Everyone needs a place to live, and sadly, homes sometimes go into foreclosure. In 2019, one in 1,789 homes were in foreclosure. This means that banks and lenders need services to take care of these properties, including REO properties, which you can provide. REO properties are owned by lenders, and they often need special care to maintain their value. If you have a business that cleans and maintains properties, here are some marketing tips to help you grow, especially in the REO property preservation area. By focusing on this niche, you can become a go-to expert, attracting more business from banks and asset managers.
Register, Register, Register
You know that location is key in real estate. But for your business, registering with banks and lenders is just as vital. Here's what you need to do:
- Your license: Sign up with the county clerk to make sure you're operating legally. This will protect your business and build trust with clients.
- Your business: Join local business groups and networks that deal with REO properties to get your name out there. Networking can lead to valuable referrals and partnerships.
- Insurance: Get liability insurance and find out about other coverage tailored for property preservation. Proper insurance shows clients that you're serious and protects your business from unexpected costs.
Say ‘Yes’ the first time
If a lender or company asks for your help, say yes right away and do a good job: give that company the best service possible, including updates and follow-ups. Being quick to respond can make you stand out in this industry. With REO properties, time is often crucial. A fast response can prevent further damage and reduce costs for your clients, making your service more valuable.
Know your stuff
As you start out and begin to expand your business, you may need to answer questions or take a test to prove you know what you're doing. So be prepared to answer questions or even take a written test to affirm your competency. Stay up to date with the rules for REO properties so you're always ready to do the job right. Regular training and staying informed about industry standards will give you an edge over competitors.
Using the right words on your website can help people find you online. If someone looks for "property preservation companies in Baltimore," you want to show up. Focus your online strategy on REO properties, and connect with other businesses: strengthen your alliances with B2B (business-to-business) marketing of your company and its mission; advertise your services not only to financial institutions, but also materials suppliers and other companies within your industry. Finally, list yourself in the PropertyVendors.com REO Directory to find more customers. Updating your site and social media profiles with helpful information on REO property care will make you stand out.
Social media marketing for your REO business
Most marketers use social media, but many aren't sure which sites work best. Use places like Facebook and Twitter to show people the real side of your company. Share your successes and talk with clients to build trust. Regular updates on REO properties and industry news can keep your audience engaged and coming back for more.
We're surrounded by information today. Share what you know through blogs and videos. Show that you're a leader in property preservation and especially in the REO niche. Offering free advice and insights can demonstrate your expertise and make clients feel more comfortable choosing your services. It might seem like a lot of extra WORK to produce content for free on the side of actually running a business, but believe us, this is a massive investment for your own brand's marketing and will lead to compounded interest in terms of bringing you leads down the line.
Marketing your Property Preservation business
You offer a service that's always in demand. By using these marketing strategies, you can grow your business. Focus on registration, being easy to find online, great customer service, education, social media, and sharing information. Doing all of this can help your property preservation business succeed in a constantly changing market. Your commitment to understanding and specializing in REO properties can make your business the first choice for lenders and asset managers.
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