In the world of real estate, particularly in the realm of selling foreclosure homes, every advantage counts. For REO (Real Estate Owned) agents tasked with selling distressed properties, finding innovative ways to attract buyers and streamline the sales process is key to success. G. Brian Davis from SparkRental.com distinguishes 9 types of distressed properties:
- Short Sales
- Pre-foreclosures
- Foreclosure Auctions
- Bank-Owned REOs
- Government-Owned REOs
- Tax Sales
- Tax Liens
- Divorces
- Abandoned or Neglected Properties
To expedite the sale of your distressed property, various sources recommend adopting an assertive marketing strategy. Usually blog articles and coaches advise REO agents to utilize multiple listing services, social media platforms, and various marketing channels to amplify visibility and reach prospective buyers. However, rarely they explain exact strategies. In this article, we’ll explore some outside-of-the-box strategies that any REO agent can implement for their next listings:
Enhanced Property Presentation on MLSs and other platforms
First impressions matter, especially in real estate. When potential buyers browse listings online, they’re drawn to properties that provide comprehensive information and a clear understanding of the layout. Including a floor plan alongside listing photos and descriptions significantly enhances the property presentation. A professional 2D floor plan gives buyers a visual representation of the property’s layout, helping them envision themselves living in the space. More than 50 MLSs in the US partnered with CubiCasa to provide their subscribers free listing floor plans that can be created from a mobile scan. Anyone with an iOS or Android device has the possibility to scan the property and receive a beautiful floor plan with room dimensions.
For foreclosure homes, which may require renovation or remodeling, a floor plan can be instrumental in showcasing the property’s potential. It allows buyers to visualize how they can optimize the layout and make the space their own, ultimately increasing their interest in the property.
Increase Transparency by presenting unique property data
One of the challenges REO agents face when selling foreclosure homes is addressing potential buyers’ concerns about the property’s condition and layout. By providing a detailed floor plan, agents can offer transparency and accuracy regarding the property’s dimensions, room sizes, and overall layout. This transparency builds trust with buyers and reduces the likelihood of surprises during property viewings or inspections.
Additionally, a professionally drafted floor plan helps mitigate misunderstandings or discrepancies between the property’s description and its actual layout. This ensures that buyers have realistic expectations and fosters a smoother transaction process.
Virtual Renders and Marketing Opportunities
In today’s digital age, buyers increasingly rely on online platforms and virtual tools to explore properties remotely. 3D video renderings and 3D floor plans offer an immersive experience for prospective buyers. From a 5-minute scan, REO agents can generate walkthroughs that highlight key features and spatial relationships within the property.
Furthermore, floor plans and video walkthroughs serve as valuable marketing assets across various channels, including listing websites, social media platforms, and promotional materials. They differentiate listings from competitors and attract buyers seeking detailed property information. In fact, if you create the floor plans and 3D video renders from this app, you can easily upload them on your social media channels too. The best part, you only need 5 minutes to scan the property that will allow you to order free 2D floor plans and 3D products (such as 3D floor plans and 3D video renders). Video renders are available in both landscape or vertical formats and are widely used when promoting empty, cluttered, in-construction or tenant-occupied properties. These use cases are common due to the fact that the technology is virtually staging the entire walkthrough video, no extra editing needed from your side.
Showcase your buyers the potential of the property. Streamlined Renovation and Design Processes
Foreclosure homes often require renovations or updates to increase their market appeal and value. Floor plans serve as blueprints for renovation projects, guiding contractors and designers in optimizing the space effectively. REO agents can leverage floor plans and 3D video renders to communicate renovation ideas to potential buyers, showcasing the property’s transformation potential and inspiring confidence in their investment.
Moreover, floor plans facilitate the planning and execution of home staging, allowing agents to showcase the property in its best light during showings and open houses. A well-staged home, coupled with an informative floor plan, creates a memorable impression on buyers and increases the likelihood of offers.
Closing Thoughts
In the competitive real estate market, REO agents must leverage every available resource to effectively market and sell foreclosure homes. Floor plans offer a multitude of benefits, from enhancing property presentation and transparency to streamlining renovation processes and marketing efforts. By incorporating floor plans and renders into their marketing strategies, REO agents can attract more qualified buyers, expedite the sales process, and ultimately achieve successful transactions.
In this blog post, we explored various tools & tips on how agents can revolutionize the way they sell foreclosure homes. If you are an appraiser, broker, or real estate agent: reveal your REO expertise to the world by joining the REO Network broker list and boost your visibility. You can also join the Premium Partners program for the following benefits: prioritized list appearance when lenders search in your area and dedicated spot on the map.
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