For nearly two years, active real estate inventory has been lower than it has been in quite a while. It has caused some stress on the market in practically every state and has ended up setting higher prices, resulting in more bidding wars between would-be buyers. Unfortunately—or, fortunately, depending on your position—this “new normal” may be around for years to come.
So, how do real estate agents do their part to generate listings in a low-inventory marketplace? While it is definitely challenging, it’s still possible.
Stay Connected to Past-Buyer Leads
In many markets throughout the U.S., an influx of buyers is bringing the market to new levels. Buyers are more often than not sellers as well, so agents should go through their leads from the past year and see if any potential buyers hit the pause button on their home search. Agents should get face to face whenever it’s possible, or meet up over Zoom, and see how they can help. Agents need to take the time to reengage and see if they can assist in building new opportunities.
Provide Your Clients With Information
Asking current clients whether or not they’d like to be kept up to date about homes listed or sold within their surrounding area is a great way to stay in touch and potentially provide more value to them. Agents are going to have a better response rate while making their clients feel appreciated if they do this on occasion, so agents should focus on smaller radiuses to their client’s homes and include personalized messages when they provide information.
This information can include any similar features to their home, such as bedrooms, square footage, or the year it was built. Many real estate agents include price changes in their neighborhoods.
Get Social on Your Socials
Whether you like it or not, social media is a definite must for the business operations of all agents from here on out. Instagram and Facebook are two options agents have when it comes to engaging with people in real-time, and platforms like YouTube, TikTok and Snapchat are helpful in adding more of a visual experience for leads.
Not sure about hitting all the social media platforms at once? Start small and focus on a couple, then build out from there. You don’t have to know everything about social media marketing to start making a bigger impact on your online reputation.
Generating listings in a uniquely low-inventory marketplace presents challenges, so agents should spend some time being creative and testing out many different angles. Focus your efforts on the channels that give you the most consistent results, and you’ll be able to see more listings over time.
Todd Sumney is the Chief Industry Officer for HomeSmart. For more information about joining HomeSmart as an agent, please visit HomeSmart.com/join, or visit HomeSmart.com/franchising for franchise opportunities.