It’s 2020, and you’ve probably got some really great annual goals for your real estate business. Perhaps you want to double your closings, extend your reach, add another facet to your business, or create a team. You’ve probably heard the old adage (widely attributed to Einstein), “Insanity is doing the same thing over and over again and expecting different results.” To that end, if you expect to make big changes in 2020, you may need to hack your mindset.
Find Leads in the Rain
The best analogy I can find for the lead generation pool is this one: Say that you are with 150 people at a large outdoor event where the sun is shining brightly and everyone is standing out in the sun. Then, all of a sudden it starts pouring rain. All 150 people run under a very small awning. Nobody wants to get wet, and nobody wants to stand in the rain.
Applying this scenario to real estate, the 150 people are your competition and they have all run under the awning (to the typical lead sources where everyone looks for, finds, and identifies leads). What about the leads that may come in the rain—where nobody is looking?
Open houses, online leads, expired, For Sale by Owners are all good lead sources. However, in those areas, each and every agent across the United States has a great deal of competition. So, it is time to consider sources where you do not have as much competition. Grab your umbrella, and start hunting for leads!
Since we are not currently in a Recession, the distressed borrower arena is one such area where there is not a lot of competition—where you can use your umbrella and probably find some great leads. This would be homes currently in foreclosure (with a Notice of Default on file), properties where the borrower on the mortgage has missed a payment or two, and homes with a tax or HOA liens.
Working with a local title company or data specialist, seek out a list of properties in your target area where the borrowers may be in distress and create a marketing plan to support these folks in developing a strategy for dignified exit–if that is what is needed.
Remember that not all properties in distress will result in a short sale. Owners may have equity but cannot afford to make payments. In this case, owners should consider all the options and make the need to speak with an attorney. But, it is important to be mindful of key dates such as foreclosure and auction dates so that an owner does not unknowingly lose his or her home when he could have sold it and recouped the equity.
Working with distressed borrowers? Need support? We can help. Contact the professional team of negotiators and short sale processors at Short Sale Expeditor.