Gain a competitive edge in the low-inventory real estate market.
Today, I’m here to address all of the buyers who are navigating this challenging market with low inventory. If you’re an agent feeling frustrated with the slim pickings, this message is for you too. Waiting for properties to be listed on the MLS isn’t enough. It’s time to take proactive steps to create inventory for yourself or your clients. Here are three effective strategies:
1. Engage with the community. Door-knock, mail, or call neighborhoods where you and your clients are interested in buying. Just because a property isn’t listed doesn’t mean someone in that community isn’t considering selling. Stir the pot by reaching out and uncovering potential sellers who may not have listed their homes yet.
2. Connect with local experts. Identify the top-producing real estate agents who dominate the area you’re focusing on. Whether it’s a specific pocket in Newport Beach or any other location, reach out to these agents. They may have pocket listings or upcoming properties that haven’t hit the market yet. Building relationships can give you a sneak peek and an advantage.
3. Expired, canceled, and withdrawn listings. Explore properties that were previously listed but didn’t sell. Sometimes sellers withdraw their listings without relisting them, yet their motivation to sell may still be intact. As an agent, reach out to these sellers and inquire about their continued interest in selling. This presents an opportunity to put together off-market deals.
If you’re seeking more inventory, it’s time to shift your mindset from complaining to proactive searching. By implementing these three strategies, you can create opportunities and find properties that others might miss. Take action, think outside the box, and make the most of this challenging market. Together, we can navigate the low inventory landscape and find your dream home. Remember, if you have any questions about this topic or real estate in general, please feel free to reach out to me by phone or email. I would be happy to help you out.