by Short sales are a huge portion of the market. With many sellers running into challenges from job loss to adjustable rate mortgages there are many homeowners in need of help and they don’t know where to turn.
To reach these homeowners requires the right strategy and tactics and unfortunately many real estate agents make tragic mistakes that prevent them from reaching the home owners who need the most help.
Consider avoiding the following pitfalls when you are pursuing short sale homeowners.
- No marketing message – A marketing message gives a seller prospect a clear and concise reason to pick up the phone and call you for help. Short sale homeowners are in a totally different place than most people and as a result they need a marketing message that speaks to them. Most agents start targeting sellers with no thought of “why” a homeowner should call them. If you think someone should call you because you are “honest” and “helpful” then you won’t be getting any calls.
- Not mailing enough – Sending 100 pieces of mail and then complaining that you didn’t get any calls won’t get you to the level of taking 10 or 20 listings monthly. To take enough short sale listings it is imperative to mail consistently and to enough people so you can see if your mailings are working. Consider sending a minimum of 500 pieces and have a plan that spans at least 6-12 different mail pieces for those 500 people. That will give you an idea of if your marketing is working.
- Not sending a variety of mailings – Each market is different and sellers in your area may be more responsive to postcards or letters, but you won’t know until you test. Finding out what your market will respond to requires sending both powerful postcards and letters. Track when you send each mail piece to find out where you can get the biggest results.
- Not having a dedicated website – Many agents send powerful direct mail and even have great pay per click campaigns with traffic being sent to a generic real estate site. This results in lackluster results and most agents scratching their heads to find out what is going wrong. Consider having a focused website that speaks to the challenges of a short sale prospect.
- Lack of follow up – Calling or emailing a prospect one time won’t cut it. Follow up should be consistent and automatic to ensure that you give prospects the best opportunity to reach you. For example a simple email follow up should last a minimum of 45 days to get the most from your marketing.
- Not defining a process for the prospects – Many agents feel that a seller understands the short sale process; however, they really don’t! Consider defining the process for sellers so they have an understanding of what will happen and how you can help them.
- Not targeting the right list – Trying to find “free lists” or sending short sale letters to “expired sellers” isn’t going to cut it. It is important to find a source for fresh prospects where you can readily get 30, 60, and 90 day late prospects.
- Thinking a certification helps – Certifications can be great; however, they don’t get you more business. There are many “national” associations that sell you a certification and then leave you on your own to get business. A certification can help separate you from your competition but it won’t bring the sellers to pick up the phone.
- Using the wrong scripts – Short sale sellers are in a tough position. Should you say the wrong phrases you could easily send a great seller running for help. Instead of trying to sell yourself, consider asking a detailed series of questions so a seller can see how you can help them.
- Not sticking with it – Whether you are sending out postcards, letters, or even doing pay per click there is a good chance your marketing plan might not generate a listing in week 1. Give your marketing plan an opportunity to succeed by letting it run for 60-90 days.
When you can avoid these top mistakes you will give yourself the best opportunity to take short sales monthly. You won’t be able to avoid every mistake; however, just knowing the above and putting a plan in action to get around them will keep you ahead of your competition and taking short sale listings quickly.
