As housing inventory declines nationwide with no indicators of slowing, real estate agents must adapt their strategies and tactics to maintain and grow their listing inventory.
Agents must proactively build a strategy to generate new listings and consider implementing one or all of the following tactics in order to improve their business.
1. Look into multi-property investors
There are two types of investors in this market, those looking to cash out and those looking to double down. Investors who are ready to cash out are looking to optimize their returns; they present a great opportunity for agents to obtain access to multiple new listings.
The investors who are ready to double down and expand their portfolios might not provide access to listings, but they will be transacting! Build the relationship with them on the purchase so when the time comes for them to sell, you will obtain the listing as well.
The easiest way to take action on investor business is to seek out those who own multiple properties in your market. Look for rental properties in your area and search for the owner. Once you find the owner, dig a little deeper, there’s a high possibility that they own more than one property.
Regardless of the type of investor, establishing a relationship with one is a win and an opportunity for new business.
2. Pursue expired and withdrawn listings
This may not be a new groundbreaking tactic, but it is one that many agents have not pursued in recent years. Seek out expired and withdrawn listings.
Agents who entered the real estate industry over the past few years have not needed to have difficult conversations with sellers requesting a single price reduction, let alone multiple. This has ignited a spark in more and more homes that are truly sellable falling off the market as an expired or withdrawn listing.
Agents with strong negotiation and communication skills have the opportunity to dominate this space over the next 12 months.
3. Don’t ignore underused marketing tactics
Marketing tactics such as Google Local Service Advertisements (LSA), present a huge opportunity for you to expand your reach and audience. These ads can reach those inside your market as well as those outside your current market.
Focus on improving your Google reviews. Agents that stand out amongst the crowd are those with highly rated reviews and more of them.
4. Take it back to the basics
Always keep your past clients top of mind. They are one of your best opportunities to generate new listings. These clients are already familiar with you, like you and love your service.
As agents, we often overlook the power of following up with our past clients. It should be part of your routine to follow up with them at least once every quarter after the close of the transaction. Build relationships that will make them not just future clients, but a source of consistent referral business.
A low inventory market does not equal a lack of opportunity. If agents are willing to innovate their strategies, be proactive and stay consistent, opportunities will find them.
Craig M. Tann is the founding owner and broker of huntington & ellis in Las Vegas.