Bernice Ross

With a hot spring market fast approaching and few new home listings in sight, many sellers’ agents are struggling to fill their pipelines with homes. Here are some tips that can help. 

Perhaps the biggest problem right now is homeowners who want to sell, but who are worried they won’t be able to find a new home. 

Knock’s Home Swap program has a powerful solution for those owners. Home Swap establishes a value on the homeowner’s current home and also qualifies them for a new mortgage on their next home. This enables the homeowner to purchase their next property as an all-cash buyer. Knock provides up to $25,000 in repairs. If the property sells for more than the price Knock placed on the owner’s home originally, the owner receives the overage.  

This type of iBuyer program has become extremely popular with newhome builders. Buyers can stay in their current home until their new home is ready rather than having to rent or obtain a bridge loan. Because these programs profit from the mortgage, escrow, and title fees, the costs are significantly less than most other iBuyer programs. 

Reach Out 

Regardless of “threat” from iBuyers and Zillow, the National Association of Realtors’ 2020 Profile of Buyers and Sellers reports that 67 percent of sellers either rehired their previous agent or obtained a referral from a friend, neighbor, or relative. Consequently, spend at least two-thirds of your time and marketing dollars on converting leads from past clients and your sphere of influence. According to NAR, 89 percent of the sellers said they would rehire their agent for future services. Only 26 actually percent did because their agents failed to stay in touch with them. 

You should also check for expired listings. 

This tried-and-true strategy has worked for decades. Search your MLS for listings that expired one to three years ago. Cross-check the public records to determine if the property has sold or changed title during that time. If not, contact the owner and offer them a complimentary evaluation of what their house is worth.  

Many owners have no idea how much prices have increased. Moreover, very few are aware of the various types of programs that eliminate the contingent sale problem that lets them become an all-cash buyer without selling their current home.  

The Boomer Migration Is On 

While many Baby Boomers are choosing to age in place, a substantial proportion are selling their current home in order to right-size into something smaller or move closer to their children. Here are three categories to consider researching:   

  • The prime time to buy a second home between ages 50-60. Prospect past clients in your database as well as homeowners in this age bracket who make at least $100,000 per year.  
  • Look for homeowners age 60-plus who have 2-story homes and/or homes that are over 2,500 square feet. Due to mobility problems related to aging, many are searching for single-story homes while others are interested in a “lock and leave” lifestyle in retirement.  
  • Look for older single homeowners, especially women who own singlefamily residences. Many are unable to adequately maintain their properties due to financial or other constraints and may opt for a condominium or a lock-and-leave property.  

You also have an advantage in your Multiple Listings Service subscription. While you can track when a property goes under contract on the MLS, the public doesn’t generally have access to this information. (Realtor.com does show whether a listing is “pending” or “contingent.” Redfin, Trulia, and Zillow do not) 

Consequently, when you see a property go under contract, do a postcard campaign that states, “A property near yours just went under contract. Contact me for details and to see the current value of your home.”  

The bottom line is you can persuade homeowners to list with you by tapping into their current needs, wants and any pain they may have in their current living situation. Also, focus on being in regular face-to-face contact with your past clients and key people in your sphere. You want to be sure you’re the one they’ve seen most recently when they’re ready to list. 

Bernice Ross is a nationally syndicated columnist, author, trainer and speaker on real estate topics. She can be reached at bernice@realestatecoach.com.  

Ways to Generate Listings in a Low Inventory Market

by Bernice Ross time to read: 3 min
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