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    Working With Buyers in a Low Inventory Market, Part 3

    Inventory is reaching record lows. This may be good for sellers, but it’s not necessarily for buyers. So how do you help your buyers prepare for the challenges that may come with low inventory? In Part 3 of this series we explore how to create some inventory for your buyers.


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    It’s time. Create some inventory!

    There’s only so many listings available at the moment. If you aren’t finding what your buyer wants or needs, be proactive and create inventory.


    Use Public Records and listing search to find your potential sellers.

    Public Records: Public Records are a valuable resource to help you find potential sellers. Are you taking advantage of the various type of sellers you can find? Here are a few:
    • Estates: Choose the area you’re considering and nominal sales to find potential estate properties.
    • Sellers in their homes 5-7 years: Enter the settlement date of 2010 or 2012 to capture these sellers who are statistically more likely to be ready to sell.
    • Sellers who have equity: Search for owners who have been in their home for 15+ years. Use a settlement date of 2002 or earlier.

    Listing Search: Like Public Records, listing search can be a valuable resource in finding potential sellers. You just need to think outside of the box.
    • Find expired or withdrawn properties in your desired area, and reach out to the current owners.
    • Find rental properties that have been active for more than 90 days. Owners may have decided 2, 3, 4 years ago that they would rent instead of sell, while waiting for the market to improve. Target the agents listing these properties to start a conversation and see if the owners are ready to sell.

    Use compelling content to peak potential sellers' interest.

    You’ve got a killer sales pitch to potential sellers with their potential buyer already lining up! Show them how great the market is right now. Outside of general real estate information, share your insider information about new businesses that are bringing people to the area. You can even consider mentioning high returns on value as mentioned in this Philadelphia magazine article that highlighted higher than normal values. You can also share:
    • The recent Calling All Sellers Infographic
    • Dave Davis’s monthly stats videos
    • The Buyer Activity Report, Market Performance Report or other statistics. To access these statistics login to TREND. Go to Finance & Statistics and choose the Statistical Tools or PDF Reports.


    With a little bit of creativity and the access to information through the MLS, you can help solve the inventory problem for your buyer.

    Want more tips for buyers in low inventory markets? Read part 1 and part 2 of this series.



    Valerie Stephan • Customer Success Champion

    Valerie joined TREND in 2001. She is Customer Success Champion who through training and office visits, provides subscribers with invaluable service for their real estate needs. Meet more TREND staff...


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    2 Comments
    1 - 2 of 2 Comments
    1
    TREND MLS
    6/5/2017 3:04 PM

    Andrew,

    You are correct. We were suggesting the buyer's agent communicate with the seller's agent of a rental listing to see if a sale is possible. I am editing the story to clarify this.

    Emily Schaffer
    TREND, a Bright MLS

    Andrew Wetzel
    6/2/2017 2:05 PM

    While correct if done properly, suggesting that agents contact other agent's active rental clients to see if they are interesting in selling opens a door that could cause issues. I would respectfully encourage anyone thinking of using that creative approach to make sure they comply with appropriate rules and regulations.

    Perhaps you meant inactive properties recently available for rent?

    Andrew Wetzel

    1 - 2 of 2 Comments
    1
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