To help address the serious shortage of inventory in some areas of the country, RealtyTrac has introduced a new tool that can help Realtors and home shoppers identify ‘distressed’ properties using a mix of market data.
In turn, agents and potential buyers can solicit these ‘distressed’ homeowners to determine if and when they might be ready to sell.
The new Seller LeadTrac tool is ‘a unique technology application that screens and sorts millions of properties nationwide,’ RealtyTrac said in a release. The new tool is only available to RealtyTrac Network (RTN) members.
Seller LeadTrac uses a mix of public record data, tax record data, distressed property data, bankruptcy data, for-sale listing data, postal record data and an automated valuation model to identify properties which could soon be up for sale.
RealtyTrac claims the new tool has already identified more than 800,000 properties not presently listed for sale but which are likely to list soon. Approximately 50,000 of these potential leads have already been provided to brokers who are exclusive members of RTN. The other 750,000 are now available to new broker members.
‘When you realize that these properties are owned by homeowners who have defaulted on their mortgages and are extremely motivated sellers you begin to understand the value of Seller LeadTrac,’ said Jamie Moyle, CEO of RealtyTrac. ‘These homeowners need a solution. Most often, they need to sell their home before the bank forecloses on it, which could dramatically impact their future ability to access credit of any kind.’