Distressed Properties & Home Listing Opportunities
Listed below are strategies to either save distressed properties from being foreclosed and / or ways to generate new home listings :
Forbearance agreements : The lender agrees to postpone or delay their foreclosure actions with the delinquent borrower . These foreclosure postponements can last months or years .
Repetition is the key to programming and advertising . The more often that consumers see your ads online and / or in print media , the more likely they will remember you before contacting you for
your services .
Merge print and digital media : The addition of a QR code on a print media design , which readers can scan with their phones prior to them seeing your online home listing or personal website , is an exceptional combination of both print and digital media at the exact same time at a fraction of the cost . There are free or affordable QR sites that will take your websites and convert them into a new QR code ( Adobe , Canva , etc .).
Social Media Marketing Numbers
Numerous published studies note that younger Americans are spending somewhere between 4.8 and 6 + hours on social media and a grand total of closer to 9 to 11 + hours on all types of media ( gaming , television , movies , videos , etc .) every single day . If you want to reach your target audience for young firsttime home buyers and older prospects , they ’ re found online .
With firstclass stamps reaching 68 cents in January 2024 ( 3rd increase in a year ; it ’ s rumored to rise to 70 cents in July ‘ 24 ), digital media ads may be more affordable and effective than print media .
Top 10 Social Media Apps ( October ‘ 23 )
1 . Facebook : 3 billion ( monthly active users ) 2 . YouTube : 2.5 billion 3 . Instagram : 2 billion 4 . TikTok : 1.2 billion 5 . Snapchat : 750 million 6 . X ( Twitter ): 541 million 7 . Pinterest : 465 million 8 . Reddit : 430 million 9 . LinkedIn : 350 million 10 . Threads : 100 million
The flip side of this print vs . digital media debate is that you will probably have much less competition this year when mailing letters and postcards because of the high postage costs . Will this translate to a much higher rate of response from your target audience ? Please share with me later this year about which marketing strategies are working and which ones aren ’ t as effective so that we can learn together .
Forbearance moratorium expirations : The Covid19 FHA forbearance moratoriums ended on November 30 , 2023 , which may affect millions of distressed FHA borrowers who haven ’ t made a payment for upwards of 3 + years . The VA moratoriums were extended until May 31 , 2024 , partly since the federal government probably didn ’ t want too many distressed home listings hitting the market at the same time . Please consider sending mailings out to both FHA and VA borrowers .
Loan modification : The lender or mortgage service company agrees to reduce the existing interest rate and / or monthly payment so that the loan is more affordable as a way to avoid foreclosure .
The lender agrees with the borrower ’ s request to delay their delinquent payments until a future date . The late payments and penalties are added years later when the loan becomes due .
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