It's safe to conclude that many modern homeowners believe that "a bird in the hand is better than two in the bush."
In other words, even if they'd like to go somewhere else, they're pleased to have a place to call "home" during these tumultuous times.
With so much emphasis on the low-inventory real estate market, as well as a pandemic, many people are delaying their moves rather than risking having nowhere to go when they sell.
We both realize that most of their worry is unfounded.
The issue is that they are completely unaware of it. As a result, they're taking it easy.
Instilling the confidence that homeowners require is the key to obtaining more listings. And it all boils down to one word: choices.
Showing potential sellers their options and letting them know they're in control changes everything.
Here are seven strategies for achieving that goal...
Option No. 1: Return The Rent/Lease
Inform the homeowners that some purchasers today are willing to make enormous sacrifices in order to obtain the home of their dreams.
One alternative is to negotiate the ability to rent or lease the property back in order to give the homeowners enough time to discover and purchase a new house after the sale is completed.
Although this is normal industry practice, many consumers may be unaware of the possibilities. That is why it is your responsibility to teach them.
Option No. 2: Extend The Deadline For Submissions
Another option for homeowners is to simply delay the closing date in order to give themselves more "search time" for their new home.
Buyers today are adaptable. Inform the homeowners that this is a viable alternative for keeping their roof over their heads while they look for a new place to live.
Option No. 3: Make The Sale Conditional On The Purchase Of A Home
There's no reason you can't enter into the contract that it will only go through "if and when" the seller finds a new house and puts it under contract.
Option No. 4: Place Them In One Of Your Rental Properties
As a real estate agent, I sincerely hope you are making real estate investments.
Many of the agents I've spoken with own vacation or rental properties in their regions and are leveraging those assets by using them as short-term, interim residences to aid their clients.
Your clients will be in a stronger position to pounce when they find the ideal property for their future home because they will have sold their home free and clear.
Option No. 5: Increase Process Confidence
Don't forget to tell any possible seller about all the innovative and inventive methods you assist buyers in finding their perfect property.
Share how you use the MLS every day, talk to your sphere on a regular basis, network with other agents, and frequently receive first access to off-market homes. Explain to them your marketing strategies, such as the "Yikes" letter or a Sly Dial voicemail variation, as described by a Rockstar agent on a recent podcast.
Option No. 6: Purchase It Yourself!
You might not want to tell every potential seller about this possibility, but it's a strategy worth considering...
Purchase the property on your own! Then rent it out again or allow the prior owner to stay till they locate a new place to live.
Treasure Davis, a Colorado Springs Rockstar agent, discussed how she works with her lender in unusual circumstances to buy a house herself, knowing she will not only receive the listing, but also make extra money by flipping it.
It's a tactic she recently employed to assist a previous client.
Option No. 7: They Have The Right To Say No!
One option that many homeowners overlook is the "worst-case scenario" option of turning down any offer and staying put if things don't work out.
(Of course, as their listing agent, you'll do everything you can to prevent that from happening.)
Make a point of reminding them of this during the initial consultation, since it demonstrates that they are in charge throughout the process.
It's up to you to explain these possibilities to homes in your market now that I've given you these options. Get the word out, give them options, instill confidence in their ability to make a successful move, and get those listings!
Also, if you haven't already, grab our new Low Inventory Success Strategies bundle to assist you in navigating today's complicated economy!