How to Generate Listings When Inventory is Down
Nationwide our industry is experiencing record low inventories, especially in the Denver Metro Area where the number of listings reported is the lowest it has been in over 30 years. With a shortage of houses of available, how can you take advantage of a strong buyer’s market?
While these tactics may take some creative thinking and determination, they could be the push you need to get ahead of your competition and generate some new business. Here are 7 Low Inventory tactics to try:
- 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, new lots available, and development opportunities. Keep in mind that bigger construction companies are probably already working with brokers, but there may be opportunities for smaller businesses.
- Target hot neighborhoods with seller ads – If you have buyers interested in specific neighborhoods, try creating seller ads. You may be able to motivate and identify potential sellers already in your database who are interested in listing their property, but are not planning on doing so for a few months out. Use seller ads to let them know there are buyers eager and ready! Be sure to include descriptions of what your buyers are looking for, their desired timelines, and the average home prices in the area.
- Similar to seller ads, encourage existing owners to consider selling their home by offering them free home valuation reports. Inform them if their properties value has appreciated due to a hot buying market. A number might be the push they need.
- “Make Me Move” feature – Zillow has a feature that allows homeowners to list their properties for their dream asking prices. You can search “Make Me Move” properties in specific areas to see if any are worth supplement your listings with or at least seeing in person. Contact information is provided, so you can start the conversation and gauge the lister’s level of interest. If they were interested enough to create a listing, they may be interested enough to meet with an agent!
- FSBO – Having hungry buyers standing by is a great way to attract FSBOs. They may need help selling their property without even realizing it. Demonstrate how you can be of help with showings, paperwork, and advertising.
- Expired listings – Search expired listings that never sold for opportunities, as previously overvalued home may have recovered. The owner may not realized how much the market has picked up. Contact the owner to see what challenges they faced and if you might be of assistance.
- Target absentee and out of state home owners with direct mail. Let them know now is a great time to maximize their profits on the sale of Colorado properties. Utilize Canyon Title’s Marketing Store to purchase customizable flyers and other resources to convert leads into sales!