How to Make Money with Home Sellers on the Internet

Major Changes In How Real Estate Agents Work With Sellers OnlineThe Times They Are a-Changin”, Bob Dylan was talking about something completely different in 1964 when he penned that clasic tune, but the sentiment applies to modern real estate agents working the Internet for leads.

 Every agent is dealing with either buyers or sellers depending upon their business model, certifications or personal preferences. The two constants in the industry are MLS (Multiple Listing Service) searches for buyers, and CMA’s (Comparative Market Analysis) for sellers. Often times the difference between getting the lead or losing the lead depends upon the way in which your website displays searches or educates sellers on their real home value. Both aspects of the industry are going through major changes and today’s real estate agent needs to stay on top of these changes before their competitors do! Today we will be focussed on home sellers.

Make The Best of Seller Leads After The Foreclosure Nightmare

Not all real estate agents want to focus on sellers. The crash of the housing and lending markets have put many homeowners in a position where they can’t even pay a commission on the sale because their home has been so devalued in today’s market. Home sellers must have an accurate assessment of their property value before they can even begin to seek professional help. Many sellers use websites that follow an AVM (Automatic Evaluation Model) which is out of date and often compiles biased figures based on zip codes not presenting a home’s true value.

Today’s marketplace can’t rely upon data that is even 72 hours old, which is why there is a new standard the RVM (Realtor Evaluation Model). The RVM will appeal to many sellers as it takes into consideration things that an AVM doesn’t. Upgrades to the house that didn’t require a permit or other factors not reflected in public records. The AVM almost always relies upon readily accessible data that may not be up to date. An RVM gets the agent involved in the  evaluation process allowing for current market trends as well as a real outlook on a home’s true value. Visit Realtors Property Resource to get cracking!

Why CMA’s Are Old News And The Real Story Is BPO!

Get Found Now has created a ton of CMA forms for our clients ad nauseum. They gather all the information and ask a lot Why CMA's Are Old News And The Real Story Is BPO!of questions, but the truth is that with CMA,  all that is required is the address. Unless the real estate agent has specific information that is not public record, automated software will produces the same results as a user searched AVM. Realtors do have other data available to them in the BPO (Broker Price Opinion). At one time BPO’s were just data driven reports meant for lenders and a basis for home appraisers. Since the housing market and lendor crash that has led to so many foreclosures, CMA’s are not as powerful as a BPO.

Bank of America has created a software package called Equator that gives real estate pro’s the best information whether it is loan segmentation, short sales, REO’s or straight up information about a property. Right now both Freddie Mac and Fannie May have standard BPO forms! Real estate pro’s looking for sellers have to get involved with this one way or another. The fact is high end sellers are not interested in automated generic reports they can download themselves. By positioning yourselves as experts, the higher end clients will come your way.

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Comments

  1. I have an Equator account but I don’t see any BPO forms there. I’m not sure I understand what you are suggesting agents do to attract sellers.

  2. Jenny, thanks for the question. The main thing that needs to be pushed is the difference between an automated home value report as opposed to one created by a real estate pro. I was saying that Equator gives the info that can create a form, BPO forms can be created on your website.

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