Solutions to Tackle a Low Inventory Issue in the Real Estate Business
It can be a frustrating situation for a Real Estate agent and for their clients if they are unable to find the dream home for them. There can be quite a few reasons that can lead to this ‘frustrating situation,’ one of the major reasons being the Real Estate agent having scarce resources.
For the Real Estate agents, losing out on their customers to their competitors due to the lack of inventory isn’t the best of signs for their business. Let’s get to know some of the solutions that can come in really handy for a Real Estate agent to grow their inventory and help their customers in getting their dream home.
As we all know purchasing a home is one of the biggest investments that an individual makes in their life, hence they need plenty of options at their disposal to choose from. For this reason, you need to be more resourceful to satisfy the needs of your client. If you aren’t able to provide them with such options, don’t be surprised if they move to other agents.
These are a few things that you can do to be more resourceful.
The first one is market research. You need to research the market thoroughly and be equipped with the information on the houses that are on sale in your locality. Take help of the internet or any other source for getting your hands on the said information. The extensive market search process might prove to be time consuming but eventually, it will reap in fruitful results.
Another important practice for getting your resources is to note down the requirements of your client and go on a door knock spree for getting them the house as per the noted requirements. You can prepare a proper quotation and attractive offer for your door knocking strategy, as it will enhance the chances of the deal.
Reach out to the prospect home sellers with handwritten notes explaining your offer in the most attractive manner. The effect of the handwritten notes is directly proportional to the way it has been written. Get some personalized touch to the hand notes for a better impact.
Telephone marketing, although a traditional yet an effective method, can be used to getting hold of more resources for your clients. An effective way is to get in touch with your old clients who did not sell their house due to any reason. Give them some attractive offers for creating more resources for your existing clients.
An important solution that I would like to share with you is to always keep your search target specific as specified by the customer. For example; if they are looking for a single-story house in a particular area or street, try finding the best match for them accordingly. If you are giving them options that aren’t according to the specified requirements of the client, you are certainly going to lose on the deal.
Door Knock with an Offer and Photo
If you are using innovative ways for reaching out to a prospect seller, you will have greater chances of being resourceful as compared to the traditional methods. For example; I would recommend you use this innovative method of coming up with a document with an attractive offer mentioned on them along with the photograph of the prospective buyer attached to it.
You can introduce yourself as the representative of your customer. This will generate the interest of the homeowner and you may eventually get them to sell their house.
Magic Butter Letter
Instead of going with the traditional method of sending the letter with an attractive offer to a homeowner, I would suggest you add a certain twist to it and make your magic butter letter more effective.
Do not place the letter in your official envelope rather lure in the prospect seller by writing a magic butter letter by making it visually appealing. Use attractive and high-quality paper and preferably the text should be handwritten for a personalized impact.
Refrain from writing the same old conventional text in the letter rather opt for pleasant words so that the homeowner is willing to sell their home.
I wanted to add full disclosure. I have coached with the Tom ferry network for several years. This strategy is one that he suggested to implement and it works! We have implemented every one of these solutions and they work! Make sure to add your own twist to it! And be consistent. Create a plan for success.
If you need help with creating a plan, I recommend you join a mastermind group or create one! There are so many agents hungry to succeed throughout the country. Set a time frame you all can stick to. Joining or creating a mastermind group is free and effective. If you do not have a coach, I highly recommend one. Three years ago, I was a single reo agent with an assistant. Because of coaching and a drive to succeed, I now lead a team of 36 agents. You can do anything you put your mind to! Do not give up.
To sum it up, I would like to conclude this article with the fact that none of the above-mentioned strategies are going to work for you if don’t have the drive to succeed. When a client has contacted you with their requirements, do whatever it takes to get the deal signed and work with your full potential to get them a home as per their requirements and earn profits for your business.
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