No Real Estate Inventory, Not A Problem, Strategies For 2023

Resilient buyer agents can almost always find homes for their buyers even in market areas where the listing inventory is as scarce as the Arizona water supply. Agents are wise to hone their skills because the housing inventory shortage will continue to hamper many market areas for a few more years. So here are some the of seller hunting secrets that you as a buyer agent can implement and hone in the balance of 2023.

10 Seller Hunting Secrets for Agents

1.) Knock On Doors – Specifically knock on doors in neighborhoods and areas where your qualified buyer would seriously consider buying and ask the seller to help you help these people find a home. If they are not home, then leave a letter describing who the buyers are and humanize them and ask them again to help you help these nice people find their new dream home.

2.) Direct Mail – Specifically find homes or properties where your qualified buyer would consider buying if the seller would sell and do a search on the property and write a formal professional business letter to the registered owners on title describing your buyers and asking if they considered selling now or soon.

3.) Back Ups – Search pending sale listings and approach the listing agents to consider taking a back-up offer from your qualified buyers. You just never know if a buyer gets cold feet or issues arise that may open the door for you and your buyer to slide in from behind. I always as a strategy write my back up offer asking the seller and listing agent not to disclose to the first buyer, they have a back-up offer, grant the first buyer no extensions on their condition removal times or renegotiation of their price allowing our offer to slide in from behind if they did.

4.) Real Story, Real Situation – Telling and writing to the sellers all about your buyers with their first names, where they are originally from, what they do for a living, if they have kids or pets really helps with the process. Let the sellers know why they want to live where they do and try to capture the real true story of your buyer and their reasons for wanting to buy where they do.

5.) Build Your Own Off Market MLS – Using seller “What’s My Home Worth?” “Home Equity Analysis” landing pages (a one page website that offers to provide the seller an evaluation in exchange for their name, email and property address) is a great opportunity to create an inventory of potential off market seller leads which in turn allows you to take a list of bona fide and highly qualified buyers to approach these seller leads and try to bridge the gap between the potential seller and the eager buyer.

6.) For Sale By Owner – Always look at the for sale by owner ads online and offline for potential homes for your qualified buyers and approach the “by owner” on behalf of your buyer to generate a sale. We always hear the seller say, “well if you have a buyer, we could talk.”

7.) Expired Listings – You should always be checking the inventory that did not sell in the past and be looking to see if any of this inventory could potentially work for your bona fide buyers. Some of you may have laws about approaching the sellers directly so make sure you approach the previous listing agent if this rule applies to your trading area.

8.) Sleeve Listings – Attending office meetings, emailing and flyer your fellow agents or find some way to get your message out to your colleagues about the qualified buyers you are representing and ask if they have a home up their sleeve that just might fit the needs of your buyers. Off market opportunities exist for us all, we just have to find them.

9.) Database – Always take the time to communicate with your own database about the potential qualified buyers you represent and ask if they know of someone or have, they considered selling. Describe to them your buyers, what they are looking for and ask your own clientele to help you help them find their new dream home. It’s a great excuse for contacting an old client.

10.) Show Sellers The Money – Instead of you writing the letter, I get the buyers to write and sign the letter about themselves and what they are looking for and include an official looking document proving they are pre-approved for their financing.

I trust these strategies will assist you in the balance of 2023; don’t let the low inventory market conditions slow you down any longer. Implement these strategies and stop waiting for the business and start creating the business in the balance of 2023.

Strength and courage,
Wade