Market forces are bringing more and more short sale listing opportunities your way. Want to verify this? Just open up MLS and search the number of short sales currently pending. You will note the steady increase in that type of housing inventory. This is a real trend and is likely to accelerate as the market continues to evolve.
The first step in getting more short sale listings is to make sure you have a good understanding of how they work. Review our web page and our blog posts. You do NOT have to be an expert on all short sale issues – just be conversant with them. You should then make sure that you have a partner ready to stand by you, helping you efficiently and successfully navigate this world. That partner is Percy Law Group, PC. We’re here for you. We’ll stay focused on you, your needs and your transactions, all the way from getting that listing to closing the deal. We help a long list of agents; let us help you.
Once you feel confident and knowledgeable in the short sale process, you are now ready to market your services. The first group to market yourself to are property owners. There are a variety of ways to identify and approach those most in need of your help.
First, use the MLS to see what short sale listings are about to expire and direct your efforts there. Second, research the Registry of Deeds records to identify which property owners have received the foreclosure order of notice, sometimes called the Soldier and Sailor Act notice here in Massachusetts.
Once you have the names and numbers of these folks, you can approach them in a variety of ways. I advise that you consider going to homes and knocking on doors. There are issues with this of course, but if you have good people skills and a fair amount of patience and empathy, this can be the most successful approach.
Direct mail can also be most effective in getting short sale listings. Postcards work much better than letters and one mailing is not enough. You need to mail a postcard at least 3 times to the same home over a 3-month period. The content of the card is a matter of personal taste, but I do recommend highlighting that the owner has options and that undertaking a short sale is almost certainly the best option available.
When it comes to solving a homeowner’s problem, they are typically looking for solutions, outcomes, results, and benefits. Whether you mail a postcard to them or meet with them, make sure you leave them with validation resources so that they feel like hiring you is the best way for them to solve their problem. There are lots of folks who need help and are walking silently into the darkness. Always keep this in mind when dealing with these homeowners.
A second group to market your short sale services to is other agents. When you network with other agents, inform them that you are highly successful in getting short sales efficiently and successfully closed and that you eagerly hope to list and close their short sales for them. Let them know what kind of referral you're offering for it. You will quickly find that most agents do not want to do short sales themselves. Before you know it, you may become their new point of contact and their "Short Sale Specialist".
A third group to market to is property investors. Short sale investors who are being proactive and finding their deals before the foreclosure process starts will usually have the most need for your services. These investors often do a lot of the footwork for you, thereby making your job easier. A real bonus is getting the listing when the short sale property is then flipped. In this arrangement, I always agree to pay a discounted commission. Once the property is re-listed, it typically sells quicker than the average listing; mainly because it is sold below market value, which makes it an excellent purchase for another investor or a homebuyer looking for a steal of a deal.
The Bottom Line
The Short Sale Team at Percy Law Group, PC is simply the best at getting short sale approvals in the least amount of time. Short sales benefit all the parties involved, including the lender, neighborhood and local economy. A property continues to be maintained and presented well during a short sale. Lenders also avoid the lengthy and costly foreclosure process. Property owners move on with their financial lives with no property debt and keep foreclosures off their credit reports, while buyers may be able to purchase properties at reduced prices.
Contact our Short Sale Team in 2017 to better understand short sales in Massachusetts and Rhode Island. Rest assured that our experienced and highly successful short sale professionals will stay focused on you, your case and your results.