Success with Low Housing Inventory
The real estate market rates are not at the highest level. There is a surge in property prices all over the United States. Although these are high times for the real estate industry, existing home sales are down at an alarmingly low level.
Because of the low housing inventory, competition has become tough for the real estate professionals. It is however, evident that the rising real estate prices result in a higher commission for the agents, but this still does not help them with the competitive market. We have come up with tips on to be a successful real estate agent in the low housing inventory market.
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Expired Listings:
Having more listings in your already low housing inventory will be a boast for your real estate business. A basic tip to increase you inventory is to look at the expired listings. These are homes that were once up on the market but they never sold. There might be many reasons as to why the property was nt sold at the first place. Those reasons could have been anywhere between wrong initial pricing to less time given for the sale to fall through. You need to approach the expired listing clients and ask them if the home if still for sale. Make sure you do this with all your sincerity because the whole deal with approaching random clients might make them skeptical of your intentions. Arrange a meeting and add their expired listing house to your inventory.
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Rental Listings:
Looking out for rental listings can help you increase your inventory. Your low housing inventory can be increased by visiting rental homes and meeting their owners. There might have come a time where that property would have been up for sale for whatever reason and couldn’t do better because of an initial pricing error. Renting out homes is often done by landowners possessing extra real estate. So, they might end up agreeing to the sale and moving to another area for a change. This will help you add diversity to your portfolio as a real estate agent and get more commission rolling in.
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For Sale by Owner to boast low housing inventory:
Keep an eye out for sings saying “For sale by owner” in your area. Going up to the owners and discussing the land for sale will not only boast the owner’s confidence but will also help you increase your inventory. You can advise them about the marketing strategy and pricing. You can also be their representative and take matters in your hands.
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Get Personal
It is time to recall all the clients you have worked with in the past. You also need to recall the fellow professionals you worked with. Also, reaching out to the retired real estate agents and gaining favors from them regarding your low housing inventory can help boast your sales to the sky. Keep in touch with your old as well as present clients and get on personal terms with them. Remember, real estate is a business that is dependant upon organic referrals, so never lose sight of your clients and build deeper connections with your clients. Sharing your home buying and selling experiences may allow you to discover new ways to increase your business.