No Inventory? No Problem! 3 Ways Agents Can Kick Butt in Low Inventory Markets

One of the most challenging things for real estate agents engaged in a geographic farming campaign is what to do when the inventory is low. On one side, it may feel like you are spending lots of money on your marketing and since there aren't many listings to be had, it might make more sense to cut back on the amount of marketing you are doing. The thing is, this is the worst thing to do. If you want to be successful in a geographic farm area, you HAVE TO be consistently sending postcards out every three to four weeks without fail, or you will never succeed.

So the question then becomes what do you do when the inventory is low and you are out of marketing ideas? Here are three tips to consider when farming in a low inventory marketplace.

1. Focus on Unique Ways to Put Your Buyers in Homes

Many agents in low inventory markets tell us that even though they don't normally work with buyers, they would now consider it. However, there is just no way to get buyers in homes, so at the end of the day it's not worth it. This is just not true. All you need to do is flip your mindset a little bit. Think of ways to do things different for your buyers.

One fantastic way to do this is by sending out cards that say, "I have buyers." There are probably many homeowners in your marketplace thinking about selling. If you can paint a picture for the homeowner about how easy it would be for them to sell their home, you might not only be able to get your buyer into the home of their dreams, but also double-end it in the process, representing the seller of the home as well.

2. Optimize the Listings You Do Have to Supercharge the Chances of Picking Up that Next Listing

As they say, extraordinary times require extraordinary measures. The same thing holds true for how you market your listings when the inventory in your marketplace is very low. What you need to do is sit down and re-examine how you are marketing your listings, thinking of how to get more of the neighbors' eyeballs on what you are doing.

Why the neighbors, you ask? It's simple. Studies show that if you sell a home, statistically two to three other homes are going to go on the market within no more than a few blocks of that listing. So if you know there are going to be more listings, why not focus on how to get them for yourself?

Holding weekday, special twilight open houses geared directly to the neighbors—or even having a special neighbor preview at the weekend open house that starts a couple hours before the public open house—will go a long way. This will allow you time to personally meet the neighbors and immediately figure out who is a potentially hot seller lead, and who is not.

3. Don't Forget Your Past Clients

Past clients are an invaluable resource for your real estate practice. In low inventory markets, they can serve two valuable purposes. First of all, if you haven't followed up with them in a while, it might be a great time to check in with them. Most people sell their homes every five to seven years. If you haven't checked in with your past clients in a while, doing so in a low inventory market, when housing prices are at their peak, is a great way to not only reconnect, but possibly get your past client thinking about the appreciation of their home and perhaps even getting them to act by asking you to list it for them.

The other fantastic resource that your past clients can offer you is the mere fact that they have their ear to the ground. They know whether they have any friends that might be considering selling their home, and they can give you the heads up BEFORE their friend starts scheduling listing appointments with other agents, allowing you at least the bare minimum opportunity of getting a listing appointment scheduled and showing them what you can do for them.

Obviously low inventory markets are rougher than "regular markets," but you just have to look at it like any other day. Just put your head down, be consistent, do your work, and you will win.

To view the original article, visit the Leading Agent blog.