Months ago I predicted that if we continue to experience low inventory levels it will eventually affect sales volume. It’s pretty obvious this situation is now in hand. Monthly sales totals are lower year over year as well as total YTD sales volume. All this while in one of the hottest markets with record low days on market.
If you have spoken with a fellow Realtor, a buyer or a seller in this market, you know that low inventory issues are a major decision-making factor. So I am going to openly brain storm here to maybe spark an idea or two of where you might find some listings. Some will be obvious and some will be a little too far out to actually do. If I can spark a few of you into action because of these ideas, maybe I will have earned your business.
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Conventional wisdom says that homeowners move every 5-7 years. NAR says that range has stretched out to 8-10 years due to the recession. Looking for a farm? Throw out the geographic nature and focus on the demographic approach. Pull a list from the public records section of IRES for people who bought their homes 8-10 years ago (use Settle Date)…or just call your Land Title Sales rep and order a farm pack for about $22. Don’t forget to create an eye catching postcard to mail out.
Where might the sellers be today? Graduation. Go to every graduation party you hear about and bring a stack of business cards. The kids are done with high school or college and the parents may want to move, down size or sell their kiddie condo.
Over the past year you have taken my advice and gotten back in touch with your sphere. Good job, but they aren’t buying or selling their home. Well, it’s time to add people to that database. Expand your reach and your referrals by expanding your web. A pocket full of business cards and a pen are required here too. Simply strike up conversation (with all the other people at graduation parties) and ask them what they do for a living. Most of the time they will return the favor and ask you what you do. Have a short, concise and original answer and then close your mouth. The next thing they say will be “How’s the market?” or “We have been thinking of selling”. Wait for it and then act accordingly.
Now don’t dismiss me on this one. It works. Just read through it. Hold an open house on the first weekend on the market…no matter if it’s under contract or not. Hand deliver or mail 20-30 invitations to a private, neighbor preview of the house for an hour before the open house begins. They are going to take all your flyers and are nosy anyway. Get them in there, show them how hard you work for your clients and gauge their level of interest in selling their home. Offer decorator tips, upgrade ideas and curb appeal strategies. Get their info and put them in your database.
Buyers and sellers are equally important in any market. We have huge demand on the buyer side right now and need to work extra hard to uncover the sellers. I have recently spoken with two couple who still believe they are underwater. I looked and they are in great shape to sell for a profit. Yes, there are still people who do not read this report…go find them and list them.
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