The Commonwealth Blog

Wednesday, May 30, 2018

How to Get Listings in a Low Inventory Market

Low inventory is an issue on every realtor’s mind. It’s a dry market for buyers almost everywhere in the United States, and hot metropolitan areas like Boston have an even more limited selection for single- and multi-family homes. If you’re wondering, “Where am I going to get my next listing?” you’re not alone.

Realtors listed low inventory as their #1 challenge in a recent National Association of Realtors survey. It’s been a significant problem since the Great Recession, and it doesn’t seem to show any signs of letting up. So, how can you take steps to get listings from potential sellers and sell them to your buyers? Despite what you may think, a tight market can provide an opportunity to Realtors. With some dedication, creativity, and tips, you can increase your listings and sell more.

Referral-Generation Systems

If you want to capture listings in a low inventory market, you can’t wait for referrals to come to you, you must cultivate them yourself. Create a process using a CRM (customer relationship management) for building and awarding referrals from past clients. Engage with your past clients in a productive way to procure referrals.

Getting referrals isn’t a passive process. As a Realtor, you need to constantly network and engage with clients and build relationships, so you always have a referral or several in your back pocket.

Find Expired or Withdrawn Listings

There are often sellers waiting for the right Realtor to help them sell their home. They might be attempting FSBO (For Sale by Owner), or they may have withdrawn their home from the market. You can check the MLS and sites like Zillow and Trulia to find expired listings.

If you find veritable properties that could sell in today’s market, contact the owner and offer to help them sell. You can make a tidy profit and offer up a home that may have never been sold otherwise.

Social Media Marketing

There’s no question social media is essential in today’s real estate market. An active social media presence on Facebook, LinkedIn, and other platforms can be the difference between securing a listing and losing it to a competitor.

Successful Realtors will have valuable information on their pages, including useful posts about the housing market, local articles, listings, client reviews, and much more. A prospective client should want to hire you based on your social media profile.

Target Moving, Estate, and Garage Sales

It’s probably been a while since you’ve looked at ads for moving sales in your local newspaper or on Craigslist. However, it might be a sign if people are trying to get rid of a lot of their furniture and possessions. They might be moving; they might have to sell their home or be going through another life change.

You can run the address through the MLS and find out if the home is listed or not. If it’s listed as FSBO or isn’t listed, you can offer a home value analysis and try to secure the listing. Keep an eye on these sales and you can secure some listings you wouldn’t get by other means.

By following these tips and putting in some hard work, you can get more listings than ever in a low inventory market. There might be fewer properties available to sell, but that doesn’t mean you have any less opportunity, so get out there and sell some houses.

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