The predictions have finally come through. The real estate market has made a full circle. For properties valued under $1 million, inventory is becoming tighter and tighter as the multi-year buyer’s market has now become a seller’s market. For agents that have listings, that’s great news because listings are selling.
This success is a double-edged sword. As inventory is gobbled up, it’s becoming more and more difficult for an agent to find the next listing to replace the one that has just sold. The fundamental real estate principal of success, “List to Last” has never been more true. Agents that get a jump on the competition by aggressively pursuing new listings now, will be well positioned for success as the market activity heats up.
One of the best ways for an agent to replenish low inventory levels is to attack previously expired listings. There is still a window of opportunity with frustrated sellers that decided to take their homes off of the market until conditions improved. A great rule of thumb; don’t go after recently expired listings because every agent in the world is using this strategy. Instead, research listings that expired, were withdrawn, were temporarily taken off the market or ended up as rentals over 6 months ago. The further back you go, the less likely any other agent will be pursuing the prospects. You can go back as far as 2010, identify the expired listings that were never relisted or sold, and have a great Hot Listing Prospect list.
A strategy of mailing something weekly to your list is ideal, but a phone calling campaign is far better. Both mailing and calling, possibly even stopping by is the best. Use the following script when calling or warm canvasing:
“This is Seymour Prospects with Do It Right Real Estate. I noticed you had your home listed for sale a while ago and had decided to take it off the market. The reason I’m calling is because I’m working with a number of buyers and I was wondering if you were still thinking about selling your home at some point in the future.”
If the answer is yes, ask to come by and preview the property and use the meeting to build a relationship that will allow you to get the listing.