Recent data shows that housing inventory has never been lower. According to CNBC, at the end of February 2021, there were 1.03 million homes for sale in the U.S., down nearly 30% year-over-year. It’s the lowest supply on record.
Despite the lean supply, people are more interested than ever in buying. Bidding wars and all-cash offers are the norm, but your team might not be closing as many deals as usual—simply because properties are scarce. What can you do to sustain your stream of leads, keep your agents busy and keep cash coming in? Read on for a few tips for staying top of mind and making the most of low-inventory periods.
Use the lull to revamp your website.
In the digital age, your website is your ‘For Sale’ sign. You want to make sure it pops with eye-catching images, industry-leading SEO and a multitude of ways to contact your brokerage. Slower periods are the perfect opportunity to devote much-needed time to your website, and with a strong online brand, you’ll be sure to attract the attention of potential sellers who are looking to list.
Market better to agents’ spheres of influence.
Low-inventory periods can be stressful for anyone who relies on commissions for their livelihoods, especially agents. It is important for them to stay productive during low-inventory periods, and an easy way to do that is to market to their spheres, i.e., the network of people they have sway over. According to the National Association of REALTORS®, 67% of agents’ new business comes from their spheres. Make sure your brokerage’s is on point (and automated!) so your agents’ networks know your brokerage’s name and think of it when it’s time to buy or sell.
Be a force for good in the community.
There are so many ways to give back, even when inventory isn’t low. Sponsor a park cleanup, organize a neighborhood mural, plant a garden or help at a vaccine clinic in your community. Wear your office shirts and be ambassadors for your brokerage. You’ll help your neighbors, and they may think of your brokerage and agents for their future real estate need. It’s a win–win!
Make it easy for people to contact you, and respond fast.
When there aren’t as many homes to buy or sell, leads are all the more precious, especially potential sellers and buyers whose offers weren’t accepted. You need to be able to follow up fast. Studies have shown that fast responses are critical, and providing the right information before your competitors means you are more likely to win the lead. A CRM tool that helps your entire team follow up with leads fast can make all the difference.
Give listings the star treatment.
With the way the market is going, houses are selling themselves. But that doesn’t mean you shouldn’t pull out all the stops. Top-notch customer service is key, including stunning listing photos, customized property sites, a marketing blitz and an overall stress-free sale. Remember, referrals are a major source of business: if your agents take care of buyers and sellers now, they will be top of mind next time, too.
Set up regular touch points.
Don’t be afraid to provide useful information to remind your contacts you’re there. Leverage your CRM to send recommended properties to your entire active customer database based on what they’ve viewed and saved. That way, they never miss a listing, and your team gets to be who helps them close on their dream home.
For more information about stunning websites, social media marketing, the best real estate CRM available and more, get in touch with Constellation1 today!
Kim Koraca is the vice president, Marketing at Constellation1. With more than 15 years of experience driving revenue growth in tech marketing across North America, Koraca leads the Constellation1 brand and marketing strategies with a dedicated focus on data-driven decisions and consumer experience.