How to Win Listings When Inventory’s Low

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The real estate industry, in most markets, is currently experiencing historically low inventory. According to the National Association of REALTORS®, existing home sales hit a 14-year high back in August of 2020.

In December 2020, existing home inventory fell to a record low of just 1.9 months’ supply! And there are no signs of the housing market slowing down anytime soon.

In this market, agents have to work a lot harder to find listings and present compelling reasons for sellers 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.

Check out the tips below to help you win more listings despite the tough market.

Put your name and face in front of as many people as possible

Now is the time to get back to basics! Host or attend community events, either virtually or in person (only if it’s safe to do so, of course!)

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—view them 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.

 

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