(update 1: corrected earlier reference to ForeclosurePoint offering "bank-owned property listings.")
ForeclosurePoint, a foreclosure information service that competes in the crowded foreclosure and property data aggregation space, said last week that it had launched a property search tool
designed to deliver leads to local brokers and agents responsible for selling REO and related properties.
The tool, called BrokerOffice, provides a complete and localized property search tool that brokers and agents can utilize on their own Web sites. Searching is free, with agents collecting referrals from people interested in pursuing a purchase of a given listing.
ForeclosurePoint said that its BrokerOffice offering is the only product available to real estate brokers and agents that displays listings, including property addresses, directly on agency websites.
The move is a strategic one for a company attempting to make a dent in the crowded foreclosure listing marketplace. ForeclosurePoint competes with other national listing services, including RealtyTrac and Foreclosure.com -- both of which are heavily invested into lead generation for REO agents and brokers, but do not heavily market a private-label search solution to listing agents.
"Opportunities abound for real estate professionals and buyers to profit from foreclosure properties, but until now the market has been largely closed to all but a few dedicated players," said Chris Matty, ForeclosurePoint's chief marketing officer.
"BrokerOffice turns real estate professionals into foreclosure experts, and allows them to monetize the foreclosure market right from their websites, with detailed foreclosure inventory and a highly effective system of capturing and converting buyer leads."
Based on its own beta testing of the service, Matty said that BrokerOffice captures leads at a rate of between 15 percent and 30 percent of site visitors. That's a significant jump from the 1 to 3 percent rate usually associated with most real estate agency Web sites, he said.
For more information, visit http://www.foreclosurepoint.com