There are $1.4 trillion worth of loans coming due from today to 2025.
If I was a commercial real estate agent in this market, here’s what I’d be doing right now.
#1 Prospecting small banks.
Unless the interest rates drop dramatically, the “doom loop” is coming. Consider prospecting small banks and letting them know you have a buyer network that’s hungry for commercial assets. Provide some kind of eBook, video, postcard with QR code, as a leave-behind that they can reference for the future. This might not be a widespread problem today, instead, focus on building rapport over the next year or two.
#2 Create an offer for OREO services.
Put together a clear offer for OREO (Other Real Estate Owned) services.
Included services could look like:
+ Comparable research: Research of similar properties have recently sold for in the area.
+ Broker opinion of value: Fair market value for your property will be researched and determined.
+ Photography: Property will be photographed with a high-end digital camera.
+ Advertising Online: LoopNet, Buildout, CREXi, etc. (and maybe throw in a specialty distressed property site like Real Estate Bees)
+ Brochure: A modern brochure will be created and added to the online directories. (Check out our listing brochure templates.)
+ Email to Buyer Network: An email will be sent to a “Buyer Network” of #### people.
+ Mass Email Blast: Upon request, a public email blast to over 100k emails can be provided. (Use a service like Big Boys Blast.)
+ Press Releases: Upon request, a press release can be created and sent to media outlets. (Use a service like EIN Presswire.)
+ Finalization – Once the property has offers, we will write and negotiate contracts.
“We take over the process of finding buyers, freeing your time and workload.”
#3 Create a leave-behind for the OREO service.
Consider creating either a postcard or a brochure with the basics of your offer and a QR code to your website page with more information. You will need a leave behind, especially if you’re prospecting as a walk-in.
#4 Digital version of the leave-behind.
The more ways you can contact the prospect, the more likely they’ll take notice. Consider also creating the leave behind in a digital version. Just remove the QR code and put a “hot spot link” in the PDF version with a “Click Here” button. The link will bring people to your OREO services website page.
#5 Video explanation.
On your website’s OREO services page, we want to hit them with their number one question, “Why you?” You’re going to explain what makes you different, your process to get distressed properties in front of buyers, how you’re going to handle negotiations, why you’re uniquely suited for the job, and how much easier their lives will be if they outsource this problem to you. Put your video on your OREO services webpage for your prospects.
“But I hate OREO services, they’re so slow!”
I know they’re slow.
Warren Buffet and Charlie Munger, “The buildings don’t go away, but the owners do.” Source.
If you have a waiting list of buyers and zero inventory, this can be the solution you’ve been waiting for.
Your hungry list of buyers will be happy to take distressed properties off the bank’s hands, and the bank will be more than happy to partner with you to make that happen.
It’s a win-win.
Do you need a website to offer your services more easily?
Let’s attract those small banks with a beautiful, lead generating website! I can create an OREO services page for you.
Anyone can create a pretty website, slap buttons on it and call it “lead generating.”
I’m the only one offering the Ultimate CRE Sales Funnel Masterclass to give you strategies on how to drive traffic to your website, create lead magnets that work, and follow-up with your leads on a larger scale.
A website without the ability to bring in leads is jewelry. Pretty, but not useful.
Without a solid marketing strategy, you won’t get long-lasting results, period.
I’m out to take the “broke” out of commercial real estate brokerage.
I want to start with you.
You ready? Schedule a call or zoom.