Three Ways You Can Help Your Market’s Zero-Inventory Dilemma

Three Ways You Can Help Your Market’s Zero-Inventory Dilemma

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Basically, you have two options...
Either you can contribute to the answer or you can wait around whining for more inventory to hit the market.
Before you make a choice, consider this:
On all the main internet portals, buyer activity is at an all-time high.
The current level of interest rates is historically low.
According to ShowingTime.com statistics, showings have significantly increased since the COVID issue began.
The bottom line is this... There are many people who are eager and prepared to purchase homes, but there is no availability.
If you accept that duty, there are three things you can do.
And when you take these actions, they will kick-start your year and help the economy as a whole.

Go on reading!

Let's Peer Into A Homeowner's Mind

Let's take a moment to define the issue before moving on to the three steps. The majority of homeowners currently doubt their ability to sell. They are unaware of how the market is changing.
Additionally, they are unaware of the safety protocols you have in place. They aren't aware that you have a way to post an ad and get it bought on this market.
So here is my challenge to you: I want you to engage homeowners, inform them, and list more houses in the next 90 days than you have in any other 90 days of your career.

It is still too early to question market demand. Doubt your own limitations if you need to. A significant opportunity is right in front of you.

Offer customized Zoom sessions on "Your Home's Value During COVID-19" as the first step in the action plan.

Who among homeowners doesn't want to know their home's current market value? Tell them because everyone wants to know how these times will affect the economy.
Make it clear that throughout these 15 to 20-minute consultations, you will tell them the worth of their house and address the top three queries that brokers now encounter.

  • What is the market value of my house?
  • How can homes be sold securely during COVID?
  • How is the current mortgage market doing?

Ideally, set up a Sumo appointment maker or a Calendly link so respondents may "self-schedule" their sessions during the times you've set aside for this effort. I'd suggest blocking out specific times rather than making your complete schedule available to folks in order to make it work best for you.
You may now receive a deluge of requests, depending on your market and a number of other criteria. Therefore, I DO NOT RECOMMEND sending this offer through email to your complete database at once. Instead, concentrate on a small group of no more than 30–40 previous customers who you assume have significantly increased the value of their properties. Depending on the response rate you receive and your capacity to organize and run these meetings, expand the offer to more people after using them as a test group.
Present your "Safety-First Listing Launch and Home Sale Strategy"—or whatever name you choose—during the appointment as evidence of your compliance with COVID-19 guidelines and best practices.
Pretty simple, yes? Awaiting the upcoming one?

 

Use This Non-Owner-Occupied Script As The Second Action Step

What is the primary distinction when dealing with properties that are not owner-occupied?
Simple: There is far less emotion present. It's likely that if someone rents out their home but owns it, money is their first concern.
In light of the current state of affairs, they might be ready to cash out rather than continue to deal with that headache.
I thus suggest that you compile a list of all the properties that are not owner-occupied in your market. Then dial the owner's number and say these words:
"Hello, [Your name] here from [your company]. I was taking a look at your rental home in [insert address here] and I have a question... Have you considered cashing out at these prices with everything that is going on around the globe right now?
If they respond "no," be sure to inquire about any further properties they may own that you may have overlooked.
Do you currently have any additional properties you'd like to trade up for or swap in a 1031 transaction?

 

Send A "Yikes!" Letter As The Third Action

The goal of the previous phase was to take emotion out of a potential transaction.
Infusing emotion into your pitch is the main goal of this strategy.
It works like this: When you have a buyer who is truly struggling to find what they want, tell homeowners their story in great depth and make sure they understand exactly what they want.
The phrase "Yikes, there are no properties on the market!" is the headline that many realtors have used successfully when using this strategy.

 

Here's An Illustration:

"Dear Homeowner Mr. and Mrs. As you may know, there are no homes available for the great family I'm now serving to raise their children in (particular community or type of property). Please describe them in detail. I'm writing because I have a simple question. Have you considered selling your home?
Send it in a non-logo'd, hand-addressed, hand-stamped envelope if you want it to appear completely authentic.
To support your claim, you can identify certain streets, neighborhoods, home designs, views, close-by schools, property characteristics, etc.
Which of These Steps Will You Take the Most?
one or two Three? Zero, and you'll just sit around and wait for houses to materialize on the market by magic?
Commit to all three, assist in addressing the inventory issue, and 2020 can still be a remarkable year for you as well as the economy as a whole.

Experience The Difference

With Therealestateuno