Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? https://whylibertas.com/harris or text Tim directly 512-758-0206
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Please enjoy this Encore Presentation!
Agents and Brokers… Did you know that New Construction makes up more than 30% of what’s available in today’s real estate market. There are still more buyers than homes to sell, especially if you’re only relying on your MLS.
The National Association of Realtors reports: “Newly built single-family properties comprised a record share of homes on the market, making up nearly one-third of housing inventory nationwide, according to new research from Redfin. New-home sales typically make up only about 10% of the market.
NAR predicts that new-home sales will rise an additional 13.9% in 2024 as builders ramp up construction and offer more incentives to attract buyers.
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What should you do starting today? Become a new construction specialist in your town immediately. The more you know about this honeyhole of inventory, the more homes you’ll sell this year. This also means more listings for you, since many build clients are also resale clients. NOT knowing about new homes for sale means you could be selling 30% less than you otherwise would, so let’s get serious about this with a deep dive on today’s show.
Follow this 5-Day Plan to Deep-Dive into New Home Inventory in your market!
Action Step #1:
Identify and Map New Construction Neighborhoods in the areas where you sell real estate. Use Google Maps, and create a route using your Navigation or Maps app so you can visit 5 developments per day for 5 days. If you don’t have that many, adjust accordingly, or expand geographically. If you have far more than that, make this into a 10-day plan so you can become fluent in new construction in your market.
Tour the model homes in person, get to know the product, the price range and all the details for each neighborhood. Let the new build reps educate you and create a relationship. Ask to get on their email lists for inventory updates.
REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris’s favorite PROBATE LEAD PROVIDER? Simple, ALL THE LEADS
Action Step #2:
Prioritize which neighborhoods you see first based on what your active buyers are looking for. Who are you already working with who could be a match for these developments? Set up those visits and meet your buyers there to get registered, and perhaps even write a contract on that visit!
Action Step #3:
You’ll need to stay organized as you learn these neighborhoods.
–Start a Google Doc or sheet to create your own New Construction ‘MLS’. Here’s what you’ll track:
Name of the Builder / Developer
Name of the Neighborhood
Price Range
Registration Requirements (so you can be paid a commission)
Commission structure for Realtors (what do they typically pay, are there any bonuses)
Builder Financing
Special Offers
Sales Agent Contact info
Other developments coming soon
For Example – Your doc should show:
3 Brothers Builders / Highland Lakes of Austin / Starting at $800k / Register in person / Standard Commission / $1000 commission bonus for spec homes sold in January / Bob Smith contact / 3 new neighborhoods in 2024 in zip code 12345.
You can add information on schools, Home Owner’s Associations, Amenities, and other important facts.
Again, you’re doing this for at least 5 business days. At the end of that period, you should know about 25 new construction neighborhoods. There may be a lot more, so modify your plan accordingly.
Action Step #4:
Use your new knowledge to generate more sales.
- Let everyone in your database (your past clients and centers of influence) know that you have a complete guide to new construction in your town. Ask if they’d like a tour of model homes that meet their criteria and proceed with your buyer and seller pre-qualification scripts. Do they have a home to sell as well before they build? Set appointments to meet with your potential new construction clients!
- Host a Facebook Live session all about new construction. Consider doing this weekly or bi-weekly and highlight a different neighborhood each time. Become the new construction go-to person!
- Record short videos about each development. Post on YouTube and your social media to lead-generate. Be sure to follow up immediately and set appointments, even if they’re just ‘new construction-curious’. Monitor the comments so you don’t miss anyone.
- Find out if there are open house opportunities at any of the model homes. Schedule those regularly to supplement your other lead generation.
Action Step #5:
Systematize your New Construction Lead Generation Spoke, don’t just ‘set it and forget it.’
- Put each new-build sales rep on a regular call scheduleso you’re always in the know about spec homes, special perks for agents and buyers, and new opportunities.
- Ask those same new build reps what happens when they have a resale listing lead!Nurture referral relationships.
- Set up Google Alertsusing each builder name and development name so you can stay updated on everything going on there.
- Find out which builders or developers are looking for land.Where are they looking? What is their ideal situation? Bring them land opportunities and create transactions that way.
- Some builders may have unsold inventory or spec homes that you can list. Others may have a whole new development you can represent. Ask questions, ask for the business and develop this lead generation spoke!
For help formulating a more specific plan, you’ll need to become part of Premier Coaching so our coaches can take you to the next level faster! If 30% or more of the market is New Construction, but it’s not yet 30% of your own business, you need to get more serious about this lead generation spoke!
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