as well. Perhaps you find an REO deal that would make a great rehab but you don’t want to do all the work yourself. Maybe a rehab is a bit much for you to bit off yourself. Well, they could turn out to be the difference maker and even be the missing piece that makes the deal work.
Referrals (Marketing Fee)
When marketing for REO buyers, i.e. building your buyers list, you will come across some buyer leads that you simply have nothing to offer. You could also collect a marketing fee and pass these leads on as well. Just be careful and make sure you know your local laws and that you are following all the rules.
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