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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Tags:
open house for bank owned properties
reo homes for sale
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Rainer
88,860
Christine Hynes
American Capital Corporation - Laguna Beach, CA
Orange County Senior Loan Consultant

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!

Feb 25, 2010 02:02 PM #1
Rainer
48,634
Gordon Lane - selling homes in Sacramento and Yolo Counties
Lyon Real Estate - Sacramento, CA

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

Feb 25, 2010 05:43 PM #2
Rainmaker
1,491,619
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Short Sale - CDPE, REDS

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 !

Feb 26, 2010 06:55 AM #3
Rainmaker
665,364
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

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!

 

Feb 26, 2010 11:44 AM #4
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Rainmaker
665,364

Pacita Dimacali

Alameda/Contra Costa Counties CA
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