Dream Town
Chicago, IL – Dream Town Realty launched a new sales division this year to help banks move the rising number of real estate-owned (REO) properties off the Chicago housing market. Dream Town's REO Sales Services is offered directly to local banks and lenders in possession of foreclosed homes and short sales. The division specializes in marketing and selling REOs to turn "underperforming assets" into cash for banks and re-introduce tenants and owners to the properties.
Dream Town developed its REO sales division to tackle the mounting number of bank-owned homes, short sales and other distressed properties in the City of Chicago and its suburbs. Increasing inventory of vacant homes has been a major contributor to neighborhood depreciation and home price devaluation across the nation. Areas with a large supply of foreclosures and unoccupied units are suffering from decreased property values and increased risk of blight. Banks often do not have the resources or capacity to effectively market their properties for quick sales, so homes remain empty, adding to the problem. In 2008, instead of getting auctioned off to buyers, nearly 99 percent of foreclosed homes went straight to lenders, according to statistics from Chicago think-tank Woodstock Institute.
"There is a real need in today's market to get REOs sold and get families back into these homes," said VP of Dream Town REO Sales Services Mark Miles. "Banks don't want to rent out the place, so they remain vacant."
To combat the issue, Dream Town approaches REO sales with traditional home marketing techniques, treating each REO property as they would any other listing. The new division markets REO listings on the Dream Town website, sends email blasts to buyers, creates brochures, and utilizes directing mailings.
"We're using the same personal attention and ad campaigns used to sell any house or condo," said Miles. "That's something that isn't being done with most foreclosures. Ask around, the majority of REO listings aren't getting the attention they need to sell, but we are available around the clock to return phone calls and show the property when needed."
The company rolled out their new program to Chicago-area banks in mid-Spring. Services include everything from ensuring properties meet vacant building notification to lawn care and winterizing. Full e-marketing campaigns are launched for each listing and all REOs are advertised on Dream Town's top-ranked website for Chicago real estate (http://www.DreamTown.com).
Additionally, Dream Town's REO specialists work with banks to:
- Determine occupancy and re-key property within 8 hours
- Establish market value and recommended list price
- Provide interior and exterior photos for marketing purposes
- Facilitate cleaning and regular exterior maintenance to preserve curb appeal
- Obtain written bids for all repairs and hire/supervise licensed contractors
- Provide monthly status reports with number of showings
- Manage buyer offers
Since January, Dream Town has been testing the effectiveness of their conventional method for selling "unconventional"
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