Foreclosures, when referring to real estate, has become a huge buzzword. People get the image in their mind of finding a distressed property for pennies on the dollar and selling it for a huge profit. And this really is not a far fetched idea, I have seen many people turn a great profit from purchase foreclosed properties. As far as most buyers are concerned, foreclosed and REO are the same thing in their mind. A property that is being foreclosed becomes and REO if it makes it all the way through the process and the lender take possession.
So you need to cash in on the foreclosure buzz. I have found the single easiest way to do this is to set up a foreclosure list that people can sign up for online. Have a simple 1 page website built with a sign up form that says "sign up here to get the newest foreclosure listings emailed to you they day they come out". Now you will put this website on all of your new advertising. People will go to the site and sign up. You should ask for their name, phone number, and email address. When they sign up, you simply set up a new profile for them on the MLS, and have it send them all the new REO listings on a weekly basis. Most REO listings have specific wording in the comments section, so you should be abel to use this as your search criteria to ensure they only get REO listings.
As your list starts building, you will want to stay in contact with them. I suggest making a phone call right away to anyone that signs up. Simply ask them if there is any additional criteria you can put in to their search. If possible, try to convert them in to a client, or at least set a meeting with them.
Your list of email addresses will become a regular part of your marketing. All of these potential buyers should get occasional emails from you that showcase one of your new listings, or an open house that you will be hosting. Occasionally you will want to just send out an email asking if anyone is looking for anything specific, and if they would like to set an appointment to see some houses.
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