Some areas of the country have been experiencing a minor real estate boom. Suddenly, properties are being sold almost as fast as they are listed, and buyers are finding themselves in bidding wars, with prices sometimes rising well above asking price. Buyer’s agents are left scrambling to find properties for their buyers, and listing agents are enjoying spending more time sifting through offers than marketing the property.
In these areas of the country, the industry seems to once again be changing, and it’s time for agents to once again change with it, and start looking at new avenues in which to help elevate their business. As such, one avenue to look into at this time is the use of pre-list.
A pre-list is a property—owned by a lender or bank—that has been assigned to an agent, but is not yet published on MLS or other property search websites, as it is currently in the pre-marketing stage. Typically, these pre-listed properties are shared within offices, but can also be found in some online databases, ultimately creating lists that can be shared with buyers, investors and their agents. One note of caution though: before sharing any pre-list properties, it is always wise to discuss doing so with your client/asset manager to ensure they permit this type of marketing.
So why is this notion of a pre-listed property something that agents should take a deeper look at during this next phase in our industry? Because pre-list properties offer benefits for both sides of the transaction—not only the listing side, but the buyer side as well. Here are a few advantages a pre-list provides to both listing agents and buyer’s agents.
Listing Agent Advantages:
• Decrease your days on market by marketing early. This way, you’ll have viable offers ready to present to the bank/lender as soon as the property goes to active status.
• Look like a true professional to asset managers, banks and sellers by selling properties faster. The better you look to them, the better your chances of getting repeat business.
• Build a strong rapport with investors, and help them find the property they need.
Buyer Agent Advantages:
• Access inventory that the general public cannot see, enabling your buyers to have the “first look” at properties that will soon be hitting the market.
• Build good relationships with powerful REO listing agents and help them sell their inventory.
• Get your buyers access to the best deals before they ever hit the market.
• Become a true expert in your geographic area by having insider knowledge of your area’s “shadow inventory.”
While there are some situations where pre-list is not an option for a property or an advantage in an agent’s business, many times, this could be the option that elevates an agent’s business.
Pauline Perenack is the marketing manager of RES.NET.
For more information, visit www.res.net.