Competing for Listings When Inventory Is Tight
In today’s real estate market, where low interest rates and pandemic-spiked demand are fueling one of the most competitive markets in recent history, there are simply more buyers than sellers, and not nearly enough inventory to satisfy anyone.
In such a market, how can agents compete successfully for listings? Here are some suggestions offered by experienced agents:
Stay in touch
. It sounds fundamental, but staying in close touch with your sphere of influence is more important now than ever. Direct message, email and call former clients. Let them know the value of their home in today’s market. Staying in touch is the best way to ensure you are top-of-mind when someone decides to list.
Host open houses.
Yes, houses are selling fast enough that open houses are typically not necessary. But an open house offers great opportunity to meet potential sellers, as well as buyers. If you make an impression on the neighbors who come in to tour the house, who are they most likely to call when they decide to sell two months later? You!
Be the local expert.
Walk the blocks, talk to people and pick up tidbits of information. Your blogs, newsletters and social media postings reflect your expertise and knowledge of the neighborhood. Discuss prices, sales data, local amenities and events. It all pays off in the end.
Research expired listings.
Were properties on the market a year ago overpriced? Were they under- marketed? Were they not ready for prime time? With a little encouragement and some creative advice, you may be able to coax those sellers back on the market.
Knock on doors.
Take the direct approach and let residents know how much their homes are in demand. Since many people today are reluctant to sell because they fear they may not find the home they want, be knowledgeable about homes for sale in surrounding areas in both the move-up and down-sizing categories.
Be aware of new construction.
Be the first to check with your city or county, and with surrounding cities and counties, to learn about upcoming construction projects. Helping sellers find their new home before it is finished may encourage them to list now while demand and prices are high, even if it means renting for a few months until they can move in.
Convert rental properties to listings.
Busy investors don’t always stay on top of the market. When you see an ad about a home for rent, call the landlord, introduce yourself and have a little discussion that just might lead to a listing.
Barbara Pronin is an award-winning writer based in Orange County, California. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.
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