Look at your current business inventory. Do you need more listings? If you have been looking for homes on the MLS lately, it kind of crickets when it comes to homes entering the market. There are many reasons why we are at a stagnated point in house inventory, to lack of builders building, homeowners loving their interest rate, and much more. We are now in a market where the Realtors need to actively create an additional inventory to supply homes to the flurry of homebuyers in the market. Where do you spend your time, effort, and energy to find these likely home sellers? Your sphere of influence and past clients are the starting point and most obvious, but after that–who is the most likely target audience?
Condo Absentee Owners
Condos are the first properties to appreciate, and the first to depreciate. The other issues with condos are high HOA fees that you don’t get back and as an absentee owner, you may be dealing with property managers which comes with a 7%-10% management fee. With a property that is just holding value, dealing with tenants, and fees that you don’t get back now may be the right time to sell that investment condo.
Not sure if you have ever owned investment property, especially living in a different state, but it isn’t always a fun time. This is a fantastic time to reach out to these homeowners and see if they want to list their property to “cash out” in the Spring market. If you need more listings quickly, these are the first people I would reach out to.
Down-sizers in Good School Districts
Another great target audience to capture listing opportunities are homeowners who have lived in their homes for a very long time, and kids who have moved out and no longer need the space. The “pro tip” is to target these homeowners in school districts that are highly rated. If you are like me and have small children, I would be seeking my next home not only in a great location but the right school district.
Think about who you might know in your database that would fit into this category and potentially invite them to your next market update seminar and send them a CMA of their current home value. Many of these potential sellers might struggle with the transition of moving out of a home they have lived in for so long, so if you can articulate your value of how to assist in solving that problem, more listing opportunities will come your way.
Who Bought your Listings?
Many agents market to their database, which is people they know. What about the homeowners who bought your listings from 2019 and beyond? Are those homeowners in your database? Are you marketing back to them to potentially list their home with you? You sold it once, which means you can surely sell the home again.
Several of my Realtor clients have communicated to me they have sold the same house more than once. Don’t discount the homeowners on the other side of your transactions. They can be a great source for repeat and referral business.
In our current market environment where we will be in an inventory-depressed market, being strategic to increase the number of homes entering the market is important. Good luck!
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