A survival guide for real estate agents wanting to increase their listing inventory in a low real estate inventory market. Recorded Video Replay Here: https://www.youtube.com/watch?t=2684&v=THhaw49j00M
Scour the MLS for homes that were listed in the past but never sold. Many homes failed to sell because they were seen as overpriced at the time. Does their last list price seem like a reasonable price today? Chances are, the owner doesn’t realize how much the market has picked up and might still be open to selling the home. Contact the owner and express your interest in helping them to sell their property. Explain to them the benefits of selling it in today’s hot market, and you will likely get a response.
Open houses traditionally are great ways for agents to meet new buyers, but did you think that these buyers can be potential sellers? Won’t they have to sell their house first before buying the next house? Check out Open Home Pro App, where you can use on your iPad at open houses to check people in and collect contact information from them. The most valuable questions asked on this app are: Do you have an agent? Do you have to sell your house before purchasing the next one? Using this tool at open houses allows you to meet, qualify, and connect with new potential home sellers.
Have you checked out Zillow’s Make Me Move functionality? “Make Me Move” allows home owners to indicate a price that would make them sell. Hello, don’t you think they will be prime seller prospects? Some sellers are unrealistic in their pricing. But regardless, they are exploring the possibility to sell. You can filter listings on Zillow by searching for Make Me Move homes in your neighborhoods. Pick up the phone and tell them you are a realtor who represents a lot of buyers and interested in checking out their home. There you will have a face-to-face appointment with a potential seller!
Think about the scenarios why a homeowner will want to rent out their property: maybe a job transfer, divorce or life change. But in most cases, they are renting out because they couldn’t afford to sell. In the past, their home could have been under water, or the market simply wouldn’t support the asking price. Instead of listing it with an agent at that time, they just decided to rent it and “ride it out” for a couple of years. Here’s your opportunity to inform them the market has changed and now it’s a great time to sell.
When was the last time you looked for “moving sale” on local newspapers or Craigslist? Yes, the kind of moving sale when people are trying to get rid of their junk and furniture. But more over, they’re moving! Run their locations on MLS and see how many are already listed for sale. Find out the stories of others that are not listed for sale. Give them a call and offer them a free home value analysis report. This can lead to solid seller contacts.
Do you remember your buyer clients from 5, 7, 10 years ago? Send them an anniversary card; congratulate them on their 5th, 7th, 10th year in their home and tell them that you’re thinking about them. Nurture your past clients and see if they are in the stage of their lives where they’re considering to trade up/down to the next house. If they are, you are in luck!Now do the same thing with all those homes in your area that you DIDN'T list or sell, you'll most likely find that their agent hasn't kept in touch and you can end up as their new agent. (This information can be obtained from public records and from some title companies who offer data and assessor information)
Filter your data source(s) and find a list of large properties that are 5+bedrooms, 3500+ square ft, and two story homes that were purchased 20+ years ago. What’s the likely scenario here? A couple who bought a big place for their three children to grow up in and now the children have moved out. The empty nesters are ready to downgrade and move into something that’s more convenient and suitable for their new lifestyle. Simply help them with this transition.
Using Social MediaPeople love using Social Media for sharing, and that includes consumers relocating, investing, buying, and selling: Try using…Facebook – Leave & Search comments (Listings and Solds)Youtube Video – Link Video Seller, Virtual Tour, and ReviewsTwitter – Search, Advanced search and Geochirp.com for leadsGoogle+ - Repeat same as Facebook when applicableFlickr /Picasa – Post Property and Community SetsLinkedIn – Connect with HR, CEO’s, Relocation & GroupsDigs – Home Improvement Lead Generation on Zillow
Do you see signs that say “For Sale by Owner” in your local areas? Are you afraid of knocking on their door and asking them if you can help them sell their house? We get it, no one likes rejection and no one wants to be seen as a door-to-door sales person. But try this approach; knock on the door of “for sale by owner” and say: hi, I saw you are selling your home. I think I may have a buyer that will be interested in this property. Do you mind if I come in? Once you get into the house, chit chat with the seller and ask questions like: How are you advertising your home? Do you have the TDS form handy and ready to go? Ask them questions, make connections, and use your conversations to demonstrate and convince the value of having a seller’s agent instead of selling it themselves.
Many data sources provide a variety of ways to search and sort property ownership including investors that own multiple properties in an area. Contacting a multiple property owner or investor allows you to investigate their current property portfolio and the financial condition of their real estate investments. Take advantage of the opportunity to help Investors list and sell some of their existing investments and even purchase more using you as their agent.
Prospecting listings by "property type" is a unique way of niche farming for sellers and listings. Using specific use codes like golf courses and shopping centers etc. can increase the chances of getting more listings.Example: An agent in California prospects the use code for cemetery's and ALL the adjacent homes for listings. There is literally no listing competition in this niche and his buyer clientele don't mind living next to a cemetery. Utilizing used codes for prospecting has it's unique advantages and in some cases like above, can allow agents the opportunity to double end the transaction.
Every real estate office has a top producing agent(s) at some point that's crushing it. As with all things, this too shall come to pass and when it does, you need to be there to grab it.Agents leave offices and the business for a variety of reasons. ie: Retired, Health, Career Change, Relocation etc. You can take advantage of this often times overlooked opportunity. Ask the broker for a list of Top Producing agents that no longer have their real estate license in that office. Next, ask for the files of the clients so you can contact them, let them know the agent is no longer there, and offer the same great service they received from the previous agent. Remember: The company owns the customer and the service provided, not the agent that's unfortunately gone.
In many areas of the country, notice of defaults are recorded and are public record, in many cases publicized online or in the local paper. A default means the owner has missed payments and could potentially lose the property in a foreclosure or auction proceeding.Contacting the owners of properties that are in default allows you to explain the foreclosure process, show them their options available, explain the benefits of a short sale, and in many cases, get the listing to help them sell before any of this occurs. Handle this type of prospecting with care as this is most often times a very personal and delicate matter.
There are many homes in your neighborhoods that are owned by homeowners that live out of the area, out of state, or even out of the country.Contact these owners and ask them if they are aware of the values and trends surrounding their tenant occupied property? This gets their immediate attention.This will open up the conversation and opportunity for you to explain and discuss the values and services you bring to the table if they should decide to list their home with you.
Geographic and Demographic farming is one of the traditional and typical ways that agents have prospected for many years. Searching a neighborhood or community, then filtering the data to find the most likely to list or buy.While this approach takes more time, costs more money, and requires more research and data filtering, it does still work. The biggest benefit of this type farming is that it gets you exposure in a wider geographic area, and plants more seeds for the long term harvest in those communities.
Letme Google that for you….
Top 15 Listing Lead Strategies
Top 15 Listing Lead Strategies
How To Get More Listings in Today's Low Inventory Markets
Presented By: Brad Andersohn
Director of Education & Industry Outreach
Facing Tight Housing Inventory
Most active buyers spend months looking for a new home. Until more sellers
and inventories are injected into the market, you and your buyers will continue
facing tight housing inventory.
You can change this market trend of inventory shortage.
With today’s technology, tools, and data transparency, you can try these
targeted marketing strategies and get more sellers’ listings today.
Real estate is a people business. Be proactive about making new
connections, be smart about using data, and be hungry for getting more
Director of Education
& Industry Outreach