Commentary by Andrew Goodwin
RISMEDIA, July 18, 2011—The National Association of REALTORS® (NAR)’s recent report shows that a typical REALTOR® had eight transactions in 2010. It is no secret that every real estate professional can use more business. Can foreclosures help boost your business volume?
Foreclosures as Mainstream Options for Homebuyers
There are many markets throughout the country where foreclosures represent 10-20% of homes for sale and 30-40% of homes being sold. Add to this the millions of homes that are still in “shadow inventory,” and it is clear that foreclosures have evolved into mainstay option for home buyers for the foreseeable future. More than ever, homebuyers see foreclosure listings as a category they must include in their search for the best home at the best price.
Some indicators that the market is embracing foreclosures as a viable option for homebuyers include:
1. Top real estate websites, such as Zillow, Trulia, Realtor.com and Homes.com now feature foreclosure as a main category
2. Foreclosure-focused sites, such as our RealtyStore.com, are seeing higher traffic volume and buyer engagement than ever. This resulted in RealtyStore.com earning a spot as a Top 20 Hitwise website in real estate.
Your clients are probably asking you about foreclosures as well.
Are Foreclosure Buyers Better Buyers?
At RealtyStore.com, we attract a large number of “value” buyers. Over 1 million visitors and many fee-paying customers conduct millions of property searches on RealtyStore.com every month, according to our data. Our surveys reveal that clearly, these buyers are motivated, focused and engaged at a high level.
Foreclosure Buyers Need Guidance
Buyers using foreclosure search sites are proactive home buyers. They are serious enough to pay to see hard-to-find, great real estate deals. While highly proactive, they ultimately need help from local real estate agents who have the experience necessary to navigate the marketplace.
At RealtyStore.com, we created RealtyStore Pro to address that need. For $9.95 per Zip Code per month, RealtyStore Pro provides a channel for real estate professionals to connect with home buyers who seek their services in their local markets. Buyers find agents as they search properties (as seen below), review property details or read blog postings.
Leveraging Interest in Foreclosures is a Must
A buyer’s initial interest in foreclosures can initiate discussions about buying the best values in your market today.
Just as foreclosures have become a mainstay option for home buyers, advertising with foreclosure-focused websites, such as RealtyStore.com, should be a mainstay promotional tool for real estate professionals.
Visit RealtyStore Pro for more details.
Andrew Goodwin is senior editor at RealtyStore.com.
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