The title of this article is quite a bold statement, but if you’ll spare me a couple of minutes of your time today, I’ll show you how you can tap into a new real estate niche that most agents don’t have. I don’t know about it. It’s not that they’re not aware of it; it’s just that they haven’t put two and two together.
This new source of Real Estate Leads it could mean another 100 – 600 new and highly motivated Leads (Seller) who are desperate for your professional help. And that’s just for a market of 100,000 homes. Your market could have even more.
Why hasn’t this opportunity been available before?
Well, before now not all parts were available. Today the technology is in place, business in a box turnkey training systems are available and the market for this business is very mature and growing.
Foreclosures will be the next big thing in Real Estate Leads
We are often asked by subscribers to our Coaches Corner{tm} newsletter (more than 350,000) “What will be the next big thing for real estate agents?”
Well, if you were to ask me that specific question about Real Estate Lead Generationwould have to say Foreclosures and Pre-Foreclosures they’re going to be the next big thing for New Generation of Real Estate Leads.
You’ve probably heard by now that real estate foreclosures, according to the US Foreclosure Market Report, are as much as 3.325% (New Hampshire).
Foreclosure Rates Continue to Grow
Recently, USA Today published an article about the fact that 75% of new home mortgages in California are no-document loans (some industry experts call them fake loans). These No Documentation Loans allow the homeowner to use reported income and often allow them to borrow more money at a higher debt-to-income ratio than they traditionally could. Documentless loans have become very common in recent years and are now widely used throughout the country.
In my opinion, most of these lying loans are embryonic real estate foreclosures. It’s likely only a matter of time before homeowners get into trouble and fall into foreclosure.
More than a million real estate foreclosures each year
According to RealtyTrac®, with whom we have established an exclusive partnership, the number of foreclosures will likely exceed 1.2 million this year if we continue at this rate. To read the full May 15, 2007 press release on the RealtyTrac® US Foreclosure Market Report, click here.
What this means for the average real estate agent in a market with 100,000 homes is that about 127 new properties will enter some state of foreclosure each month. Some of the not-so-average counties will see 431 new foreclosures per month for those same 100,000 homes. So that means there will be 14 new real estate foreclosure listings per day for every 100,000 homes.
If you had the home seller’s information in a timely manner and were equipped to handle this specific type of lead, that could mean 100-500 new leads each month in a market with 100,000 homes.
Most Real Estate Agents do not know how to handle Foreclosure prospects and generally view them as junk prospects. So there is very little competition for you in this niche if you become a real estate foreclosure expert.
Combine that with a highly motivated home seller and you have a recipe for lead generation success.
Do you know your state’s foreclosure rate? Yes it is only the national average, will have 1 foreclosure for every 783 homes as a part of the country? How many homes do you have in your market and what does that equate to in foreclosures? A lot no matter where you live!
Foreclosure rates are rising almost everywhere and there are already a huge number of potential clients for you where you live, so take action and equip yourself with as much real estate foreclosure information as possible. The information will help you create a whole new niche in real estate foreclosures in your area and help you grow your real estate business.