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Buyers are struggling to find homes, and agents are struggling to find inventory for their clients. This is not a lack of inventory problem, as more homes sold in 2021 than in 2022. There is no stale inventory sitting on the market.
Days on market have dropped, and we are seeing heavy demand, specifically from the millennial homebuyer segment.
It’s the story of the current market, and instead of waiting for the right home to appear, savvy agents create inventory for their buyers by being proactive and generating opportunities. Here are my top strategies and scripts for agents to find inventory in any market.
Use video to share your buyers’ story with your audience
Create a video of yourself sharing a script similar to this one:
Hi! It’s Tom Toole with RE/MAX Main Line and the Tom Toole Sales Group. I’ve got a great new buyer looking for a three-bedroom home in the heart of [your city]. They are preapproved for $X, have no home to sell, and can close in 30 days.
Explain to your audience (with your buyers and supervising broker’s permission) that if they sell their home to your buyer, they will only have to clean it once. They won’t have to deal with the hassle of showing their home repeatedly on-demand, and it will likely be the easiest sale they’ve ever done.
Share details with your audience that will help them learn more about your buyers’ merits and qualifications, and keep the video short. Post the video on social media, and run an ad that targets the people who live in that area.
You’ll grab the attention of people who are thinking of selling but who haven’t brought their home to market yet, and you’ll build credibility with potential customers by working hard to find your buyers a home.
They’ll tell their friends about the work you did to solicit homes that weren’t even on the market, and it will serve as an amazing testimonial that will likely win you more referral business in the future.
Send a letter with a similar message
Many agents aren’t comfortable creating videos, and they prefer to use other means to farm for new business.
You can generate a letter or direct mailer using the same message above and send it to the people who live in the neighborhood you’re targeting.
You can also include details about their pre-approval (with everyone’s permission) and the amount they are planning to pay as a down payment, as well as any part of their story that may connect with the homeowners you’re contacting (be cautious, and adhere to fair housing laws).
Once again, invite homeowners who have considered selling to reach out to you for a no-risk conversation about what it might look like to sell their home.
The caveat is this: More and more platforms are moving toward video and away from static messages, so successful agents must learn to be comfortable using video.
Although it can be intimidating, it’s a powerful tool in your real estate arsenal, and it’s an effective way to grab the attention of the people who might consider selling their homes.
Use the phone to reach the same homeowners
If video and letters aren’t a viable option, you can also deliver the same message to the homeowners in the area using phone calls.
Similar to circle prospecting, where you contact homeowners within a certain radius of a home that has had activity, you can call the people who live in the neighborhood you’re seeking and share your buyers’ stories over the phone.
You’ll likely be amazed at the people, both sellers and potential buyers, who will be drawn to you because of this effort, the amount of hustle you’re doing on behalf of your current buyers, and the level of service you’re providing.
Door-knock these targeted neighborhoods
Yes, I am sure you have heard of door-knocking before and may even give it an eye roll. What I know is if you are willing to do the things that other people are not, your business will flourish.
All of the above strategies can be applied here. Bring something to leave behind with a door hanger. Not only will this help you find a home for your buyer, but it will also get you facetime with potential homesellers.
Make sure to bring a notepad, and gather any contact information of the people with whom you speak, so that you can follow up appropriately.
Target old expired listings
If these homes came off the market over the past few years, they have likely seen massive appreciation given the current state of the market. At some point, these homeowners were motivated to sell. What do you have to lose by contacting them?
If you want to really produce opportunities, take action on all 5
Nobody likes an aggressive agent until they have one. Imagine what will happen when you unearth an off-market opportunity for your client while other agents are just checking the MLS and being passive. This kind of behavior is what will cause agents to win in 2022.
Inventory continues to be a challenge for all real estate agents, but you don’t have to wait passively for the market to provide inventory.