No Homes For Sale? Create Your Own Inventory NOW!

Across the country there is a common problem...not enough homes for sale...No Inventory. HARRIS REAL ESTATE UNIVERSITY has the solution: How to Create Inventory When it Seems Like There’s Nothing to Sell!

First, lets have a little be-honest. Are you making any of these common buyer mistakes?

  1. It’s not the buyers job to find a property to buy...thats YOUR job! Don’t wait for the buyer to email you what they want. Are you looking daily for homes that meet the buyer’s needs? Are you telling your buyers that you are actively looking for them? (If not, they may fire you!)
  2. Be the FIRST one to see new inventory. Monitor your hot sheet and be ready to pounce.
  3. Recognize that not all homes that sell are sold through the MLS. Many homes are being sold inner-office etc. In this market the listing agent has the power. Don't be surprised when the listing agents attempt to pre-market their listings in an effort to double end the sale. Your mission is to 'romance' all the local listing agents so they will share with you their 'pre-listings' or if they are REO agents their homes in 'pre-marketing'.
IMPORTANT: Its CRITICAL that you understand that buyers want to buy a home. They don't want to spend endless afternoons with you. Most buyers will fire their buyers agent if that agent hasn't sold them after only 2 weeks or having shown them 10 homes. The clock IS ticking!

 HREU's Create Your OWN Inventory NOW Plan (Watch the Video!):

Secret: Don’t just choose one or two of these Listing-Producing methods. Do all of them, getting yourself into listing abundance and away from listing scarcity!

NOTE: NONE of these ideas cost a dime. Anyone (and everyone) should pick at least 3 of these ideas and implement NOW.

1. New Construction: It’s almost never listed in the MLS. Find what’s being build by looking in your local weekend newspaper and actually visit all the models. Start a file called ‘New Construction’ and know the inventory! Know the price range, area, spec homes, builder perks and special financing. Become friends with new build reps...they can be a great source of resale referrals.

2. Centers of Influence and Past Clients: Communicate regularly with your own past clients and center of influence contacts so you have your OWN pocket listings. Those are your personal ‘shadow inventory’. Offer free CMAs for purposes of property tax assessment revisions.

3. “WANTED” ads. For your well qualified, highly motivated buyers, run specific ads, which describe their needs and target the exact neighborhoods they are looking for. HREU Students, Use the HREU sample ads.

4. ‘Make Me Move’: These are homeowners who have gone to Zillow and created their home’s profile, updated the information and actually stated the price they want. Before you criticize their higher price, realize their stated price could be what they OWE...and may make them a great Short Sale candidate. Use door hangers, postcards, etc., or simply door knock the prospects.

STOP! Do you need listings NOW? Of course you do. Direct assignment pre-approved short sale listing leads emailed to you. Major lenders Chase, BofA, Wells. Become a Lender Preferred Short Sale Agent. FREE Short Sale Industry Event. Warning: First 700 agents only. Register now!

5. ‘Pre-Foreclosure’: (We suggest Zillow because they don't charge for this information.)When you do this you will get the exact addresses of homeowners who are already in pre-foreclosure. HINT: Sign up for a free account and you’ll see the exact address instead of just the street. Again, use door hangers, postcards, or just door knock.

Secret: Use the HREU Buyer Pre-qualification Script. Asking the right questions at the right time will root out the buyers who also have homes to sell!

6. EXPIRED Listings: New exprieds, old expireds. Call them ALL. You know they wanted to sell their home at one point in time. Check the Withdrawns as well.

7. FSBOs (for sale by owners): FSBOs are crying for help with a ‘help wanted’ sign (aka their FSBO yard sign) and a PHONE NUMBER.

8. Professional Networking. More than ever the listing agents control the market. Network with the listing agents. Note: If you have yet to become a powerful listing agent you absolutely MUST learn this skill. Request your free coaching call using NOW to get started. Don't forget professional non-real estate networking like..BNI, BBB, Chamber of Commerce, Charity Events, Go to 3 events per week so you are known as the go-to person for all things Real Estate!

9. Professional Listing Referrals. Register with the listing referral companies like Dignified Transition Solutions (Dave Ramsey, etc) so you are an insider like our ASD students are. Hint: Enroll in HREU and become a HREU Lender Preferred Agent.

10. For Rent By Owners: Call all For Rent By Owners in your area, using the paper, Craig’s List and classified ads to find them. Simply ask if they have considered selling the home versus keeping it as a rental. Hint: Many will have NO CLUE what their home is worth in this market. When they learn their home us worth more than they think...listing for you!

11. REO Listing Agents: REO Listing agents know what they will be listing often MONTHS before the home is officially for sale. Ask to be notified of their ‘pocket listings’, ‘pre- marketing REOs’, etc. Hint: Hunt the pre-foreclosures. Don't think for a second there aren't any pre-foreclosures in your market. MILLIONS of owners are still underwater. Some estimates out that number as high as 14,000,000!

Smart Tip: Become a REO listing agent! Watch this video to learn how.

12. Investors: Work with investors and run ads that say ‘We pay cash for homes’. These sorts of ads will generate very motivated seller calls. HREU Students, use the sample HREU ads.

13. Move Up Buyers (who have homes to sell!): Run ads for ‘move up’ type listings...the type of homes that first time home sellers will move TO, so you can then list the home they’re coming from. Borrow other agent’s listings if necessary! Hint: Borrow listings from other agents if you don't have any or your listings aren't what move-up buyers are looking for.

14. Use Call- Capture technology: Utilize in your paper, on postcards and door hangers. This works best with WANTED ads; free CMA offers and with Pre-Foreclosure prospects to discuss their options. Hint: Use the HREU Scripts and sample ads.

Secret: Using for your main phone number on ANY type of marketing will increase your incoming calls exponentially! Agents who use this system usually sell their own listings, have more homes in their own listing inventory and do more transactions.

15. BPOs: Broker Price Opinions are a gold mine. Ask the owners WHY you are doing the BPO. Chances are they are thinking about doing a short sale and the bank has order the BPO to establish value. List the home! Hint: BPOs you did months ago...wanna bet they are ready to list now?
16. Property Tax Re-Assessments: (Mentioned before, worth mentioning again!) Offer CMAs and how-to information for helping owners have their property taxes re-assessed.
BONUS: In many parts of the US banks have NOT been filing NODs (Notice of Defaults) even after the sellers have missed MONTHs of payments. In some cases they aren't even reporting the missed payments on the defaulting owners credit! That is ALL changing now. We are hearing from across the US that the banks are no FINALLY sending the NOD notices to owners who in some cases haven't made payments for years. When the seller gets this notice they are often times very motivated to sell the home via a short sale vs losing the home as a foreclosure. Bottom line, the ice is thawing and the listings (REOs) are coming!

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