2017 will be an interesting year for real estate professionals! Rising interest rates will motivate home buyers to take action, while the same conditions will make current homeowners less motivated to sell. This means we can reasonably expect another year of low home inventory, with more agents competing for shrinking slices of pie.
In in a low-inventory market, agents cannot be passive and wait for business to show up. Here are some ideas for cultivating new business in the New Year, drawn from our own experience in working with top producers!
1. Get in front of property investors. Ask the lenders, contractors, tax advisors, attorneys and others in your professional network about landlords and investors they may know. Contact them to see if they have under-performing rental properties they want to sell, or flip projects you can list for them.
2. Learn who owns desirable property in your local market. Research online databases and county records. With a little digging, you can discover a great deal about a property. Reach out personally to property owners who have sound equity positions, and offer to share your market insights with them. They might be ready to sell and enjoy a profit.
3. Get to know the local zoning and planning board. Any new residential developments on the table? Where? Who is the builder? Make early contact with the movers and shakers. Offer your listing services. Let them know you have buyers to bring to the table. Get as much information as you can about the homes and price ranges to be offered.
Reach out to smaller builders who may be looking for tear-downs and developable land. Offer to assist them as a buyer agent. Find out what they are looking for, in what price ranges, and help them find it.
4. Scout for estate sales. Follow local obituaries and make contact with inheritors. Your approach must be tactful and sensitive. Offer market guidance, a home value consultation, and access to your professional resources; home repair experts, tax advisors, and so on.
5. Step up your marketing and be consistent. It seems intuitive to tighten the purse strings when listings are lean, and cut back advertising when closings are few. Yet this is exactly when you need to put strategic marketing to work for you!
Favorable market conditions come and go. Be willing to work for success, and give yourself the advantage of customized marketing tailored to your goals and budget! Contact RealSupport today for your personal consultation!
All the best to you in 2017!
Copywriting & Marketing Specialist