After spending a number of months getting very little modification assistance from their lenders, home owners are ready to short sell and move on.
Real estate agents working with these home owners to short sell are getting them sold faster. Today, home owners are looking to avoid foreclosure, and lenders are providing a new level of dedication to clearing their backlog.
To help home owners, our research shows that short sale agents have developed new methods for handling the short sale process and for finding buyers.
1. Home Owner Documents
Real estate agents use document retrieval time as a gauge to which home owners are really serious about short selling.
After the home owner has decided to proceed with a short sale, real estate agents provide the home owner with a short sale document checklist, and in some cases sample letters and fill-in-the blank forms.
Home owners that return the documents within the time specified are put at the top of the agent’s list for key action activities. Getting these documents is part of the key to selling faster.
2. Virtual Follow-up Assistance
Real estate agents optimize their time by having virtual assistants re-submit documents, make calls to confirm that documents have been received, make calls to check on property filings and notices, and to provide status notifications to home owners.
The virtual follow-up assistant frees the agent’s time for finding buyers and handling closings.
3. Community Investors
Real estate agents keep a database of individuals, groups and community development agencies that buy real estate.
There are a number of community development agencies that have received federal funding to improve blighted areas, including both abandon properties and inner cities.
Notification is sent to their database regarding each new short sale property.
4. Co-Op Referrals
Real estate agents let their fellow agents and brokers know that they can have another revenue stream by providing referrals.
In addition, agents connect with professional outside of the real estate industry for referrals. Some of these industries include professionals in hospitality, health care, and storage.
These professionals encounter people who may want to
buy vacation homes, open a new office location, move to better school districts, need more space, want to invest in certain areas, etc.
Key to all of the techniques used by short sale agents is to use a
system that keeps track of client related information, including documents.