Inventory Problem? What Inventory Problem?
We’re hearing a lot of folks in the real estate market say that housing inventory is low at the moment. With 80 million households in this country, however, the fact of the matter is that there’s no shortage of inventory. What exists is a shortage of listed inventory.
One of the reasons for this situation is that many agents have become increasingly passive in recent years. Some now have such poor skills that they’re unable to develop a listing. They expect to be able to easily find what their client wants, show a few homes and then lock in a sale. When that doesn’t happen, disillusionment and frustration set in.
It doesn’t have to be this way. The inventory is out there, you just have to go and get it! The key to success is a radical shift in mindset. You have to be proactive and become an inventory creator, not an inventory waiter. Stop waiting around, and take action instead! If you can’t find what you’re looking for, scout suitable neighborhoods for properties with the required features. If you spot something that might work, write the homeowners a note to tell them that you may have a buyer for their home. Keep the letter short and sweet and make it personal, attaching your contact details so they can quickly get in touch if they’re considering a move.
Sometimes, people are reluctant to put their house on the market because they’re afraid they won’t find another one. Getting correspondence from a proactive agent like you could be the nudge they need to make the move. In these unprecedented times, people need to know that they’re dealing with a highly skilled professional who can deliver. As a proactive agent, you are dynamically demonstrating your skills: canvassing the neighborhood and showing clients that you’re ready, willing and able to do the necessary legwork to get them the home of their dreams.
2021 is going to be a record year for real estate. There’s a tremendous amount of pent-up demand and a lot of opportunity coming down the line, but you have to make it happen by encouraging people to put their homes on the market and by helping them to find the next one. That means getting out there and shaking the bushes! Change your mindset to a proactive one and you will create your own inventory and close plenty of sales in the coming year.
For more 2021 real estate market trends and what you need to know to build a profitable business that lasts, check out my Bold Predictions broadcast on Tuesday, December 8, at 9 a.m. PST. Register now to secure your virtual seat for the free broadcast!