For the panelists who connected on RISMedia's most recent webinar, client communications is the key to combating the ongoing inventory shortage in the U.S. In 2021, it's all about focusing on a narrative that keeps consumers at ease, interested and ready to transact.
During RISMedia's webinar—"How to Change the Low Inventory Narrative"—panelists Mahala Landin, managing partner and broker in charge of the Rachel Kendall Team; and Doug Gieck, vice president of production at 8z Real Estate, discussed the importance of maintaining your client database, as well as putting in the legwork to find that diamond-in-the rough seller.
The webinar was moderated by Cleve Gaddis of Workman Success Systems and sponsored by BoomTown.
"I feel like sometimes when we’re having the conversation about changing the narrative about low inventory, the people who are listening in think, ‘duh, of course you need to change the narrative,’ but the reality is that most people don’t do what they need to do to change the low inventory narrative," said Gaddis.
Here are some of the specific strategies discussed that you can use to garner more listings and change the conversation about the inventory shortage in this country:
Mine Your Database
"From the moment our agent puts a buyer's information into our database, we discuss how to touch them. Whether it's texts, emails or some other form of automation,” said Landin.
One of the best weapons real estate professionals have in the fight to overcome low inventory in their markets is their database of clients. By mining your database of past clients, you can create listings through successful client outreach.
"We're seeing people moving about every three years so that puts an enormous emphasis on our past clients and sphere of influence,” said Landin. “We need to dig into our database and bring those sellers back."
Today's brokers should be guiding agents in their client communications to ensure both buyers and sellers are prepared for the current market environment.
"I think when you start a real estate team, from the very beginning, you need to not only consider your database as a lead generation source, but also as a vehicle to promote client relations,” Landin added.
Think Outside the Box
"In today's market, if you're just relying on the MLS for listings, you're going to be in a lot of trouble,” said Gieck.
If you’re going to garner more leads and, in turn, listings in the current market, you’re going to have to do things that other real estate professionals aren’t. Whether it be working closely with real estate influencers or going aggressively after listings that have seen price reductions, you need to think outside the box.
"Successful buyers are the ones that find the diamond in the rough,” said Gieck. “They're going to open houses on a Tuesday and they look at that house that had a price reduction. Should a home that's had its price reduced be stigmatized? Probably not."
At the end of the day, you need to do whatever you can to get into a person's living room and have a real conversation about real estate.
Watch the full webinar below:
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