For the past year, low housing inventory has been a real problem for both home buyers and Realtors. Fluctuating mortgage rates have forced many to stay put in their homes and forgo upgrades and downgrades. While we have seen a bit of improvement as of late, trends say that if current market conditions persist, we may see another dip in inventory.
Do you want to ride the ups and downs of the Real Estate market unscathed? You need to be able to focus on your business and have the best support in place to do that. Book your Double My Business Strategy Session and find out how a MyOutDesk Virtual Assistant can give you the leverage to thrive and not just survive.
Here are eight foolproof tactics you can apply that will not only help you find more homes in markets affected by low inventory but will help you generate more listings as well.
- Know the Price Points of ALL new construction in your area.– Majority of new construction housing will never even land on your MLS. If you are in a low housing inventory market, this makes a HUGE DIFFERENCE. Find out all the information you can about new construction neighborhoods and build relationships with developers. You will not only have alternative options for your buyers, but you stand a high chance of getting recommendations and referrals from developers as well. Your knowledge of your local community will help establish trustworthiness.
- Tap your Sphere of Influence.- Both Personal and Professional. Don’t be afraid to use your personal network to find new business. Send out a personal message or meet-up with them to ask if they know anyone looking to sell their home. Don’t forget to contact your old clients as well, and you never know what you may stumble upon.
- Post a Wanted Ad.- There will most likely be people around your community who want to sell but haven’t listed yet or are waiting on one thing or another. You can attract a potential seller with “Seller Wanted Ads.” You can use flyers or take out an ad in a local newspaper or even use targeted social media ads for this. If you have a serious buyer, describe specific features of a home they are looking for, why they want to move into a specific neighborhood and a general deadline. You might even get a chance to list the property!
- Zillow’s “Make Me Move.”- Make Me Move by Zillow is a feature where first-time listers name the price that would make them sell their home. You can do specific searches and find “Make Me Move” listings in the area your buyer is interested in. While some prices might be a bit too high, it is an option you can show your buyer and the fact that someone made an effort and named their price is a positive sign.
- Pre-foreclosures- Now that the market has recovered, banks are putting foreclosures into motion. However, it is important to know that most of these homes are near equity, and current homeowners don’t know it, but the banks do., which is why they are being targeted first. Find these properties and reach out to homeowners and let them know that they can sell their homes, you help both your buyer and give the potential seller hope.
- The Best Time for Expired Listings. – Right now is the best time to prospect Expired listings because the market has recovered. While these listings may have been priced too high in the past, their prices may be perfectly acceptable now. Try going for really old expired listings as well!
- Find Unrepresented Sellers (FSBO)- Seeking out FSBO can be another great resource. Think about it. They are already actively selling their homes, in a low inventory market, finding FSBO and connecting them with your buyers may just be the ticket.
- Create your dream team.- We’ve given you solid tips to overcome your low inventory market. Now, implementing them is another story. Set-up a team that can take these tips and run with them! MyOutDesk Virtual Assistants are ready to be part of that team and can give you the leverage you need to be successful in a low inventory market! Don’t forget to book your Double My Business Strategy Session.