Creating New Inventory
The combination of Denver’s low inventories with a surge in population growth, has attributed to the median home value rising 6.7% to $393,900 in just under a year, according to Zillow. With a shortage of listings and a strong buying demand you may feel like there is nothing you can do. But by utilizing your connections and creating new opportunities, you can stay ahead of your competition. Here are 5 ways you can generate new listings in a low inventory market:
- Capture seller contacts at open houses – Open houses are a great way for real estate agents to meet new buyers but have you thought that these buyers could also be potential sellers? Many will likely need to sell their house first before buying the next house.
- Target moving, estate and ‘huge’ garage sales- Check out your local newspaper or Craigslist for any ‘massive’ garage sales. There are many reasons for having a huge sale like this, one of them being they are planning on selling their home. Run their locations in the MLS and see how many are listed for sale. Find out the stories of others that are not listed for sale. Give them a call and offer a free home value analysis report.
- “Make Me Move” feature – Zillow has a feature called Make Me Move, which is a free and easy way to tell others the price someone would be willing to sell their home for, without actually putting it on the market. It’s the “dream price” you might accept if someone offered you that price. Some potential sellers include their email and phone number If they were interested enough to create a listing, they may be interested enough to meet with an agent!
- Use social media to find sellers – Search Twitter and Instagram for #LookingToMove, #INeedToMove and #IWantToMove, and see what comes up. There could be some general complaint posts but you could also potentially find someone looking to sell their home.
- Get to know the new construction market – Leverage your existing connections including lenders to get to know builders looking to work with an agent. Build a rapport and relationship by providing information they might find valuable like insights on tear-down opportunities, lots available, and development opportunities. Keep in mind that bigger construction companies are probably already working with brokers, but there may be opportunities with smaller businesses.
To find out more tips on generating new listings click here.