Housing demand remains intense as people move to suburban and rural areas with the newfound freedom to work remotely. Coupled with low-interest rates and a newer generation of potential buyers who are pushing demand, the housing market is poised to remain strong for the foreseeable future. However, higher demand has led to less available inventory.

Real estate agents have the unenviable task of finding houses to sell in a tight market. But with a bit of creativity, there’s no need to succumb to the effects of a low supply. Consider these tips to replenish your listings and close more deals.

Consider Expired Listings

Sometimes a home listed on the market may remain unsold for a variety of reasons. When this happens and the house listing expires, another agent can sign a new agency agreement. Therefore, it’s a good idea to keep an eye on listings that have become stagnant.

Real estate agents have the unenviable task of finding houses to sell in a tight market. But with a bit of creativity, there’s no need to succumb to the effects of a low inventory market.

Past Clients and Community Contacts

A real estate agent’s business network includes fellow agents, past clients, friends, and other community contacts. These contacts can point agents in the direction of potential sellers, and they may also be looking to sell their properties. Frequent, personalized communication is key to staying top of mind with past clients and associates; it never hurts to check back in even after the close of a sale. And getting to know local business owners is a good idea, as well.

Keep in Touch with Builders

One group of people who have unique access to new properties are builders and contractors. Establishing close relationships with builders can help agents stay privy to inside information on new property developments and selling prospects. Contractors often have insider information on homes being renovated in preparation for sale.

Personalized communication is key to staying top of mind with past clients and associates; it never hurts to check back in even after the close of a sale.

Consider For Sale By Owner (FSBO) Properties

Properties that are listed initially as for sale by owner are excellent potential sources of inventory. As agents, the chance of success can increase with properties that have been FSBO for a long time. According to the 2020 National Association of REALTORS® Profile of Home Buyers and Sellers, FSBOs typically sell for less than the selling price of agent-assisted homes. Many homeowners these days want to sell their homes quickly and may decide that moving from FSBO to listing with an agent is well worth it to make a sale happen.

Connect with Real Estate Investors

Many real estate investors have multiple properties in different locations. Some will sell only to the highest bidder, but others would be happy to let go of some of their properties for a small profit margin. These investors are worth getting to know.

Our creativity can serve you well as you build relationships with potential leads and in the community. In short, a low inventory market can make you a better real estate agent.

Social Media

Social media drives business in the online world, and there are creative ways to leverage the platforms’ power. Make it known that you are available, easy to communicate with, and actively looking for clients and properties. Social media, both free and paid advertising, is a terrific way to put your brand in front of potential buyers and sellers.

A Low-Inventory Market Does Not Have to be Bad for Business

The low inventory market does not need to stifle anyone’s hunting for listings. Leveraging social media along with consistent nurturing of social and professional connections will deliver leads from your sphere of influence. Your market expertise can serve you well as you build new relationships with potential leads in the local community. If you remain persistent, a low inventory market can still provide opportunities to promote your brand and grow your business.