Industry NewsNews Brief

Don’t miss your real estate niche

Plenty of time to tap into REO, short-sale market

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During the first quarter of this year, 46 percent of the homes sold in San Diego County were distressed properties, making involvement with REO (bank-owned) and short-sale properties an obvious choice for an agent looking to succeed. "If you're not working in the distressed part of the marketplace, you're perhaps missing a once-in-a-lifetime opportunity," said Rick Sharga, senior vice president of foreclosure data company RealtyTrac, explaining that in San Diego County REO sales and short sales each accounted for 23 percent of all first-quarter sales -- with average discounts of 24 percent to 30 percent per distressed property. Because of the volume of REOs and short sales in San Diego County, a slew of agents have immersed themselves in the distressed property arena. This large pool of real estate professionals vying for the same property types means an individual agent's ability to create a viable niche and marketing strategy is vital to success, Sharga sugg...