15 Ways to Generate Motivated Seller Leads: #5

Attorneys may be sharks, but bankruptcy attorneys mean short sale friendly waters.

I recommend that everyone, agent or investor, spend time negotiating with bankruptcy attorneys, trustees, and paralegals in their offices.  Often-times sellers in a distressed situation are also distressed in every party of their financial picture.  They turn to a bankruptcy attorney for a solution.  Unfortunately, those facing foreclosure will only see the process stall, not stop.

If you are in like Flynn with bankruptcy attorneys, they will refer clients who have property to unload to you.  Their endorsed referral boosts your credibility to the seller.   There may be an opportunity to simply list their property for sale or to make an offer as an investor.

We offer to share the attorney’s services with our client list in exchange.  Sellers who are considering the short sale option are often weighing the bankruptcy decision at the same time.  For those that lean that direction, we refer them.

As both an agent and investor, my bankruptcy attorneys are one of my favorite lead sources.  On average, most of their referrals become retail short sale listings.  However, we are fortunate to find that around 20% meet investment criteria.  For those properties we are able to assign a designated agent to the seller and very possibly monetize the lead more than one way.

How do you get started?  Get on the phone!  Certainly by now you are tired of me telling you to pick up the phone.  Solid connections with this type of lead are not going to be made through email.  Always close a good conversation with a locked in appointment.  Face to face time is invaluable.

If you are building a team like suggested in the Flagship System, you can assign this lead generation to your Marketing department.  On our team, our Marketing manager works with team agents to prospect our attorney lists.  I personally, do the face time with the attorneys after the appointment is set.