Three housing experts are sharing how to help your buyers find homes in a low inventory market. They have done the work to figure out how to find inventory, while admonishing agents to become more knowledgeable about surrounding areas.
Shift Buyers to Adjacent Counties
You have a client set on living in a certain city, but with low inventory, you need to introduce them to what’s available in nearby counties that have more inventory. As an agent, you must expand your knowledge of homes to a greater geographical area.
“You may not be able to live in Orlando Metro, but you can live in the next county over,” is what Veronica Fergueroa, with eXp Realty tells clients.
“As an agent, you have to know the greater surrounding area to help people find homes,” said Anne Jones of Windermere Abode.
Problems Causing Low Inventory
High desirable areas may have less land to build on, and builders are coping with rising lumber and material costs. There’s also the issue of people not wanting to high density housing built in their communities. Agents should be getting involved in their local governments. Getting through the governmental red-tape to change zoning laws allowing high density housing is needed.
Builders also need to be wary of not playing nice with agents by consistently reducing what they are willing to pay them, because it’s a seller’s market. This tactic is exhausting agents.
“When there’s high inventory they are beating down our doors asking us to help them sell their homes in new communities. They need to remember that and start building future relationships with agents,” urges Fergueroa.
Agent Problems
“Buyers are becoming very informed, and they are demanding to get to the listing agent. They think this approach will help them get their offer accepted, if they go to the listing agent unrepresented. We are seeing these trends,” said Fergueroa.
Take-Away
“As an agent, you have to offer way more value right now. You can no longer just put a sign in the yard. You have to help the seller navigate through this journey. When this is all said and done, the agent who is entrenched in their community, in their government, and can speak to more than just being a licensed agent, will be the agent left standing,” said Fergueroa.
“Keep informed of changing zoning laws that allow for multi-family housing. This will help you with inventory,” coached Dave Jones of Windermere Abode.
“Figure out what millennials want. Maybe that will help you with finding solutions to our housing problem,” said Anne Jones. They may not be looking for what you traditionally think a house buyer wants.
