This Part III of the three-part series, Tips to Find Inventory, focuses on Inman’s category called “Thinking Outside the Box” tips to round out its “Tried and True” tips category and “Leveraging Technology” tips in Parts I and II, respectively.
One last reminder…industry experts anticipate that our current supply-strangled market will remain until 2025. Translation: It’s up to you, agents and brokers, to generate your own inventory just as it’s up to you generate your own leads.
Please be in touch with us with additional tips you may have about generating inventory. Whatever is working for you may just work for others. We’ll give you due credit for your tips within our Tim and Julie Harris Real Estate Coachingcommunity.
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Thinking Outside the Box
- Connect with and Nurture Relationships with Homebuilders, Developers, Investors, Real Estate Attorneys, Landlords, and Asset Managers. Not only will you learn first-hand when potential properties/projects will become available, you’ll learn about which homeowners may be faced with foreclosure and/or which homeowners may be forced to sell due to divorce, remarriage, family death, etc.
- Educate Potential Sellers about Leasebacks. Not all buyers want to or can take immediate possession of the property they just bought. Make sure your reluctant sellers thoroughly understand they have the option to leaseback their for-sale property for an agreed upon timeframe that works for them.
- Create “In Search of…” Ads on Social Media Accounts for Your Buyer.Circulate your ad among your network and suggest to your buyer that they circulate that ad among their networks. The “right” potential seller may just see the ad and voila.
- Find Non-Owner-Occupied Homes. Title companies can easily pull such lists.
- Find Poorly Marketed Properties. Not every agent is a savvy, detail-oriented marketer. Look beyond slopping listing descriptions and/or sloppy listings photos. Likewise, encourage your buyers to look beyond sloppy cosmetics and to see inherent property potential
- Seek Out Properties/Owners Having Estate & Large Garage Sales. Some of these owners may be preparing to move due to a life change. Cross reference these properties with the MLS to see if any of the properties are currently listed. Reach out to the properties/owners that are not currently listed and offer them a no-cost CMA or other market data to initiate a conversation.
- Pocket Listings & The NLS. First and foremost, be conversant in the National Association of REALTORS® (NAR) Clear Cooperation Policy regarding pocket listings. After that, consider building a pocket listing network with potential sellers at various stages in their decision-making process of selling. (This takes time and effort over the long haul.) Connect with The National Listing Service (The NLS). The NLS is now in full compliance with NAR’s Clear Cooperation policy. The NLS Private feature enables listing agents to connect with buyer agents and their buyers. The NLS Wants feature enables buyer agents to post quasi- wanted ads for their buyers and for potential unrepresented sellers to hook up with those buyer agents.
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Thanks to Inman.