“I have 3 pre-approved buyers, and nothing to sell them.”
“My buyers have written offers on 5 properties, and still no contract.”
“My folks are getting frustrated and I’m afraid they are going to give up.”
Any of these sound familiar to you? I’ve been hearing statements like these since the beginning of the year. Many markets are struggling with a lack of inventory - some at historically low levels - and it’s creating stress, anxiety, and frustration for agents and buyers alike. The first quarter of 2017 is nearly at a close, so do you know what needs to be done if you want the remaining three quarters to be different?
Here’s what we know: the average agent will wait for property to hit the MLS, react by contacting their buyers, make an immediate showing appointment, and then cross their fingers and hope for a positive income. You do this right? Yes? So do most of the agents around you. What can you do that will separate you from the rest?
It’s simple. Stop waiting for opportunity - and inventory - and start creating it.
Consider that for a minute. What would happen if you made it a priority to get out there and create the much needed inventory that’s needed in your market by targeting specific people with a specific message? What might happen if you can boldly assert that you will seek to find a home for your buyers that they won't have to compete with others for?
- You’d insure greater consistency for your personal production.
- You’d be better able to leverage your inventory for more listing opportunity.
- You’ll attract all the buyers you can handle or want.
- You’ll keep your buyers loyal.
Yes, it is simple - but not necessarily easy. In order to do this, you’ll need focus, systems, and commitment. You’ll need to time block to identify opportunity and for the follow-up necessary to achieve the desired results. You’ll need to be willing to do what others aren’t and blaze a few trails. There’s no downside, and the benefits can be a game changer. Here’s a few things you’ll need to know and do and some tips and tricks to get you started:
- Consult your buyers fully and know exactly what they are looking for. What do they want, where is it located, and what will they spend? I spoke with an east coast agent who shared that her ready, willing, and able buyers would to wait to purchase a home in a particular neighborhood they had their heart set on. There was nothing available and when something did list there were bidding wars. The solution? She crafted a well-written message - that included specifics - and sent it to every homeowner in the community. Over 100 letters went out and guess what? One response, and it was perfect. 60 days later her buyers were in their home of choice and she then listed and sold their town home. “We couldn’t have done this without you”, they wrote in their testimonial, and they were right. She has earned clients - and referrals - for life! This week’s download includes a template for a letter you can use for your buyers.
- Target the forgotten expireds. I’m not talking last week’s or even last month’s. They are likely to be hearing from dozens of eager agents. How about those who attempted a sale in 2015 or 2016? Isn’t it possible that current conditions - low inventory and increased demand - could make their goals achievable? How will they know this if you don’t tell them? Comb through your MLS and be prepared to call, mail, or door-knock fearlessly. See our download for an easy ice-breaker script that can be adapted for your use.
- Study the hyper local data and share it in an easy to understand way. Unless a homeowner is considering a sale, they are unlikely to be paying attention to specific information like days on market, sold prices, and the number of units available. It’s time to be the local economist and inform them before anyone else does! When you do - via direct mail, email, or social posts and advertising, be sure to use consumer language, not agent-speak. “YOY months of inventory” will have folks scratching their heads, but a statement like “your community is highly desirable and homes listed here are seeing multiple offers and a significant increase in sales prices” will most certainly make people sit up and take notice. Be enthusiastic, create excitement, and sell the sizzle!
- Tell everyone you know what you are looking for, and contact those who may be in the position to connect you. A local market expert shared with me how he once stumbled upon a home for his buyers who wanted a “project”. While canvassing a neighborhood he discovered a home that appeared to be unoccupied, so he knocked on the door of a neighbor, engaged them, and discovered the elderly owner was in assisted living. A few days and phone calls later he was connected with a decision maker, a deal was struck, and his buyers were able to purchase a home they ultimately updated and transformed. This was a win-win-win - for the owner’s family, the buyers, and for the neighbors - and it started with simple curiosity and the willingness to go above and beyond. Are you willing? Don’t forget to email your sphere, post your needs on Facebook, and ask readers to forward and share. Your message just might wind up in the hands of the right person!
- Continue to preview as much available inventory as you can each week. Publish your insights to Relola, share and boost. Agents who demonstrate their local market and inventory expertise are more likely to attract opportunity and will enjoy greater exposure and validity!
Don’t wait - CREATE! You’ll be rewarded and you’ll earn raving fans!
Beth Incorvati is our Chief Blogger and Podcast Host at Radio Relola. She has been training, motivating, and inspiring real estate professionals for over fifteen years.