Thanks in part to 2023’s interest rate surge, listing inventory remains 36 percent below typical 2017 to 2019 levels, which has created an environment of seller agent competition that is unparalleled. And it’s likely to continue in 2024, with inventory projected to decline by 14 percent year over year as homeowners with low mortgage rates sit tight.
- In 2024, inventory levels are expected to decline by 14 percent year over year.
- April is the prime month for selling and with 60 percent of sellers spending up to three months preparing their homes — your professional guidance is highly sought after.
- Realtor.com’s Listing Toolkit offers a cutting-edge suite of products that empower agents to win more listings and sell more listings.
“Data shows that as the number of home listings dwindled in recent years, the number of real estate agents in the market climbed, leading to a competitive environment not just for consumers but for agents,” said Danielle Hale, chief economist of Realtor.com. “According to our data, there were nearly four unique homes listed per agent in 2017 to 2019 while in the last year this dropped to less than three.”
Nearly 75 percent of sellers contact an agent as soon as they start thinking about selling, or at the beginning of the process. So those sellers are actively looking now for experts to guide them over the coming months.
“The leads our agents receive in November, December, January and February are going to be the sellers they’re seeing in the spring,” said Lauren Bowen, chief operating officer of Robert Slack. “Given competitive market conditions, we were looking for products to get motivated sellers in front of our agents.”
Robert Slack agents did a trial run of Listing Toolkit, a new subscription-based solution from Realtor.com, to help their agents stand out from the competition, quickly turn motivated sellers into clients and more easily find the right buyer. “Listing Toolkit has the potential to be one of our highest converting listing lead sources, which in this market could be a game-changer,” Bowen said.
Particularly impressive was the speed at which motivated seller leads flowed in just a few hours after agents activated their accounts. Initial testing showed getting a lead to an active listing was slashed to 30-45 days from the usual 90 days, Bowen said. Higher intent sellers who “are ready to choose an agent” are the reason Bowen attributes to the reduction in days until listing.
According to Bowen, one of the features that resonated the most with Robert Slack agents was the ability to send out automatic proposals, including videos, to prospective clients before a first meeting. “They can see the value they’re going to get from us even before we walk in that door,” Bowen said. Agents can spell out what sets them apart from their local competitors, and they can do it quickly. “In today’s market, it doesn’t do you any good to send a proposal three days later. You need to be responsive,” she said.
Bowen also praised the matching buyer feature, which finds local buyers whose budget and preferences match the listing and makes it easy to connect directly with the buyers’ agent.
Click here, to learn more about Realtor.com’s Listing Toolkit.
Exclusive Inman promotion: take 30 percent off Listing Toolkit until Mar. 15, 2024.
Discount expires Mar. 15, 2024. Discount applies to new purchases of Listing Toolkit product only. 30 percent discount is off of standard list price in effect at time of sale.
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