Unveiling the Hidden Gems: Lead Generation Tactics for a Low Inventory Market

July 20, 2023
8:00 am

Housing inventory has hit an all-time low, and everyone feels pressure to adapt and thrive in this challenging market. It’s time to shake things up and shift your focus to generating new listings. But don’t worry. We’ve got your back! We will reveal some creative strategies to help you find coveted listings in today’s market. Get ready to supercharge your pipeline, no matter the conditions!

Tap Into Your Sphere of Influence

When it comes to generating business, your sphere of influence (SOI) and past clients are gold mines waiting to be explored. Why? Because these individuals already know, like, and trust you and are more likely to provide repeat business or refer you to their network. The beauty of tapping into your sphere is that these connections are much warmer than the leads you cold call. Again, this is because they already have familiarity with you, making it easier to nurture those relationships and convert them into clients.

To effectively leverage your sphere of influence, the key is consistent contact. You want to stay top of mind so that when the need for real estate services arises, they think of you first. It doesn’t have to be a time-consuming endeavor either. A simple 5-minute phone call every 4-6 months can work wonders in maintaining those connections. Monitor their social media accounts for significant life changes. For example, people are more likely to move when they go through a milestone event such as a marriage, birth, or job change. It’s about building and maintaining relationships that can bear fruit for years.

Here are a few scripts to get you started:

Agent: “Hi [Contact’s Name]! It’s been a while since we last caught up. I hope you and your family are doing well now that the pandemic craziness has passed. Speaking of crazy times, can you believe how crazy the real estate market has been recently? I’m reaching out to see if you’ve been considering any moves soon. I ask because the equity in your current home is at an all-time high, and it could be a fantastic opportunity for you. Let’s catch up and explore the possibilities!”

Agent: “Hello, [Contact’s Name]! I hope this call finds you and your family doing well. I wanted to reach out and offer you something valuable. Have you ever wondered how much equity you have in your home? I can provide you with a complimentary estimated home valuation. It’s a fantastic way to gain insights into your property’s worth in today’s market. Let me know if you’d like to take advantage of this opportunity, and I’ll be more than happy to assist you.”

Agent: “Hi, [Contact’s Name]! How have you been? It feels like ages since we last caught up in person. I’ve been wanting to reconnect with you, and what better way to do that than over a cup of coffee? I’d love to treat you to one. Let me know which day works best for you, and we can schedule a time and place. I look forward to catching up with you on the local market!”

Call Old Expired Listings

This tried-and-true lead generation strategy has been yielding fantastic results for decades.

Start by diving into your MLS database and searching for expired listings within the past six months to two years. Once you’ve identified these properties, it’s time to do some detective work. Cross-check public records to determine if any of these properties have been sold or undergone a change in ownership during that time.

Now, here’s where the magic happens. Reach out to the owners of these expired listings and offer them value—a complimentary evaluation of their home’s worth. You’ll be surprised that many owners have no clue how much prices have increased since their listing expired. You instantly capture their attention and demonstrate your expertise by providing an updated valuation.

Also, most homeowners need to be made aware of the incredible range of options available. Take the opportunity to educate them about the various types of iBuyer and bridge loan programs that can eliminate the contingent sale problem. Show them how these programs can transform them into all-cash buyers without selling their current home first.

Targeting FSBOs to Fuel Your Pipeline

Many homeowners realize the tremendous opportunity to sell their homes and cash out on their hard-earned equity. With a robust seller’s market, homeowners often feel empowered to take matters into their own hands and list their properties without the assistance of an agent, all to avoid paying a commission.

When prospecting for sale by owners (FSBOs), it’s essential to emphasize the benefits of working with an agent. Highlight how your expertise can help them navigate the intricacies of the market, ensuring they receive the highest possible offer for their home. Emphasize the importance of proper pricing strategies, staging advice, professional photography, and widespread marketing efforts that can attract more potential buyers.

Moreover, remind them that your network of connections, including other agents and potential buyers, can significantly expand their pool of interested parties. This increased exposure can lead to multiple offers, creating a competitive environment to drive the final sale price.

Property Under Contract in the Neighborhood

When it comes to tracking properties that go under contract, the MLS provides real estate agents with valuable information. However, the public doesn’t typically have access to this data. But fear not, as there’s a clever strategy to leverage this knowledge and tap into homeowners’ current needs and desires.

Here’s how it works: When you spot a property that has gone under contract, reach out to the surrounding properties. Let them know that you’re calling because a neighboring home has recently gone under contract, and you thought they might be interested in staying updated on the final sales price when it closes (ensuring this is legal in your state, of course). Alongside this offer, be sure to provide them with a Comparative Market Analysis (CMA), showcasing the current value of their home. You can also opt for a postcard campaign. Craft a message that says, “A property near yours is under contract (or sold). Contact me to see the current value of your home.” This eye-catching approach will intrigue homeowners and prompt them to take action.

People are often influenced by what’s happening in their immediate surroundings, and the news of a neighboring property going under contract can spark curiosity and a desire for information. Seize this opportunity to position yourself as the trusted real estate expert who can provide valuable insights and assistance when potential sellers are ready to list.

Ready to become the go-to local real estate expert? Download 5 Strategies to Build a Hyperlocal Brand now and learn how to position yourself as the trusted source for insights and assistance when potential sellers are ready to list. Don’t miss out on becoming the go-to agent in your community!

Take your business to the next level at Fathom!

If you’re an ambitious real estate agent looking to take your business to new heights, there’s no better time to consider joining Fathom Realty. Our unparalleled commitment to providing agents with top-notch training, cutting-edge technology, and unwavering support empowers you to excel in your career. 
Don’t wait any longer to unlock your full potential. JOIN Fathom Realty and embark on a journey of growth, success, and endless possibilities. Your future in real estate starts here!