How to Win Listings When Inventory’s Low

New ListingThe real estate industry, in most markets, is currently experiencing historically low inventory. During the second quarter of 2017, home inventory in the U.S. dropped 8.9% year-over-year—the ninth consecutive quarter of decline. In this market, agents have to work a lot harder to find listings and present compelling reasons for sellers to want to list their homes. Now is the time to focus on marketing yourself! In a seller’s market, the agents with inventory are those who put in the extra effort to strike oil in a seemingly tapped out well. Below are a few tips to help win more listings despite the tough market!

Make sure everybody knows your name (and face!). According to a Harvard Business Review survey, 79% of people believe face-to-face communication is the most effective way to market a brand. Similarly, 95% said that in-person interaction is key to successful long-term client relationships. Now is the time to get back to basics! Start knocking on doors, attend community events, or even organize a neighborhood block party or garage sale. In addition to in-person networking, invest in strategic advertising to further promote your business and keep your name top of mind.

Travel back in time—no time machine needed! A consistent communication campaign can be an effective way to mine for hidden listings, but it’s hard to maintain that consistency as your database grows. The good news is, it’s never too late to reconnect with past clients to generate new leads and referrals! Reintroduce yourself, apologize for falling out of touch, and remind them what you have to offer. Once you’ve reconnected, take the time to nurture and maintain those relationships to fill your pipeline. Old Republic Home Protection has e-cards, newsletters, and other valuable marketing materials to help create your ongoing client communication strategy—check them out here!

Offer a home warranty. Home warranties provide peace of mind to everyone involved in the real estate transaction, and who doesn’t love that? Go a step beyond just offering a home warranty to your sellers—offer to pay for it to set yourself apart from your competition and win more listings!