Marketing yourself and your real estate business needs to be a daily activity.  Taking advantage of good real estate comps to make good deals that you are able to market is the first step.  Daily marketing is a way of getting to know as many people as possible so that you can do business with them.

Social networking is one of the best ways to attract new people. Sites such as Facebook, Ning and even MySpace can give you access to people you may never have met otherwise. Also look at Craigslist as a place to connect with new clients and prospects.  Why don’t you make this year the year you start a blog, if you don’t have one already. Just posting twice a week can make a huge difference in how many people find you. Even if you don’t feel like you’re a writer, give blogging a try and see what happens.

Look for opportunities to connect with people in your community through service organizations. You could join your local Rotary Club and Elks Lodge and make business contacts through the members there on a regular basis.

These are just a few of the ways to use marketing in your real estate business. I invite you to find out more about how you can promote yourself and your business.

Hey Guys,  I came across this little blurb from HousingWire about the current state of REO properties….although it is kinda short it’s chopped full of info that I wanted to share!

Always stay in the know!

MJ

If you have bought a foreclosed home, you were wise to take advantage of the oversupply in houses that are available in the market. And if you used real estate comps prior to purchase to determine your offer price, then you likely got a great deal.  Now you are probably wondering how on earth you will be able to improve the condition of your purchase, given the amount of rehab work it may need.

After you have made sure that the house has been cleared of outstanding liens and judgments, you may need to double-check its structural condition and see if it would pass the local safety building standards. If you have not done this before you submitted your offer for the house, now is the time to do that. This would give you a picture of how big or simple the renovation works will be. 

Before starting the actual work

In most cases with foreclosed homes for sale, there are many major repair projects to be done, especially in the structure or the foundation of the houses.  Call to have the property inspected to find out if this is the case. The inspectors can even give you an idea how much the repairs would cost you.

When choosing the contractors who would do the repairs, you have to establish with them that you would be on the job site to monitor the work. Don’t feel bad if they think that you do not trust them. As the owner of the house, you have a right to make sure that everything is done well.

Managing your time and money

Ask the contractors the schedule and the step-by-step work to be done so that you will know what to monitor on what day. This also assures you that the job will be finished on time. You will also be able to know how much money you need to hand over to the contractors upon your agreed timetable. This way you would be able to keep tabs on your expenses.

To make purchases of foreclosed homes for sale worth your while, always keep an account of repairs and expenses, so you can calculate your profit.   That way, you will be able to make sure that the price you paid for your foreclosure is not over what you will pay for a brand new one!