7 Ways to Generate Listings In a Low Inventory Market
With housing inventory at a record-breaking low, real estate agents have been forced to adapt and change the way they do business in order to produce listings. Focusing only on buyers is no longer a sustainable path to commissions and is requiring agents to focus on new listings. Keep reading to discover 7 creative ways to find listings in today’s market and pack your pipeline no matter the market conditions!
1. Establish a Foolproof Business Plan
The first step to consistent success in an unpredictable market is a business plan that will weather any market storm. Your business plan should be data-driven, built off your most successful lead gen methods, but still flexible enough to allow for future growth and development. Know your why, set trackable goals, and focus on consistency, lead gen tools, and your weekly schedule.
Incorporate activities into your plan that yield the highest results for your business. Focusing on the fundamentals like prospecting, sphere of influence, and lead generation will solidify your business foundation to withstand a changing market. Introduce new and innovative activities such as social media and community building to stay on top of successful real estate trends.
Use this Business Plan Template.
2. Circle Prospect with GeoLeads™ to Create Inventory
Circle prospecting is one of the best ways to pack your pipeline when inventory is low. Now more than ever, homeowners want to know the value of their homes and what’s happening in the market. You can be the agent who answers these questions for them.
Use GeoLeads™ to inform homeowners about market trends in their neighborhood and offer to do a CMA so they know how much equity they have. This allows you to become the known real estate expert in the area while packing your pipeline for future listings. You can also inform them of open houses, just listed/just solds, neighborhood resources, and more.
3. Call Old Expireds to List More Homes
Expired listings are real estate’s lowest-hanging fruit. However, low inventory and high demand mean fewer and fewer listings are expiring each month. That’s why calling Old Expireds (from 6-24 months ago) is a great way to find more business. With REDX’s Expired Lead product, you can sort through old expired listings by date to find information for homeowners who failed to sell, but might be ready to relist in today’s market.
Informing Old Expireds of their potential equity and how hot the market is could help them move somewhere they wanted to be years ago. Plus, these homeowners aren’t as combative as traditional Expireds since not a lot of agents are calling them. This allows you to cash in on an untapped opportunity.
4. Contact Your Sphere of Influence to Generate Business
Your sphere of influence (SOI) and past clients are the best sources for repeat and referral business. Your sphere already trusts you, which means they’re much warmer than the leads you cold call. To effectively utilize your sphere, you need to consistently contact them to stay top of mind.
A simple 5-minute call every 4-6 months could mean thousands in commissions down the road. While your SOI might not give you “now business” like circle prospecting or Expireds do, it does create a consistent source of income over time (as long as you nurture it).
Here are a few scripts to use when you talk to your SOI about the low inventory housing market.
5. Prospect FSBOs to Pack Your Pipeline
Many homeowners are recognizing that now is an amazing time to sell a home and cash out on equity. In a strong seller’s market, many homeowners feel empowered to list their home on their own and skip paying an agent’s commission. What they don’t know that is your expertise could actually net them more money, even with a commission.
It’s all about helping them understand the benefits of your real estate knowledge and expertise. REDX’s industry-leading FSBO data, coupled with a powerful script and the right strategies, will show these homeowners that hiring you is their best option.
6. Use Social Media to Keep Leads Coming to You
According to Business Insider, between 46% and 51% of adults in the US are using social media more since the pandemic began. Having a social media presence is becoming a must in the real estate industry because so many eyes are glued to screens.
If you’re not showing up on their feed, other agents will be. So whether you’re already on social media or not, optimizing your online presence could give your business the boost it needs during this low-inventory market. The three platforms that NAR recommends for all agents are Facebook, LinkedIn, and Instagram.
7. Circle Prospecting For Your Buyers
A few reasons inventory is so low is due to low interest rates, people wanting a change of scenery and a rapidly growing pool of qualified buyers. With a new generation in search of their first home, buyers agents are forced into bidding wars which often means demanding sellers and inflated prices.
Power prospector Trudy Padilla found a way to utilize REDX’s GeoLeads on behalf of her buyers. Trudy identifies a handful of features her buyers are looking for in a house and begins to hunt. She then uses GeoLeads to circle prospects to sellers that fit her buyer’s criteria and notifies them that she has someone who might want to buy their home.
The Opportunity in Front of You
The low inventory market isn’t going away any time soon. Thousands of homes are being sold each week, which means opportunity is everywhere. So instead of waiting around for the market to change, use these methods to create inventory in your area. You’ll be able to ensure a consistent and sustainable future in real estate.
REDX offers real estate professionals a complete all-in-one prospecting platform for generating listing appointments. The platform includes seller leads, a dialer with up to three lines, and a lead management tool that makes follow-up simple. . We empower agents to acquire and manage new clients while they develop sustainable growth and reliable business strategies.
Exclusive offer for LCA members! Sign up now and we will waive the entire setup fee! That’s $149.99 in savings!