The seller’s market refers to a period where there are fewer properties on the market and is therefore favourable towards those trying to sell their homes. With less properties available to eager buyers, people are far more likely to make larger offers in an attempt to secure the property before other buyers snatch it up. And while this is great news for people looking to sell their homes, it means real estate agents need to work that little bit harder to generate real estate leads.
So how do you know if we’re in a seller’s property market? There are a few tell-tale signs. If you compare how many homes are listed compared to previous years, or even months, this will give you a good indication of the current real estate environment. If average property prices are on the rise and don’t last too long, then you’ve got yourself a seller’s property market. In this highly competitive market, real estate agents need to be on top of their prospecting game.
So here’s a list of how to get real estate listings in a seller’s market.
Find off-market listings
There are a number of network opportunities real estate agents can make with other agents and brokers. This might involve sharing off-market properties or “pocket listings” with each other where an agreement is made to share the listing and in turn share a portion of the commission. So why would any real estate agent be interested in pocket listings?
There are a number of benefits involved for all parties. First of all, the realtor or broker’s main benefits are that they can earn a larger commission because there less costs involved in a pocket listing or private sale.
It benefits the seller because they don’t have to waste their time with people that aren’t interested in making an offer on the property. In slower property markets, open listings attract curious people with no intention of buying among those who are actually interested. Pocket listings eliminate this issue because realtors can pick and choose the buyers.
Finally, the buyer has the advantage of exclusive access to listings without the pressure of other buyers at auctions or open inspections. It is estimated that one in three real estate sales occur without listings so there’s certainly a lot of scope here. If you haven’t already invested time in these private listings, then you’re missing out on a huge part of the market.
Actively seek people ready to sell
This might seem like a bit of a no brainer but there is a method to finding leads yourself. Look at the data that you have at hand and think about the kinds of people that might be ready to sell their houses.
One example are empty nesters. If you narrow down your search to large homes with at least four bedrooms that were purchased somewhere around 20 years ago, chances are they might be thinking about selling. If the home was bought with the intention of starting up a family and now all the kids have moved out, the couple needed your help upsizing could now be ready to downsize. If you approach them first they might not be ready to sell straight away but they’ve got you in mind when they are.
Look at rental listings
While not all landlords are looking to sell, it’s always an option, particularly if they’ve held onto the property for a while or recently developed. If the market isn’t favourable towards sellers many investors rent out their properties. They’re waiting for the perfect opportunity to sell their home but in the meantime it makes sense to have a tenant help with the repayments.
If the market has changed and prospects are looking good for home sellers, then let these landlords know! In order to generate real estate leads you can’t wait for people to come to you. Using your own database of clients is an invaluable resource that no other real estate agent has access to. These people have already put their trust in you. You’ve cemented these relationships, so why not use this to your full advantage?
Along with these actions, Real Estate List Provider are an easy and effective way to find more real estate listings. Through our Radius Suburb tool you can gain access to any suburb in Australia for an extremely cost-effective prospecting and real estate marketing lead solution. Radius Suburb data is washed against the ‘Do Not Call’ list every 21 days so you can be assured the information is accurate and useful. Find out more about gaining access to Radius Suburb here. It’s the perfect tool showing real estate agents how to get real estate listings.
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