What Savvy Agents Do When Listing Inventory Is Low
When listing inventory is this low, a lot of agents say, “I’m out of here!” Other agents lean into smart tools, creative mindsets, and good, old-fashioned, service to stay on track for their goals.
Remember, within every obstacle is an opportunity waiting to be discovered. In the case of low inventory, there’s an opportunity to pick up market share left by agents who leave the business, and a chance to spotlight yourself as a resource that people REALLY need right now. With market conditions changing constantly, your value as someone who can protect their family’s interests is vital.
This week, we took a peek inside our Power Agent® group to share the magic we’re seeing from some of our favorite real estate agents who aren’t waiting for the market to change to generate the listings they need to hit their goals, serve their communities, and loving what they do more than ever.
One: They make open houses spectacular, and in return, attract new listings!
Open houses can be incredible ways to not only help sell your client’s house, but to attract new sellers, build loyal relationships with new buyers, and brand yourself as the go-to agent in your market. After all, a line down the block for an open house certainly can create a BUZZ in the neighborhood!
We actually suggest you do TWO open houses – one for their neighbors, and then a public open house.
Neighborhood Open House
When you host neighborhood open house, you get some of the “lookers” out of the way – those neighbors that are just eager for an opportunity to get a peek inside the house down the street! It’s also an amazing opportunity to build rapport and tap into those homeowners who may be wondering if it is time for THEM to make a move. Be sure you have lots of great collateral at your open house and offer a free Neighborhood Market Report which would show your open house attendees what their home is worth in today’s market. You can print certificates and hand them out at your open house!
Learn more about hosting a neighborhood open house here.
Public Open House
Hosting open houses is a great resource for generating both buyer and seller leads. It’s often one of the best ways for newer agents to “get their feet wet” by hosting open houses for the listings of busier agents. What makes a great Open House host?
- Don’t crowd people – let them set the pace for how they want to view the home.
- Don’t ask for their information up front – that can feel intrusive. Instead, before they leave, offer something of value and let them know that there are new properties coming on market that they might want to be one of the first to see, then get their details.
- Don’t overshare. Many agents make the mistake of talking too much during a showing – it can be distracting for buyers.
- Have smart collateral. Power Agents®, I recommend the Buyer’s Guide for Real Estate, Loanopoly (fun for the whole family), and the Moving Guide for Children – all can be found in the Buyers and Farming section of your classroom. If you’re not a member, think checklists, resources, and guides!
Ready to learn more? Head to the Five Top Tips for Hosting an Open House here.
Two: They network and connect with like-minded professionals.
We created the Power Agent® Directory for one purpose: to connect like-minded sales professionals from across North America with each other and we love what we are seeing. Agents are using this powerful tool to share referrals, find integrity partnerships – even role-playing and practicing their skills!
Let’s see, you can earn more money, make some friends, and get more skilled? How’s that for a trifecta?
Power Agents®, be sure to fill out your Power Agent Directory profile in DETAIL! There is a webinar on demand in your Tech Tools and Training with expert real estate copywriter and consultant Christy Murdock who shares her tips and tricks for writing bios that GET READ! Find it here.
There has never been a more important time to be connected. With your sphere, your farm, AND professionals in your industry. We each have so much to teach one another and so much to learn from one another.
Tip: MillionAcres.com has a great article about How to Build a Quality Real Estate Network that’s worth the read!
Three: they host Client Appreciation events.
Annual events are a great way to reconnect and reaffirm great client relationships. They can be high end – or surprisingly reasonable. You can also tag-team these events with local vendors to help offset costs and broaden your reach.
Here are just a few suggestions:
- Mortgage lenders
- Title reps
- Local moving companies
- Stagers
- Photographers
- Landscapers
Client events are wonderful opportunities to also reach out to your communities and integrate important causes that are important to you such as…
- A food drive
- Stuff the bus – school supplies for kids in need
- Coats for kids
- Holiday gifts
Combining a client event with a cause is a win-win!
We put together this Parking Lot Party Guide that has ideas and marketing tools for promoting events any time of year! From drive in movie nights to Halloween Trunk-or-Treat to holiday bonanzas – the point is to have fun, connect, be purposeful, and stay top of mind!
Another powerful strategy is to sponsor or host the housewarming party for your new home owners 30-60 days after closing. LendingHand.com has some great ideas and a checklist for this here.
It’s important for your brand that people in your market not just hear from you via mail or phone – but to be a visible part of the community.
Four: They find their niche and grow it.
Something magical happens when agents lean into specializing in a niche market that they are passionate about. Much like Thor who has embraced his military roots and is determined to help vets and active-duty military better understand their rights and the special opportunities for home ownership that are available to them.
When you work with a niche, developing that important trust and rapport is easier, building your brand can be faster, and you feel more confident because it is something important to you.
We’ve seen many teachers, first responders, nurses, and professionals from other sales and service industries do very well in real estate by specializing in working with people from their former professions!
TIP: Real Estate Express did a really good job of identifying 6 Ways to Find Your Real Estate Niche.
Your Turn!
While the fact is that inventory is at an all time low, the flip side of that fact is that there will always be people who want to sell their home (in every market) and people who want to buy. Your job is to connect with people every day in a myriad of ways so that you either find those people, or they find you!
We’ve shared twelve success strategies for building your business, hitting your goals, staying on track, and yes – even having more fun. Follow their lead, invest in your skills and mindset, and make every day something you can SMILE about.
We’re here to help! Power Agents®, stay close – meet us in the group, on the Monday calls, Wednesday masterclasses, and keep your eyes peeled for the training and tools that we’re sending to your in-boxes every week!
Not yet a Power Agent? No worries – try us for 30 days, risk-free for just $5!
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Need help? Contact our team today at (800) 395-3905!