The Real Estate market in the Northern Virginia/Washington DC area is very hot. Homes are flying off the shelves and Real Estate agents are busy negotiating contracts. The issue in the DC area and around the entire country is a shortage of homes on the market to buy. There are 10 buyers for every 1 home listed. This is causing an issue because if you are a buyers agent you are having issues getting your contracts accepted and if you are a listing agent, all of your listing are being sold and you have run out of listing inventory. So, how do you generate more Real Estate listings in this market? How do you get someone off the fence and get them to list their home? There are ways to identify exactly WHO needs to list and there are ways to get people who you don’t know to reach out to you to list their home and increase inventory. So, how do you generate more Real Estate listings in this market? Here is how:
Identify WHO has a Need to Sell
First thing is knowing WHO has a need to sell their home and then market to that demographic. Lets cover the basics of people we know right away need to sell their home or may have need:
- People behind on payments-Short Sales. Over 3000 people in the area with this need. No shortage of listing potential here. I can pull lists for you anywhere in the country of homeowners 30-60 days late and NOT listed.
- FSBO’s-In a market where homes are selling fast, everyday people think they can sell their home on their own. www.landvoice.com can get you FSBO Leads sent to your inbox everyday…full information. Use this to your advantage and CALL THEM. Your competition is less inclinded to do so.
- Cancelled Listings-yes they are out there. People cancel their listing agreement with their Realtor for a variety of reasons. Contact these people and find out their motivation or lack of motivation to sell. Get the listing appointment. www.landvoice.com can provide you this information as well.
- Sphere-How many people do you know or have in your database? Follow up and see if they or someone they know has a need to sell. Make 20 phone calls…it should land something positive and generate more Real Estate listings for you.
Farm your Subdivision Like a Pro
Many Realtors Farm their subdivision or a subdivision. Most do it wrong and send out generic messages in a shotgun approach to the entire sub. Be smart…and don’t do that. When you are farming a subdivision for listings its all about target marketing people who have a higher probability to sell their home NOW or in the near future. There are a few ways to break down a 300 home subdivision:
- Market to homeowners with 90%LTV (Loan to Value) and less. If they are over 100% that is a short sale (separate marketing plan). And if over 90% they may not be able to pay a full 6% commission.
- Market to homeowners that have lived in their home 2yrs and longer-Not that people under that couldn’t sell but more than likely they are staying put longer especially at 90%LTV and higher.
- Find out WHO is underwater and behind on payments-That is a separate list and marketing plan. If you hate short sales…weed these people out.
If you do this properly it should break down your farm from 300 total to maybe under 200 people or even less depending on where you are. This allows you to save money and also target market people who have more a need to sell than others.
Your Title Company Not Helping you Get Listings?
If you are in the Northern Virginia/Washington DC area my guess is that your Title Company is taking your purchase contracts but not helping you generate more Real Estate Listings. If this is the case you are in luck…at Stewart Title we do help our clients. Please fill out the form below and I will contact you shortly. Be sure to hit the Subscribe to my Blog button at the top right of the page!