Stressed About Low Inventory? Read This.

The current state of the housing market is leaving everyone in and adjacent to real estate feeling uneasy at times. But it doesn’t have to completely knock you off your rocker. With low housing inventory and rising interest rates, the time to buy or sell can seem unpredictable to prospective clients.

This is where you come in.

You know it’s more complex than that, and that investments in real estate, even in a tricky market, can pan out successfully in the short- and long-term. Clients need a real estate pro to guide them through this, and someone they can trust.

But with low inventory and a ton of competition, how can you cut through the noise? We have a few solutions.

The Issue at Hand

Low inventory isn’t just a cause for concern for aspiring homebuyers — it adds plenty of pressure to real estate pros, too. With low inventory comes an increase in competition for listings. It’s not to knock the wind out of your sails, it’s just an indicator for you to get with the times and maximize how clever, comprehensive and well-rounded you are in your approach to your clients.

Ways to Ease the Tensions Caused by Low Inventory

Thankfully, there are ways to help ease the issues low inventory is causing so you can offer a stellar experience for clients and get one step closer to closing.

Harnessing Your Technology Platform

Leaning on technology as a key part of your real estate business’s arsenal is more critical than ever before. To help ease the pressure low inventory is putting on us all, tap into your tech stack.

Make the most of online lead generation by posting and advertising on social media. This gets more eyes on your brand, as well as engagement with you as a real estate professional. When you purchase ads on social media platforms to promote your business, you also have an opportunity to tap into previously-unreachable audiences.

You’ll also want to ensure you’re well-positioned on real estate websites. Make sure your MLS feed is hooked into each one so your listings are seen, as well as ensuring your headshot, bio, and contact information are up-to-date across all major sites. 

As you start to grow momentum with online ads, social media, and the big players of the real estate portals, make sure your real estate CRM is on point. This is the hub where you track prospects and their activities, as well as automating key elements of your follow-ups, like emails and text messages. It’s also the central place to nurture your relationships and monitor every step of the journey you’re guiding your clients through.

With help from your CRM, you can also develop and send targeted email campaigns. Take advantage of list segmentation to send personalized, relevant emails to subsets of your database. For example, a set of prospective buyers in your ZIP code are going to want to hear more about listings and mortgage rate updates, while prospective sellers will want to get notices about market changes that could favor them in their home sale. Always seek to share relevant, customized, helpful information your clients will actually want to read.

Lastly, break into the art of virtual tours for your listings. Not only does this save time by allowing your prospective clients to self-serve their walkthrough, it also illustrates your commitment to new marketing methods — a great way to stand out from your competitors.

Embrace Direct Mail Marketing

Going hand-in-hand with the power of tech is embracing more classic approaches. Integrate direct mail marketing into your outreach plans to really stand out from the crowd. It adds a personal touch, which can help leave a lasting impression.

With a similar formula to your online approach, you want to use targeted prospect lists specific to your market, or even your niche in real estate. When you’re creating your marketing materials to send out, make sure they’re compelling and eye-catching. You’ll also want to be consistent in how often you send direct mail, so you can help get prospects to the point where they’re anticipating your promo materials and know your name and face.

As you start to ramp up your outreach and generate interest, you can track and measure how many prospects came your way from your direct mail marketing throughout your early conversations.

Nurturing Relationships with a Personal Touch

 Another great way to nurture relationships and maintain a strong personal connection? Getting involved in your neighborhood. By volunteering, sponsoring, hosting, or simply networking, you can quickly become a fixture in your community. Aim to get to know the people in your neighborhood and forge personal connections; you don’t have to hit them hard with real estate from the very start. By building relationships first, your ability to guide them and provide your expertise can unfold naturally.

As your connections progress, both online and offline, add personal touches to your communication plans, like handwritten notes or specified educational content that adds elements of the neighborhood, like local guides or your top recommendations.

By adding more of a human element to your marketing, follow-up, and communication planning, you can cut through the noise, beat out the competition, and make it crystal clear to prospects they need to partner with you.

Want More Insight Into Why This Type of Approach Truly Matters?

Check Out Our Blog: Why Agents Should Be Prioritizing Meaningful Outreach