Foreclosure Marketing

This is a synopsis of the marketing strategy we use for foreclosures: We customize this plan to fit the needs of the client and the particular property we are dealing with but this is a good outline.

I. Pre-Foreclosure

A. Determine occupancy
1. If vacant
a. make sure property is secure and in compliance with minimum city ordinances.
2. If occupied
a. Take photographs as possible
b. Perform broker price opinion.
c. Check on a weekly basis and report and changes in condition.

II. After Foreclosure

1. Determine occupancy
1. If vacant
a. make sure property is secure and in compliance with minimum city ordinances.
b. update broker price opinion to reflect:
(1) Repairs necessary and costs
(2) Interior Photographs 

2. Listing & Marketing
a. Input into multiple listing services
b. Install sign/eye-catching riders
c. REO advertising in various publications
d. Circulate flyers to area businesses, residents, tenants, brokers
e. Television advertisement on cable channels
f. Exposure to the Internet
g. Broker and public open houses
h. Door knocking

3. Rehabilitation & Maintenance
a. Initiate utilities as appropriate
b. Set-up monthly maintenance
c. Photograph completed repairs, along with invoice

4. If occupied
a. Prepare drive-by broker price opinion with exterior photograph
b. Negotiate the following for possession, as directed:
(1) Cash for keys
(a) Prepare rental agreements (usually only on units)
(1) Manage property
(b) Inspect weekly
(1) Advise seller of any changes
c. Monitor eviction process
(1) Meet authorities for lockout
(2) Re-key and secure property