As the real estate industry’s rapid recent growth seems to be coming to a close, it can be hard for some agents to keep a full inventory.
A successful realtor who is doing their job is actually in a competition with themselves between doing a good job and having an inventory. If you know how to get listings, you shouldn’t have a hard time staying afloat even during lean times.
IF you want to ensure you’re getting the kinds of high-quality listings that bring in good money, follows these 5 tips.
1. Divorcees Need To Get Rid Of Property
One of the things that judges will mandate for divorcing couple is that they sell their current property. If they don’t have a lot of wealth already, they might be able to use the money from the sale of the home to pay off lawyer and court fees. Also, if they can’t find a way to divvy up other resources, the only way to split their one major resource is to put it on the market.
What that means for real estate agents who are struggling with low inventory is that there will be houses for sale from the millions of couples who get a divorce. Although it’s a rather dire proposition, it’s reality.
Connecting with a divorce attorney might be the way to get business. If you are willing to give them a percentage of a commission, it could be just what you need if you’ve hit a rough patch with low inventory.
Divorcing couples are highly motivated sellers, to say the least. They’ll want to get their transaction over and done with. If you can help make that happen, you could be a savior to them.
Make a Facebook listing to target people who are getting a divorce. Since very few people take up this exact niche, you could be the only person in your local market focused on these customers.
With the millions of homes that get inherited, agents have a great opportunity ahead of them. Because the kinds of people who inherit a home probably already have one, they might not be prepared to uproot their lives. They might prefer to just sell the inheritance because they could make better use of the money.
On the county clerk’s website, you’ll find all of the listings for inheritances. Once you have those records, you can look up all the property owners.
Reach out to people who have recently inherited a home. If it needs too many repairs, they might rather unload it to you and let someone else deal with it. You could be the answer to some recent heir’s prayers.
3. Get Vacant Homes
With the millions of vacant homes scattered throughout the U.S., there’s plenty of opportunities to get your hands on some listings. The only problem is to navigate the complexity of why they’re vacant and how many of them may be unusable.
Other than those obvious reasons, there are likely to be plenty of homes where the owner is trying to sell it on their own. You can find these listings on Zillow, Craigslist, and even real estate apps.
IF you want to prospect some new locales, vacant homes are the way to go. You don’t need to do a lot of convincing to get owners to let you work on their behalf. Because they aren’t moving on their own, your expertise could be exactly what they’re waiting for.
5. Get To Know About Property Taxes
Homeowners need to pay their property taxes in order to keep a grip on their property. Unfortunately, many homes get foreclosed on because of a missed payment on property taxes.
The county clerk’s data will also show you which people are behind on their property taxes and which might be up for grabs soon. However, many homes will have back taxes which could be an added cost of getting the property you’re looking for.
Start an online advertising campaign focusing on homes that are foreclosed or might be compromised soon because of taxes. Write language that seems as specific as possible and slowly broaden your search. Once you start getting responses, you can start being picky about who you work with.
People who are at risk of losing their home because of taxes would much rather sell than hand over the keys to the bank. Reach out to them and be a last-ditch effort they can try to make sure they don’t lose everything.
5. Make Friends With Banks and More
Local lenders, construction companies, electricians, and more rely on more people buying and trading local properties. Because of that, do what you can to partner with them. If you already have a relationship with someone in these fields, ask if they know anyone who is thinking of getting rid of their property.
If you set up an agreement for the other party to be your recommended provider, they could start doing the work for you. Rather than having to juggle everything, leave some of the scouting to be done by friends, acquaintances, local businesses.
Once you make a connection, make sure you gather enough information to add to your own records. The more information you save, the easier it will be to remember details and work with that person the next time.
Savvy Realtors Know How To Get Listings
If you’re a clever enough realtor, you know how to get people to sell a home that they might not even be ready to leave yet. Once you’ve mastered the power of persuasion, you know how to get listings.
Your only hurdle is to seal the deal before your clients turn back pumpkins.
Be sure to check out all our other tricks and tips for new realtors if you’re having trouble getting the ball rolling.