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Talking with our Real Estate clients, we’ve noticed that just about every marketplace across the Country is currently experiencing shockingly low inventory. If you are an agent that looks at the glass as half empty and not half full, this can be a problem for you and the health of your business. If you pivot your viewpoint though, and choose to embrace your low inventory market, with these two pro tips, you can dominate your marketplace.
The truth is, you can thrive in any type of Real Estate market. Some of our seasoned Real Estate clients in fact prefer bad markets. The reason for this is that they have been in business so long, doing all the right things, consistently, along the way, that they will succeed. Not only that, those that are new to the business, or those that simply are not doing the right things, will get frustrated with the poor market conditions and possibly leave the industry all together, leaving even less competition for these seasoned agents.
So with that in mind, today I wanted to share with you two great ways you can crush it in a low inventory market and do more business, today.
Get More Buyer Clients
Now before you say, “No!” and stop listening to me, please follow me on this logic. I get it. Especially in low inventory markets, you do not want buyer clients. It’s hard enough to find the perfect home for your buyers, without having to compete with potentially dozens and dozens of other buyers that are trying to get the listing instead of them. But, again, looking at things with optimist glasses on, consider this. The more buyers you have that are looking to buy homes in different neighborhoods, and the harder time they are having finding a home, the more potential you have to do more business.
For each of these buyers that are focused on a particular neighborhood, create a marketing piece to send out to homeowners in their desired area. The content of the piece should describe your buyers, explain specifically what they are looking for, how they are pre-qualified, how they want the house that THAT postcard recipient owns. Detail for them how you can help make an off market transaction quick, painless and at the most favorable terms for them.
Law of averages says you will eventually hit on someone that considering selling their home, and is interested in talking with you. This puts you in the position of not only putting your buyer in a home, but also getting a second client (the seller) for that transaction as well.
Put 110% Effort Into Your Current Listings
The listings you do actually have are also a great way to flex your muscles to attract more business. It all revolves around doing more, in every single instance, for these listings. The concept is easy. Just look at things in the mindset that you want to exceed every norm and expectation that has to do with the listing. This will benefit you in two ways.
First of all, all the extra elbow grease you are exhibiting for this listing will not go unnoticed by neighbors. When they get your marketing pieces, see you knocking on their door to invite them to an open house, or walk through the open house to see how you prepared the listing, this is basically those neighbors checking you out. They want to see how you prepare homes for the market, and how much attention to detail you put into everything you do. This will give them a fair idea of how it is you would represent them, if they decide to hire you to sell their home.
Secondly, as we discussed in yesterday’s article, social proof is a very important aspect of growing your Real Estate Practice. The harder you work on a listing, the better the transaction will go. The better the transaction goes, the easier it will be to obtain, and the more glowing a client testimonial will be. You can use these great testimonials in your marketing pieces, ensuring that homeowners in your marketplace know who you are, and trust that if they call you to list their homes, you are going to exceed every one of their expectations.
I realize that both these tips require extra work on your part. The truth of the matter is though that there are no shortcuts in life. If you are willing to put in the time, and do your due dilligence, any market can be a fantastic market for you to grow your Real Estate career.