No Real Estate Inventory, Not A Problem, Strategies For 2023

Wade Webb on August 9, 2023

real estate inventory strategiesResilient buyer agents can almost always find homes for their buyers even in market areas where the listing inventory is as scarce as the Arizona water supply. Agents are wise to hone their skills because the housing inventory shortage will continue to hamper many market areas for a few more years. So here are some the of seller hunting secrets that you as a buyer agent can implement and hone in the balance of 2023.

10 Seller Hunting Secrets for Agents

1.) Knock On Doors – Specifically knock on doors in neighborhoods and areas where your qualified buyer would seriously consider buying and ask the seller to help you help these people find a home. If they are not home, then leave a letter describing who the buyers are and humanize them and ask them again to help you help these nice people find their new dream home.

2.) Direct Mail – Specifically find homes or properties where your qualified buyer would consider buying if the seller would sell and do a search on the property and write a formal professional business letter to the registered owners on title describing your buyers and asking if they considered selling now or soon.

3.) Back Ups – Search pending sale listings and approach the listing agents to consider taking a back-up offer from your qualified buyers. You just never know if a buyer gets cold feet or issues arise that may open the door for you and your buyer to slide in from behind. I always as a strategy write my back up offer asking the seller and listing agent not to disclose to the first buyer, they have a back-up offer, grant the first buyer no extensions on their condition removal times or renegotiation of their price allowing our offer to slide in from behind if they did.

4.) Real Story, Real Situation – Telling and writing to the sellers all about your buyers with their first names, where they are originally from, what they do for a living, if they have kids or pets really helps with the process. Let the sellers know why they want to live where they do and try to capture the real true story of your buyer and their reasons for wanting to buy where they do.

5.) Build Your Own Off Market MLS – Using seller “What’s My Home Worth?” “Home Equity Analysis” landing pages (a one page website that offers to provide the seller an evaluation in exchange for their name, email and property address) is a great opportunity to create an inventory of potential off market seller leads which in turn allows you to take a list of bona fide and highly qualified buyers to approach these seller leads and try to bridge the gap between the potential seller and the eager buyer.

6.) For Sale By Owner – Always look at the for sale by owner ads online and offline for potential homes for your qualified buyers and approach the “by owner” on behalf of your buyer to generate a sale. We always hear the seller say, “well if you have a buyer, we could talk.”

7.) Expired Listings – You should always be checking the inventory that did not sell in the past and be looking to see if any of this inventory could potentially work for your bona fide buyers. Some of you may have laws about approaching the sellers directly so make sure you approach the previous listing agent if this rule applies to your trading area.

8.) Sleeve Listings – Attending office meetings, emailing and flyer your fellow agents or find some way to get your message out to your colleagues about the qualified buyers you are representing and ask if they have a home up their sleeve that just might fit the needs of your buyers. Off market opportunities exist for us all, we just have to find them.

9.) Database – Always take the time to communicate with your own database about the potential qualified buyers you represent and ask if they know of someone or have, they considered selling. Describe to them your buyers, what they are looking for and ask your own clientele to help you help them find their new dream home. It’s a great excuse for contacting an old client.

10.) Show Sellers The Money – Instead of you writing the letter, I get the buyers to write and sign the letter about themselves and what they are looking for and include an official looking document proving they are pre-approved for their financing.

I trust these strategies will assist you in the balance of 2023; don’t let the low inventory market conditions slow you down any longer. Implement these strategies and stop waiting for the business and start creating the business in the balance of 2023.

Strength and courage,
Wade

10 Tips to Get Listings In A Low Inventory Market!

Wade Webb on March 14, 2018

get listing in low inventory marketThe majority of markets in North America are experiencing unprecedented low inventory levels and the supply is just not meeting the demands of buyers. The spring is quickly coming upon us and the key to our success as agents is the inventory game and having that listing inventory going into the spring and summer season. So if there are little or no listings how can I buck the trend and create listings vs. wait for listings? Here are my top ideas for you to implement now and begin winning the inventory game!

1. Unsolicited market evaluations for all past clients. Put together a snapshot market evaluation package for each and every one of your past clients ( Don’ give them your estimated selling price). We want to deliver or mail the package of comparable’s so the client can physically see and touch the information you are providing and see the “value add” you deliver. Let them know many of your clients are curious what their current property value is and you took the liberty of preparing a snapshot for them to see where their property currently sits. This is a great tool for them to see their current property value for sufficient home insurance coverage. For income tax purposes regarding capital losses and gains and just where they stand financially. Three days after you have delivered the information call them and follow the package up. Ask if they got the package? Did they have any questions? They noticed for legal and insurance purposes you need to physically view their home to give them a specific value of their property. Would there be a good time for your to come over and view the property and give them a number? Ask them if they have other real estate holdings you could evaluate for them? Ask them if they know other friends, family or coworkers that would appreciate the same service?

2. Direct Mail. There are many reasons you could send out unaddressed ad mail to get new listings but remember direct mail is not as effective without follow up by a door knock or phone call. The top direct mail reasons that seem to get the best results are “We Just Sold” and implying there are more buyers still looking. The other is “We Have A Buyer” and looking for a home for them. Please don’t use either of these methods if you don’t have a bona fide buyer. Get in the door honestly. Other options are “Open House Invite” or “Just Listed” or the most over used option “Free Home Evaluation”.

3. Door Knock. The follow up to your direct mail is imperative to your conversion and success. The door knock is a warm approach now and not a cold door knock. Again the most successful conversion is coming from a “We Have A Buyer” and “We Just Sold”. Many of my coaching clients say a 90 minute door knock set between 3pm and 6 pm is always a great time and something comes from it every time.

4. Open House. Floor Time. Kiosk. – These are the only options agents have where the customer will come to you and the agent does not have to go to the customer. For those that are prospecting reluctant then these options are the only hope you have to generate the listings.

5. Geographic Farm. – Two options here for the geo farm. Option one is to mail the farm area every second week, door knock, Facebook page, you tube channel, etc. The second option is to find a specific area, building or complex with a 6% or higher annual turnover rate and pull title on every home owner and personally mail them 4 times a year specifically about their area and the general market conditions and have a website specific to their property which creates the perception you are the resident expert and the only agent personally mailing to the homeowners.

6. Facebook, Google Ad Campaigns. – Creating strategic ad campaigns specifically for home sellers and directing them to a landing page that allows them to get an evaluation of their property over the internet. Landing pages like Bold Leads or Prime Seller Leads are a great option.

7. Expired Listings. – If your market area allows this you have a great resource of clients who already own a home, want to sell, worked with an agent and were willing to pay the commissions! How can you not love them.

8. FSBO. – Again you have a seller who owns a home, wants to sell but doesn’t want to pay. We help them sell for 7-10 weeks in exchange for them to buy with you or if they don’t sell we hope they list with you!

9. Agent To Agent Referrals – Working the agents from other offices and communities that the buyers are relocating to your area from. Offering a referral fee for any listing or buyer referrals to the network of agents and be their point of contact in your area.

10. B2B. – Network with all the business owners and service providers in your community. Find ways to co brand and co market each other’s businesses and services. They in turn feel they need to refer you listings and business for your help and support with what they do!

So there you have it. Ten powerful ways to generate listing inventory and really make a huge impact on your first quarter of 2018 and make the rest of the year that much easier. Please feel free to share any other listing activities you have found effective in the comments below!

Strength and courage,
Wade

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