Here's why:
As former bankers, we created FIZoom to enhance and expand every financial institutions' REO marketing efforts of Commercial and Residential properties. FIZoom only posts Bank and Credit Union Owned Properties so REOs aren't buried in sites that encompass all properties for sale. Most importantly, FIZoom encourages management to do what they believe is best for their markets. FIZoom simply attracts more potential buyers to either work with a financial institution directly or through its Realtors or brokers.FiZoom's fee structure is insignificant as compared to traditional commissions.
FIZoom's Specific Benefits for Financial Institutions and Buyers
For FIs, FIZoom:
- Only posts FI REO properties, thereby eliminating a Needle in the Haystack conundrum when all properties are lumped together
- Charges a small monthly fee and does not participate in commissions if FIs choose to use Realtors or Brokers
- Immediately notifies FIs of every Request for Additional Information
- Provides monthly reports of Hits and Requests for Additional Information by property
- Allows FIs to remain anonymous until the FI (or its Realtor) decides to do so
For Buyers, FIZoom:
- Has no fees or registration requirements
- Allows buyers to see more properties without trying to find a bank or work through Realtors until they decide to do so
- Creates buyer specific bundles of properties, regardless of whether they are Sell It Yourself and Realtor listings for future reference
- Allows the buyers to remain anonymous until they make a Request for Additional Information
FIZoom redefines the way REO properties are marketed.
A Little Background
First, historically, the sale of REO was an occasional nuisance for bankers. Nationwide, for example, in the 1st Quarter of 2007, all FDIC insured Banks held $7 billion in REO and gained $3 million on the sale of REOs for the same period. Bankers routinely used local Realtors to market their properties as their primary disposition strategy with the assumption that REO would sell quickly with little additional losses. Flash forward to 2011 and REOs exceed $51 billion and banks are experiencing $1 billion in Losses on REO Sales per quarter. The traditional methods used through 2007 to market REOs has overwhelmed the depressed real estate market, thereby lengthening the carrying period for REO and increasing expenses until the properties are finally sold.
Secondly, the exponential growth of the Internet has created a new approach to bringing buyers and sellers together. Internet users (buyers) are doing their own research and clearly indicating traditional methods of selling products and services are not the solution. Realtor industry seeks to maintain their dominance in marketing REO, and their current websites, built on “Realtor” platforms, exclude any possibility of direct sales by banks. Current “Realtor” websites require potential buyers to register and often require monthly access fees. This contrasts sharply with the typical Internet users’ abhorrence of such impediments. Also, many serious buyers desire anonymity.
For more information, please contact us at mark@FIZoom.net.
