Four strategies to generate listings on a low-inventory market
Real estate agents need to adapt their strategies and tactics as the housing inventory drops nationwide without any indications of slowing.
Agents should create a plan to generate new listings. They should also consider using any of the following tactics to improve their business.
1. Multi-property investors are worth looking into
Investors can choose to cash out or double down. Investors who are ready for cash out are looking to maximize their returns. Agents have great access to multiple listings.
Investors who are willing to double down and grow their portfolios may not have access to listings but they will transact! You will be able to establish a relationship with them when they sell.
It is easiest to find investors who have multiple properties in your area. Find rental properties in your area, and search for the owner. If you do find the owner, it is possible that they have more than one property.
No matter what type of investor you are, building a relationship is a win-win situation that will lead to new business.
2. You can pursue expired and withdrawn listings
Although this tactic is not new, it is something that many agents have not tried in recent years. Look for expired and withdrawn listings.
Over the past few years, agents who have entered the realty industry have not had to have difficult conversations about price reductions with sellers. This has led to more homes that are actually sellable being taken off the market due to expired or withdrawn listings.
This space is ripe for agents who are skilled in negotiation and communication.
3. Marketing tactics that are underutilized should not be ignored
Google Local Service Advertisements (LSA) are a great way to increase your reach and expand your audience. These ads can reach people in your market as well those outside of your market.
Your Google reviews should be improved. Agents with high-rated reviews and more are more likely to stand out from the crowd.
4. It’s back to basics
Keep your past clients in mind. These clients are a great way to generate new listings. These clients are familiar with you, love you, and know you well.
Agents often forget the importance of following up with clients who have passed away. It should be a part of your routine that you follow up with them at the very least once a quarter after closing the transaction. You will build relationships that will not only make them future clients but also a source for consistent referral business.
Low inventory does not necessarily mean a lack of opportunities. Opportunities will come if agents are open to new strategies and remain consistent.
Craig M. Tann, the founder and broker at huntington & ellis Las Vegas, is Craig M. Tann.