How Any Real Estate Agent Can Generate New Leads And Listings From Foreclosures
The title of this article is a pretty bold statement, but if you’ll spare me a couple of minutes of your time today, I’ll show you how you can tap into a new real estate niche that most agents don’t have. I don’t know about it. It’s not that they’re not aware of it; it’s just that they haven’t put two and two together.
This new source Real Estate Leads could mean another 100 – 600 highly motivated new Leads (Seller) who are desperate for your professional help. And that’s just for a market of 100,000 homes. Your market could have even more.
Why hasn’t this opportunity been available before?
Well, before now not all parts were available. Today, the technology is in place, business-in-a-box turnkey training systems are available, and the market for this business is very mature and growing.
Foreclosures will be the next big thing in Real Estate Leads
Our Coaches Corner{tm} newsletter subscribers (over 350,000) often ask us, “What’s the next big thing for realtors?”
Well, if you were to ask me that specific question about Real Estate Lead Generationi would have to say Foreclosures and Pre-Foreclosures are going to be the next big thing for New Generation of Real Estate Leads.
You’ve probably already heard that real estate foreclosures, according to the US Foreclosure Market Report, are as high as 3,325% (New Hampshire).
Foreclosure rates continue to grow
USA Today recently published an article about the fact that 75% of new home mortgages in California are undocumented loans (some industry insiders call them phony loans). These Undocumented Loans allow the homeowner to use declared income and often allow them to borrow more money with a higher debt-to-income ratio than they traditionally could. Documentless loans have become very prevalent in recent years and are now widely used across the country.
In my opinion, most of these lying loans are embryonic real estate foreclosures. It’s likely only a matter of time before homeowners run into trouble and face foreclosure.
Over a million real estate foreclosures each year
According to RealtyTrac®, with whom we have established an exclusive partnership, the number of foreclosures will likely exceed 1.2 million this year if we continue at this rate. To read the full press release for the May 15, 2007 RealtyTrac® US Foreclosure Market Report, click here.
What this means for the average realtor in a market with 100,000 homes is that about 127 new properties will enter some state of foreclosure per month. Some of the not-so-average counties will see 431 new foreclosures per month for those same 100,000 households. So that means there will be 14 new real estate foreclosure listings per day for every 100,000 households.
If you had the home seller’s information in a timely manner and were equipped to handle this specific type of lead, it could mean 100-500 new leads each month in a market with 100,000 homes.
Most Real Estate Agents don’t know how to handle Foreclosure prospects and generally view them as junk prospects. So there is very little competition for you in this niche if you become a real estate foreclosure expert.
Combine that with a highly motivated home seller and you have a recipe for lead generation success.
Do you know the foreclosure rate in your state? Yes it is only the national average, will have 1 foreclosure for every 783 homes as a part of the country? How many homes do you have in your market and what does that equal in foreclosures? A lot no matter where you live!
Foreclosure rates are growing almost everywhere and there are already a huge number of potential clients for you where you live, so take action and equip yourself with as much real estate foreclosure information as possible. The information will help you create a whole new niche in real estate foreclosures in your area and help you grow your real estate business.