How Do I Market Short Sales?

In Week Three of our Short Sale Series, we take a look at the question that plagues many REALTORS: How do I market short sales? Wendy Shaw of The Russell Shaw Group gives some firsthand advice.

Marketing Short Sales:
Looking for a secret recipe for marketing success? You’re out of luck. Think back to what you did to bring in traditional sellers. Do the same! You can choose to market, prospect or a combination of both. What does this mean? Marketing means getting your name out there and drawing the sellers to you. Prospecting is reaching out to the customer. Shaw recommends a platform where you employ marketing backed by prospecting for the best results. Marketing tools she has personally found to be effective -

• Short sale seminars: For sellers to even show up shows a level of commitment. Take advantage of this to feel out the possibility for a relationship, the level of commitment and then educate.

• Education: It can’t be stressed enough how important it is to educate your client. A shockingly high number of those who foreclose have not even spoken to an agent. Sellers don’t know their options. They don’t know what programs are available. This is where REALTORS come into play. REO agents MUST diversify their marketing efforts as it was discussed at the December Fannie and Freddie Panel at REOMAC that 50% of consumers default without ever talking to mortgage servicer. And about 60% of homeowners get foreclosed without even talking to REALTOR”.

• Educate, educate, educate!