Open house for a bank-owned property? For a separate listing agency?

By
Real Estate Agent with Alain Pinel BRE 01367196

Why not?

In my neck of the woods, it's a seller's market. Inventories are low. Buyers are actively looking. Multiple offers are fairly common because there are fewer properties to show.

Agents who want to use the old-fashioned (and in our area, fairly effective) way of getting prospective clients through open house, here's an idea:

If your agency doesn't have enough listings for you to hold open, then call a reputable REO listing agent and see if you can hold HIS or HER listing open. And yes, you can pick and choose which properties you want.

It can be done and is being done.

One of our agents called an REO listing agent for a truly magnificent property near the beach. The place was mobbed by curious onlookers which included potential buyers. She picked up at least two prospects from the that particular open house.

Another local agent has been doing this for sometime.

It helps forge a relationship with the REO agent, it helps the local agent find new business, and it allows the prospects to view the property on weekend.

Win-win scenario.

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Topic:
ActiveRain Community
Location:
California Alameda County
Groups:
ABC's of Real Estate Marketing
Dedicated Bloggers
Diary of a Realtor
Open Houses
REO
Tags:
open house for bank owned properties
reo homes for sale
open house
alameda realtor
reo open house

Comments 4 New Comment

Rainer
88,760
Christine Hynes
Orange County Senior Loan Consultant
American Capital Corporation

Pacita - Great idea!  I am seeing the same as far as a sellers market here in Orange County!  Still seeing 50 offers or more sometimes!

February 25, 2010 02:02 PM
Rainer
48,966
Gordon Lane - selling homes in Sacramento and Yolo Counties
Lyon Real Estate

Good for the individual agent, not sure how his or her broker will feel about it though...

February 25, 2010 05:43 PM
Rainmaker
1,274,305
Sally K. & David L. Hanson
WI Realtors - Luxury - Short Sale - CDPE, REDS
Keller Williams 414-525-0563

Inventory shortages are not yet an issue here...great idea...we do hold our shorts and bank owned open...we stage....some agents call it "Lipstick on a Pig"...we call it....getting it ready to sell !

February 26, 2010 06:55 AM
Rainmaker
657,393
Pacita Dimacali
Alameda/Contra Costa Counties CA
Alain Pinel

Christine --- creative agents will find creative ways to do business.

Gordon --- I would like to think the the agent's broker will applaud this kind of out-of-the-box thinking that will result in $$$

Sally and David --- I've decorated my fixers, too. Lipstick on a pig works!

 

February 26, 2010 11:44 AM
Rainmaker
657,393

Pacita Dimacali

Alameda/Contra Costa Counties CA
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