In this supply-starved housing market, here are some tried and true ways plus innovative tips for agents and brokers to find inventory.
When The Cupboards Are Bare
Inman has just come out with a resource to help agents and brokers find and/or create inventory in a market that industry experts speculate could remain supply-starved until 2025.
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Inman has divided its inventory generating tips into three categories:
- Tried and true methods
- Leveraging technology
- Thinking outside the box
Let’s go to each category in this three-part series. Part I looks at…
Tried & True Methods
- Look to Your CRM. People’s lives are changing in a heartbeat these days. Check in with past clients and long-term (and qualified) leads to see how they’re doing.
- Connect with Your Phone Contacts via a simple NON-real estate-related text. Some recommend that you start this process of making connections at the bottom of the alphabet and work your way to the top.
- Work Your Referral Network. According to the 2020 National Association of REALTORS® (NAR) Profile of Home Buyers and Sellers, 67% of sellers either rehired their former agent or hired an agent via a referral from a friend, relative or neighbor.
- Circle Dialing – Farming – Door-Knocking If you’re already representing a client in a specific neighborhood, reach out to other residents living in that neighborhood via postcard with a value-oriented market statistic specific to that neighborhood such as comparable pricings, current market conditions, an upcoming development near/adjacent to the area, an upcoming and approved commuter rail station. Be personal here. Use individuals’ names so people don’t think they’re being stalked by random marketing.
- Open Houses Are Happening Again and they continue to draw curious neighbors. When hosting, make sure to take proper safety precautions to protect yourself and open house guests.
- Contact Expired listings. This is a no-brainer. Sellers and/or rental owners may need your help.
- FSBOs & Abandoned Properties. Track down owners of FSBOs and abandoned properties by checking country records or by contacting your title company. Also check out sites such as fizber.com, houzeo.com, iGoFSBO.com and Craigslist.com.
- Track-Built Neighborhoods that are some 3-5 years old. Many who bought in these neighborhoods may be considering a move up and need an agent to help them sell their property. Oftentimes, when one resident selects you as their agent, others may tug on your sleeve…or you could tug on theirs.
- Schedule In-Person Time. According to NAR statistics, 77% of recent sellers interviewed only one agent prior to listing their home. Be that one agent.
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Thanks to Inman.