This excerpt is from a Dean Graziosi YouTube seminar segment (Nathan Street) about marketing to banks to source foreclosure/REO properties before they reach realtors. It argues banks currently hold many properties and that approaching banks directly — specifically CFOs, asset managers/controllers, or in small banks the CEO — lets investors access properties earlier, with less competition and potentially better prices.
Hello, my name is Nathan street with the Degraziosi Success Academy. I want to take a moment now and talk about working with and marketing to specifically banks. Now why banks?
Why specifically with that? This is a different aspect of a.
Lot of the other marketings that we look at. We know that banks have properties. We also know that banks have a lot of properties right now in today's.
Market, creating for them a need to.
Get rid of properties.
We also know that if we want.
Property properties, we work with a realtor. But what about the properties that don't really make it to a realtor or that just before a realtor? What about those properties? Those types of properties are open right now for us to come in and get into it before we have a lot of competition.
So we're able to purchase it maybe.
At a better price to work with.
So how do we do it?
What are the particular people that we.
Want to work with within the bank?
Sometimes people think, well, if I'm going to go to a bank, I want to go ahead and I want to go to a teller, I want to go to a loan officer or branch manager. It doesn't really matter because they all know about the bank's foreclosure properties. And in my experience I have found that that is not actually true. The ones that only really know about it outside of a loss mitigation apartment loss mitigation means that they're working with it in a pre foreclosure. But once it transfers from a pre foreclosure to an REO property, what happens? Who's involved with it? At this point there are three main ones that you'll be taking a look.
At for your a cfo, the chief.
Financial officer, an asset manager or asset controller, sometimes as they're called, which are usually directly under the CFO. And then you have CEOs, Chief Executive Officer as you go ahead and you identify that. Usually we try to work with CFOs and asset managers and controllers, but sometimes you work with small enough of a bank that that's not a consideration. So you work with the CEO who usually handles all of that information. But CFOs and asset managers are the ones that make final decisions on REO property acceptance and sale prices. They are also ones that determine whether or not a property is sold before or even during any kind of realtor situation.
So they can show you the properties.
That you can work with really to set that up.
This creates a large possibility. For example, you may have built up rapport with the CFO The CFO just received a property from the foreclosure. They're back at REO now, they own it and they want to get rid of it. So they take that opportunity and they contact you and they say, hey, we've got a property. Its value is $100,000. Please let us know what your offer is on that property. Or they may just simply say, here's the address of the property. Let us know what you can give. We want to get rid of this property as soon as we can. This really creates a large opportunity for you. As you can see, there are many benefits for doing this. Well, how do we market to them? Truthfully, in my opinion, and I will only selectively give one, that would be that you want direct contact with these people. Direct contact would mean that you are working specifically with the bank themselves and meeting them. Now, some of the others you may look at would be email as well. Oftentimes for a CFO or a CEO or those main controllers, they have receptionists. So our first task is actually to build rapport with the receptionist. You may meet with the receptionist, maybe talk to them regularly, let them know that you're looking for an appointment with a CFO and professional. That is a big standard. Keep in mind that when professionals are working on this, they truly are working with professionals. CFOs, CEOs, bank controllers are professionals. So if you go to meet them, you've got to be in a suit or look nice. You've got a shirt, you've got a tie. Very professional. If you're on the phone, the same if you have an appointment, you ought to make sure that you are making that appointment. If not, you're creating for yourself a bad rapport and that will go nowhere for you. Make sure that you go to the appointment, meet with them, talk with them, and see what assets they have, but continue to follow up with them. Get an email if possible and email them, because that is a very common contact for many of these professionals. Now, direct mailing, direct marketing usually doesn't go anywhere. The receptionist funnels it, throws it away and it's gone. So again, direct contact, phone contact, and continual contact will be the best way to work with these types of people. But as you can see, if you can create that and you have a CFO or CEO that's ready to work with you, if you can create that, that creates huge opportunities for you really to show and to give you properties that aren't even on the market, creating large amounts of discounts for you. Keep that in mind and if you work with banks, that will take time. You can create a large opportunity for.
