HOW TO FIND LISTINGS IN A LOW INVENTORY MARKET - KEVIN WARD

What do you do when there are no listings in your market? Hey there. It's Kevin Ward, the founder of yes Masters Real Estate Success Training. And today's video is actually the answer to a question from one of my coaching members. And it's basically this. What do you do when there are no listings in your market, when there's no listings for your buyers and when you need business and you need listings, how do you do that? What do you do when there's no listings? And how do you find listings in a low inventory market? So this is a great question. So here's kind of what they have done in this case, they're in Canada, so there's even the restriction of being able to prospect expired listings. So he says that the market here is a bit different from the United States. We can't call expireds and there's not many for sale by owners. I'm not sure who to prospect. I've reached all my personal circle that I can. I have six buyers in my hand, but there's no house. There's no houses within their budget. And so he's like, I need your help. I need your help to direct me which way to go. So let's talk about how do you get more listings or how do you find listings in a low inventory market, especially when you got six buyers in your hand? And I guarantee you, if you're in a situation where you have a bunch of buyers without being able to find them inventory, you also have other agents in your office that are in the same situation. So you may have six buyers or you may have three or two, but your office has probably 20 or 40 or 100 buyers that are looking for properties that can't find what they're looking for right now. So I want to share with you three strategic strategies. Three strategic strategies? Yeah, three strategies to find listings in a low inventory market. So first is what we just call reverse prospecting. In fact, all three of these are just different varieties of reverse prospecting, which means I'm actually calling in this case because I have buyers or we have buyers and we're looking for people that are interested in selling. So first one is old expired and old canceled listings. If you're in a market, if you're in a place like Canada where you're not allowed to prospect, go after expired and cancel listings, you're going to do this a little differently. But the strategy is basically this. Find all the old expired and canceled listings in your market that have been on the market anytime in the last two to Three years, last two to three years they've been on the market and did not sell. Now the reason is statistically those people are more likely to move in the next 12 to 24 months than other people. And a lot of times they're interested in moving, they just don't have to move. And, and so they just haven't had that trigger, that emotional trigger to make them go like, okay, it's time to move. So what if you knocked on the door and say, hey, the reason I'm knocking on your door is because we have a ton of buyers right now. I have buyers myself in my office. We have a lot of buyers and there's a lot of buyers in the market right now. And we don't have enough inventory, which means there's not enough houses for sale. And so I'm just stopping by today to see who, you know, that is thinking about potentially selling their home in the near future, that we might be able to connect with one of our buyers. Now that question is not directed directly at them, but it's basically saying, hey, are you going to move? Do you know anybody that wants to move? So it's an open ended question, but it's designed to start a conversation and so forth. Now I have done this in a low inventory market and literally the first time I did it, did it in a low inventory market, it wasn't even my buyer. I had another agent in my office that had a highly motivated buyer. They were, were looking to buy a luxury home. It was, this happened to be about the $2 million price point and I needed listings, I needed deals. And I'm like, all right, here we go. So I pulled up all the old expired and canceled and I started calling and door knocking and just was targeting those people. And these were specifically houses that matched what this buyer was looking for. And out of that I found a couple of people that wasted my time. And then I find one homeowner, one family that they were actually building a new home and in the process of going and interested in selling their home if the price was right and we brought in the buyer, we signed a one time showing agreement, one time listing agreement, which basically said if we bring a buyer and they're willing to pay a price that you're willing to accept, you'll pay us a commission. So we signed that one time listing agreement. This was not putting it on the market, it was not putting on the mls. This was not a marketed listing. This was saying, we have a potential buyer, we're going to let them know about your house, there's no guarantees. They're going to come in, we're going to show it to them, and if they like it, they write an offer that you like, negotiate the offer, you accept it, you're moving there. Get the house, you get a great price. And it worked. Buyers came in love, the house, brought an offer that ended up coming in above appraised value. And they went in, they were willing to pay it because they knew this is what the sellers said, we'll accept this, we won't accept less. And if it doesn't appraise, we're not going to accept it right now because we don't need to move for another four or five months. So that strategy works. It works powerfully. So that's the first way is to go after old expireds and cancel listings. Now, if you're in a market like in Canada, in areas of Canada where you can't prospect expireds, then just target specific neighborhoods of the homes that match where your buyers are mostly looking and just go knock doors. Doesn't have to be an expired or cancel. Just go knock 100, 200 doors. Go knock 100 doors a day. That'll take you about three hours, three or four hours. Go knock 100 doors a day. You're going to talk to 20 to 30 people a day and you're going to get the word out. You're going to get your word out. And look, I am. And this is not a BS approach, it's not a bait and switch approach. If you don't have buyers, we're talking about when you actually have legitimate buyers now you're going, well, that's a lot of work. Well, yes, and it's a 10 or 15 or 20 or $30,000 paycheck. So yes, it's some work to get a result, but in low inventory markets, it gives you a great opportunity to get out there and talk to people because you're so much soliciting them as you're simply trying to find the right people that you can serve and bring buyers and sellers together. So you're literally here. Instead of being a salesperson, you're being a problem solver in a market. You see, understand if you think of yourself as a problem solver, you win. Don't think of yourself as a salesperson that I'm going out there to sell them on moving. No, I'm just looking over, going to look. We have people that want to buy. I'm going out to find people that are interested in selling. And I'm Going to be the problem solver and bring them together and solve both of their problems. Very, very, very powerful. Now here's a second approach. And this again would go. This works in any market, whether it's US or Canada. And that anyway. And that is the same essential strategy, except instead of door knocking or phone calling, in other words, instead of prospecting, do it by marketing. So now I am sending out either by direct mail, you can send it to, you can pick a neighborhood or, or you can target expired cancels, or you can pick an entire area, however big, and whatever you want to do and direct mail them or in a lot of markets. And this is especially true in areas that are long established neighborhoods. A lot of times they're luxury neighborhoods. A lot of times they're like country club neighborhoods where the homes are built, you know, 20 plus years ago and most of the owners have lived there a long time. It's one of those neighborhoods, you know, where nobody ever moves. Well, those people bought their houses 20, 25 years ago when it was new luxury homes. They are now empty nesters. And a lot of them are going to be downsizing in the near future. And a lot of them are downsizing right now. And they're looking and they're thinking about it. They just haven't had that trigger to make them want to do it. So what if they got something in the mail from you? Or in a lot of those neighborhoods, they have local, those suburbs in those areas have newspapers. Not the big, you know, not like the Los Angeles Times, but the little local newspaper that people actually still read. And especially people that are in there, you know, without being too specific, people that are baby boomers, people that are downsizing, looking to retire, they still look at newspapers. And if you put a big ad in that newspaper, there's got to be a big enough ad that they will notice it. Put a big ad there that basically it says something like this. Sell your home the easy way. We have motivated ready buyers. Buyers are ready to buy a home today for top dollar. Sell your home without the hassle of a long term listing and you can sell your home privately and you can sell it without a time rush and you create an ad and you market that and you can do it by postcard with direct mail, or you can do it in a newspaper. Now if you do it, you're probably going to have to do this over and over and over again. For example, in a newspaper. This is something you would run every week for six months to a year as strategy to find if You've got a market where there's inventory, low inventory and lots of buyers. Why not put the word out and say we got buyers. You want to sell your home, sell your house without the pressure hassle of a long term listing. And here's the deal, there's people out there that want to do that. There's other people that go like, okay, we're ready to move. You got a buyer? Well, we can, let's bring, we got, let me check and see if your house is a match for one of our buyers. If it is, bring one in. And you can also tell them, look, there's also a possibility that if we open your house up to the full market, we put your house on the market market it, that we'll find a better buyer that's willing to pay more for your house that will actually get you a better price. Would you like, would you be interested in that? And if we do that, then you are able to put it on the full market. Now the main thing here, my friend, is that you know how to deliver results. And my coaching members, and if you're one of my coaching members watching this, you know how to do this, you know how to sell their house fast for top dollar because you know how to use a 10 day exclusive marketing glitch, you know how to guarantee results and guarantee them fast and you're able to bring that together. Now last strategy that's just a variation on all of this with the, with reverse prospecting is simply to do the very same thing with a Facebook social media targeted ad where you're creating a custom audience. And with Facebook, because they can figure all this out, you can do a customized ad set that basically does the same thing as the newspaper or direct mail ad, but it just targets a specific zip code, homeowners in a certain age range or whatever and boom, your ad will show up only to them. Or you can do all of these at the same time and it creates a multi prong approach to help attract this. Now this is a business strategy. This is not like an overnight thing. I'm going to do this and automatic is going to work. But it's a great approach in a low inventory market that allows you to focus on the target market that will get you listings, that will get you listings. And when you're in a low inventory market, you get a listing, you just got a paycheck. As long as you price it right, know what to do to get it exposed. That, my friend, is money. Now more details of this. This is the kind of stuff that I teach in my Real estate Vortex training camp in my coaching programs. If you have any questions, be sure and post those down below. Subscribe Give the channel the video a thumbs up and subscribe to the channel if you haven't done that and I'll see you on the next video.