Despite the fact that inventory is higher than it has been the last couple of years, new listings still remain a challenge for most markets across the country.
And with economic volatility causing a drastic rise in mortgage rates recently, the booming spring market we all expected might seem a little bleak right now.
Here’s the thing. Generating listings will probably be difficult going into the spring market, but it won’t be impossible.
There are still many opportunities to explore. You just have to get a little creative.
So, here are some of the best ways you can generate listings right now.
Seemingly a non-existent opportunity in the frenzied markets of 2020 and 2021, expired listings are becoming more common as things shift.
This comes down to one big factor: this simply isn’t the same housing market we saw in the last few years. Buyers are pickier, and if a home isn’t priced right, prepped right, or promoted right, it may not sell.
When this happens, a seller has four options:
Re-list with their current agent
Take the house of the market
FSBO (for sale by owner)
Hire a new agent
This is where you come in. If you see listings that are approaching that contract expiration date, make a note to follow up with them once that listing does expire since that’s a prime opportunity to pitch yourself as the agent who can make that sale happen.
To do this, you can’t just go with your typical listing presentation. You have to have a special approach to convincing homeowners why you’re the right person for the job. For a step-by-step guide on how to do just that, we have an eGuide that goes through the 3 Steps to Winning Expired Listings. Download it free today.
The combination of a low supply of listings and higher demand driven by low mortgage rates meant homes saw record appreciation in the past few years.
This means many homeowners are sitting on a wealth of equity, and they may not even know it.
Now, we know what you’re probably thinking right now: where will my clients go if they sell their house?
Every situation is different, but it’s still a seller’s market. And with more inventory to choose from, homeowners who decide to list will have more options to choose from.
Life happens, and people will always want or need to move for various reasons: a new child, a new job, retirement, etc. A recent statistic from NAR showed that in January, about 11,000 homes were sold every day in the U.S.
The opportunities are there, and educating clients on their equity can be a huge motivator to let your clients know about opportunities they didn’t even know were there.
There’s been a lot of chatter recently about homeowners who bought during the pandemic having regrets over the home they purchased. It’s not all that surprising when you really think of it.
Bidding wars were had. Inspections were waived. Rushed decisions were made. We all remember what a crazy time it was to be an agent and an even crazier time to be a first-time homebuyer.
But this isn’t really new. After moving into a new home, most people may wish they had this or not that.
The best way you can serve those clients is just by reaching out and asking, “how can I help?” So, if you helped first-time buyers get a new home in the last couple of years, give them a call or send a text. Start the conversation and see where it leads…because it could lead to a new listing.
In a challenging market, it can be easy to let your frustrations get the best of you. While being in the real estate business might seem like an uphill battle at the moment, you have to remind yourself: people will always need to move.
The opportunities are there. You just have to know how to get after them.