12 Strategies for Overcoming the Low Inventory Crisis

If your real estate market is like many in the U.S., you're in the midst on an inventory drought. Fewer homes for sale means more competition for listings, more competition amongst buyers--and fewer opportunities for earning a commission.

So what's an agent to do? Real estate coach Tom Ferry has 12 suggestions. In this video, Ferry outlines 12 different strategies real estate agents can use to generate more listing leads and overcome their low inventory problem.

Here are a few of our favorites:

• Prospecting with a CMA - Your database and sphere are your #1 asset. Nurture them by sending them a CMA every quarter. "Be the knowledge broker," says Ferry. "You're just keeping them informed, and making sure you are top of mind."
• Mega open houses - Welcome to the age of supersizing everything--including your open house. Invite all the neighbors, your whole sphere, bring in a taco truck--and market, market, market, including online. This works wonders for growing your database--and for connecting with neighbors who may want to move soon.
• Sign calls - Traditional real estate marketing tactics like signs still bring in the leads. Maximize the number of potential sign calls by posting as many signs as your area allows. Bonus: your name/brand will become more recognizable, too!

Watch the video above to learn all 12 strategies for overcoming low housing inventory. But a word of caution: don't try all 12! Not only will you wear yourself out, "you'll dabble at every one of them, and you will not be effective," says Ferry.

Instead, pick one or two strategies and commit to doing them well (and consistently). The goal, Ferry says, "is to be in action."

Happy selling!