Have you heard? Many housing markets in the United States and parts of Canada are in the midst of a housing shortage right now. Although low mortgage rates and affordable home prices have lured more buyers—including boomerang buyers with improved credit—into the housing market, many of them are faced with increased competition for fewer homes.
There are many reasons for the reduced home inventory; however, the core of it involves this simple fact: There aren’t enough new homes under construction to meet the growing demand. Who’s in the market for a home? Boomerang buyers who may have lost their homes during the recession are back with good credit and an itch to own a home. Eco-boomers are forming new households and looking for a place to call home. Add into the mix the increasing numbers of immigrants and you have a lot of people competing for a limited number of homes. What’s an agent to do? We’ll tell you:
Create your own opportunities
Fine-tune your mindset and forget conforming to the market; there’s no time to waste. To create your own inventory, pursue all listing opportunities and leave no stone unturned. There are potential sellers out there who have been on the fence about putting their homes on the market. These “dormant sellers” may be hiding in your own database.
Contact past clients you’ve sold a home to, clients you’ve given a comparative market analysis on their properties and even people in your network.
Educate your clients about the current market, and let them know that it’s a great time to sell. Send a letter and information about the market, and follow-up with phone call and a personal note to help you deliver your message more effectively.
“Treasure hunt” your neighborhood if you have buyers who have their sights set on a particular area that you serve. Sometimes you have to pound the pavement in order to observe and search for the opportunities that lead to listings. Talk to people in the neighborhood who are out watering the grass or walking their dogs to get the scuttlebutt on who’s been thinking of selling, and go talk to them.
Don’t conform to the market; create your own inventory. Click to Tweet
Want to learn more about how to create your own instant inventory? Top real estate agent Joe Niego knows firsthand how to create instant inventory, and he’s sharing his knowledge to help agents get ahead in this tight real estate market. Through 10 video sessions, Joe Niego’s Instant Inventory guides agents through the process of creating their own instant inventories.
Referral Maker™ CRM real estate software allows you to find and maintain contact with past clients, who have the potential become sellers. It takes the guesswork out of client communication and makes your daily proactive lead generating activities a breeze. For more information about Referral Maker CRM or to start a free 30-day trial of the real estate software, visit the Referral Maker website.