Four ways to rise above dangerously low inventory this summer

By
Real Estate Technology with SmartZip

If you’re like most real estate agents, you’re staring down an influx of anxious summer buyers who are competing over a major shortage of inventory (and realizing that home price appreciation and sales prices are rising at historically fast rates).

 

In other words, it’s a great time to represent sellers — if you can find them and get them under contract. Below are four specific ways you can move beyond low inventory to win over seller clients this summer.

 

1. Focus on how you can achieve their buying goals

Today’s homeowners understand that their house’s value is up and that buyers are competing over top properties. They also know that once they sell their home for top dollar, they’re entering that same rabid buyers’ market… where their money won’t go as far and they could be outbid at any second.

 

It’s not exactly a motivating scenario for those who hoped to sell and make a tidy profit on their current residence.

 

As you focus on winning over a listing, pay attention to how much your sellers know about the market. If they seem well-versed on the inventory shortage and spiking home prices, don’t waste your breath with those stats.

 

Instead, pivot to how you can help them achieve their buying goals. Ask direct questions and then research the best communities (in terms of price, inventory and how fast the market is moving) for them as they enter the buying stage. By showing them that you are focused on their long-term journey out of one home and into the next, you’ll prove that you are worthy of taking on their listing.

 

2. Don’t miss a chance to promote an active listing

Got a live one? Create a robust promotion plan so you delight your current seller and advance your reputation as a leading local listing agent.

 

Here are a few ideas for getting started:

  • Send Just Listed and Just Sold postcards to the entire neighborhood or to top-predicted sellers in the area

  • Build a Facebook ad campaign that targets homeowners within 1-2 miles of your listing. Learn how to set up that campaign from conversion expert Chris Smith. Reinforce your value in your Just Sold campaign by mentioning how quickly the listing sold or how much your seller received over asking.

  • Hold a neighborhood open house on a weekday night and make sure the house is staged to perfection. Chat with each neighbor about how long they’ve been in their home and make casual, easy connections about how their home is similar (or even better in some ways) than your listing. If you recommended repairs or specific changes to your listing before it went on the market, talk to the neighbors about your rationale and how it will help the house sell for top dollar. Your goal is to get them thinking about selling… and maybe even feeling competitive about how their house is just as good as the one listed next door.

 

3. Double down on the new construction market

When there’s low existing inventory, it’s natural to wish you had a better relationship with new construction home developers who are working furiously to match rapidly increasing buyer demand. Spend a few hours a week getting to know local builders and touring their developments — especially those that are in booming neighborhoods in or adjacent to your market area.

 

Now that the residential construction market has picked up, some builders may be returning to spec homes, which are pre-built and offer a limited number of customizations to the buyer.

 

Because spec homes can be completed much faster than custom homes they are a great alternative for buyers have tired of low inventory in the existing homes market but can’t afford to wait six months (or more) to build a home from scratch.

 

By working your way into the new construction market, you can be a terrific local resource for first-time buyers who need better options or repeat buyers who are looking to sell and move up into a newer residence.

 

4. Swallow your ego and make the call

Remember that really nice buyer you worked with nine years ago? The one you forgot to send a closing gift? Or the one who invited you to their daughter’s grad party… and you forgot to send a gift?

 

To be more realistic, you may have more than one contact like this. But dig into your CRM to unearth a few past clients you really connected with and wished you’d kept up with over the years. Swallow your pride and do your best to reignite your past friendship without mentioning sales or their seller potential.

 

Think about the most natural way to contact them, whether it be a phone call, email, Facebook or text message. Then simply admit the obvious:

 

“Hi Todd and Sara, it’s Zoe Agent. I was in your neighborhood last week and realized

that it’s been way too long -- years, in fact! -- since we got together. I know the summer is busy but I’d love to take you guys out for dinner or a baseball game sometime this month. Are there any days (or days of the week) that work best for you? I truly hope we can

catch up soon!”

 

Do your best to reach out and get together with one “lost contact” each month. By rebuilding your base one-by-one over time, you’ll develop deeper relationships and a higher referral potential than any refrigerator magnet could bring you.

 

Strapped for time and low on listings?

There’s no better solution than SmartTargeting, a predictive marketing platform that helps you market to and build relationships with predicted sellers in your market area or sphere of influence.

 

Reach out today to look at seller predictions near you, or within your database — no pressure, and no obligation.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Ginger Harper 06/08/2017 09:40 AM
Topic:
Real Estate Sales and Marketing
Tags:
listing leads
real estate marketing
seller leads
low inventory

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Rainmaker
349,697
Scott Seaton Jr. Bourbonnais Kankakee IL Home Inspector
SLS Home Inspections-Bradley Bourbonnais Kankakee Manteno - Bourbonnais, IL
The Home Inspector With a Heart!

All good ideas. I will be sure and mention these to some of my agents. 

Jun 08, 2017 04:13 AM #1
Ambassador
868,368
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

Our market is short of listings as well. This is great advice.

Jun 08, 2017 07:24 AM #2
Rainer
189,821
Peter Davies
Borawski Real Estate - Northampton, MA
Exceptional service, without exception...

Thanks for the great refresher lesson!

Jun 08, 2017 07:24 AM #3
Rainmaker
117,879
Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA
Future Home Realty - Seminole, FL
Providing the integrity and service you deserve.

Great suggestions and tips. We need these now more then ever. 

Jun 08, 2017 07:00 PM #4
Rainer
227,889
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Intelligent updating of your contact list for marketing porposes will definitely enhance your ROI. 

Jun 08, 2017 08:40 PM #5
Rainer
94,918
Mega Team Real Estate
Realty ONE Group Alliance - San Mateo, CA
San Francisco and Peninsula Real Estate Concierge

Great advice. Thanks for sharing. 

Jun 08, 2017 08:45 PM #6
Rainer
187,844
Chris Lima
Atlantic Shores Realty Expertise - Port St Lucie, FL
Local or Global-Allow me to open doors for you.

Great advice. Taking the time to connect or reconnect could prove to be time well spent.

Jun 09, 2017 04:13 AM #7
Rainmaker
146,638
Lesley Wilson-VanGoethem
Innovative Realty Solutions Group - Winter Springs, FL
Residential Real Estate Sales Specialist

great suggestions,,, especially about getting back to basics by picking up the phone

 

Jun 09, 2017 04:55 AM #8
Rainer
228,681
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

Great post, I have had good results creating a specific audience in FB. The cost is low but leave the ad running as long as possible, you can control the daily ad spend. Rotate your ads for A/B testing to keep the ad from getting stale.

Jun 09, 2017 08:17 AM #9
Rainmaker
249,639
Wayne L. Brown
Broadview Mortgage - Alpine, CA

Great reminder.  Appreciate your post.

Jun 09, 2017 09:20 AM #10
Rainmaker
493,406
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

Good tips. A few past friendships come to mind for reigniting right away. Thanks.

Jun 10, 2017 05:43 AM #11
Rainmaker
265,626
John Wiley
Jones & Co. Realty - Cape Coral, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

Great tips for all market conditions, but will make an impact especially when the inventory is low.

Now is the time to build your connections with new construction.

Jun 10, 2017 01:51 PM #12
Rainmaker
823,368
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great ideas to reconnect.  It's never too late!  It's funny how we have the perception when they don't return an email newsletter over and over, yet in reality they read them and just don't respond until they need something  I've encountered this several times. 

Jun 15, 2017 01:14 PM #13
Rainmaker
61,692
SmartZip Analytics
SmartZip - Pleasanton, CA
Joan Dailey, SmartZip VP Marketing

Hi Jan,  It's so true.  Human nature, I think. I admit,  I'm guilty too.  Thank you for reading.

Jun 15, 2017 02:32 PM #14
Rainmaker
2,419,060
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Focus on solutions and you will solve more problems always. That's the gist of it and all of these things are things that focus on solutions. Very good

Jun 19, 2017 09:34 AM #15
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