Is low inventory killing your listings?

Introduction:

Low inventory can be a real challenge for real estate agents in today's competitive market. Sellers are hesitant, and buyers are frustrated, making your job even harder. But instead of letting it hurt your business, why not turn this challenge into an opportunity? Here’s how you can adapt and thrive, even when the market feels tight.

1. Be Proactive with Expired Listings

Don’t just wait for sellers to contact you. Take the initiative and target expired listings. These homeowners are often motivated but may have missed the mark last time. With a fresh perspective, you can relist their property and win their trust.

Tip: Use a tool like MyPlusLeads to get their data easy and cheap

2. Tap into the FSBO Market (For Sale By Owner)

Many homeowners want to sell without a realtor but quickly realize they need help. Approach FSBO listings with empathy and offer your expertise. Make sure you are offering your help with no pressure. At first, they want to sell on their own… HELP THEM! You will stand out of the crowd and be the choice to help when they choose to list.

Script Example:
"I noticed your home is listed for sale by owner, which I respect. I was just wondering if…"

3. Focus on Buyers’ Needs with Strategic Marketing

With fewer homes on the market, the competition for available properties is fierce. Shift your focus to understanding your buyers' exact needs and tailor your marketing efforts. Highlight the benefits of your listings, such as location, features, and the potential for customization.

Tip: Use virtual tours, 3D walkthroughs, and professional staging to make your properties stand out.

4. Build Relationships for Future Listings

When inventory is low, it’s a great time to build your network and solidify relationships for the future. Reach out to potential sellers before they even think about listing their property. Offer free market analyses, provide insights, and let them know you’ll be there when they’re ready to make a move.

5. Leverage Your Sphere of Influence

Your sphere of influence (SOI) becomes even more critical in low-inventory markets. Regularly engage with past clients, prospects, and even friends and family. They may know someone considering selling who hasn’t put their home on the market yet.

Tip: Create a "Looking to Sell?" email campaign targeting your SOI. You never know who might be thinking about it.

Conclusion:

While low inventory might seem challenging, it’s also an opportunity to be creative, proactive, and strategic. Whether you contact expired listings, work with FSBOs, or nurture your sphere, there are always ways to get ahead. Stay focused, adapt to the market, and turn these obstacles into opportunities.

Yours truly,
Mike Smutz