Find More Inventory with these 3 Proven Methods
With the recent crackdown on “off-market” homes, D.C. real estate agents are left scrambling to add more inventory to their listings. This tight, red-hot market isn’t helping those being left behind by this NAR-led regulation, posing a unique challenge to agents.
3 Ways D.C. Real Estate Agents Can Find More Inventory
To help you obtain more properties for your real estate business, we asked seasoned real estate agents from the D.C. area what they do to generate more listings when demand is higher than supply. We found these three creative tactics to be the most helpful.
1) Sell Your Services to For-Sale-by-Owner Properties
One of the best ways to discover new inventory is to target for-sale-by-owner properties, also known as FSBOs. Many times, these properties stay on the market way past the average day turnover and usually only have a 10% success rate. When reaching out to these homeowners, try and explain your services by demonstrating how you can increase this turnaround time and the selling price of the home. However, it might be tricky to find these listings. These are two ways to identify these types of homes:
Social Media Marketplace
Social apps like Facebook host their own marketplaces where people post items for sale without having to pay fees to other websites like eBay. Because these marketplaces are on a social network, it becomes extremely easy to contact owners using their social mail service.
Just remember, when contacting homeowners through these apps, make sure to be straightforward with your intentions in your initial message. There are many fraudsters frequenting these sites, which has raised many people’s guard when receiving random messages. By being candid in your communication, you’ll be able to quickly and effectively filter through many more potential clients without scaring them off.
Homeowners use this website to list their homes for sale. The website does take a small cut but for only a fraction of the price of your commission. Just like with social media, you’ll need to thoroughly explain the value you’ll bring to selling their house.
To reach out, we strongly suggest jotting down these listings and approaching owners through cold calling or a friendly knock on their door. Just make sure you bring a welcoming present to differentiate yourself from other door-to-door salesmen.
There’s also always the option of driving around specific neighborhoods and looking for these homes, but that tactic could be both time consuming and, to some, downright creepy.
2) Geotarget Hotlist Areas
If you’re trying to capture more inventory, the best move is to look at your hot sheets and geotarget neighborhoods that are experiencing a higher-than-average price jump in home values.
Geotargeting is a marketing strategy where you market and advertise in a specific location. By geotargeting particular areas, you’re informing the neighborhood of how they can profit by selling their homes and your services as a knowledgeable agent.
To properly execute this strategy, create direct mail flyers for each neighborhood you’re targeting with messaging that informs them of rising home prices and how you can help them capitalize. You can also look into joining neighborhood Facebook groups or sponsoring community newsletters to get the word out about your services.
3) Establishing Local Business Partners
Teaming up with local businesses is a fantastic opportunity for getting your name out there. They are respected members of your community, and through their word-of-mouth reference––the most proven way to gain more clients––you’ll be able to discover more inventory for you. They are also considered strong Centers of Influence due to their wide-ranging network of clients.
To find new partners, you need to research and reach out to businesses you believe would benefit most from partnering with you. For example, partnering with a flower shop would help that business generate new customers through your referrals to clients as well as consistently using them for your open houses and closing gifts.
When partnering, make sure to provide your partner with ample amounts of marketing material, including point-of-purchase materials, that they can distribute to potential clients.
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