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Sniff out sellers when inventory’s tight

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Editor's note: This is the second of a four-part series. Read Part 1, "Mistakes to avoid when negotiating multiple offers." The market has finally turned around and the good old days are back again -- well, not necessarily. Although there are plenty of buyers and reasonable financing, the challenge is that there aren't enough sellers. What can you do to keep your business strong when there are very few deals to be had? In a seller's market, there are plenty of buyers but very little inventory. When there is a scarcity of inventory, the first agent to reach the seller usually obtains the listing. How can you be that first agent? Prospect for one-party listings An owner may not want to list his house but is willing to sell if someone brings an offer to him. If you have buyers who have made offers on other properties and lost out in multiple offers, have them identify the properties they would like to see based upon the outside of the property or any other informat...