5 Things You Can Do About the Inventory ShortageMar 03, 2022
The current inventory situation doesn’t have to stop you. You can do something about it right now. Read more.
1. Stop affirming it.
Whether or not you believe in the power of affirmations, the truth is we are affirming all the time. When you say something like, "I'm terrible at remembering names," or, "I'm clumsy," you are creating your own reality. Thoughts are things. And thoughts expressed out loud, especially negative thoughts, take on a life of their own, and affect you and everyone around you.
Instead of saying inventory shortage, define the current market conditions as a demand surplus. Almost as many homes are coming on the market, they are just selling faster than ever.
- Find creative ways for your Seller to be a cash buyer.
A client who wants to move doesn't have to sell first in order to be a cash buyer. There are a number of companies that have filled this market niche and offer bridge financing, wraparound mortgages, cash advances and sales guarantees. The State Bank in Michigan, for instance, offers 18 month, interest-only interim mortgages that cover both the property your Seller currently owns and the one they want to buy.
- List your house.
If all of the 1.5 million members of NAR who own a house would put their personal residence on the market, the listing inventory "shortage" would be history. Imagine how something like that would invigorate the industry and the economy. When you are asked whether now is a good time to sell, what is your advice? Take your own advice. Sauce for the goose.
- Prospect for listings while searching for properties for your prospective Seller to buy.
Instead of waiting for listings to appear in your MLS, go out and find something for your Sellers to buy. Knock doors or canvas the neighborhood where your Sellers want to buy and use Floyd's 5 Step Specific Buyer Approach.
Are you the owner of the property?
I'm Mike Pallin with On Track Realty.
I just stopped by to see if you had thought about selling your home either now or in the near future. Have you?
Oh, the reason I ask is because I am working with a young couple, Sam and Louise DiGiovanni, and they have two kids in grade school. Sam works at the Widget Factory over in Springville and is commuting long distance every day. They would really like to live closer to the schools here, so I made them a promise – that I would talk to every homeowner in the area until I found them a place to live.
5] ASK AGAIN
So, who do you know who might be? How about you folks, have you even considered it?
- Talk to more people.
Everybody knows somebody who is thinking of selling. Ask Who-Do-You-Know-Who…?
- Works from home and needs more space
- Home schools and needs more space
- Is on a fixed income and needs to downsize
- Wants to change neighborhoods
- Tried to sell and was unsuccessful
And don't forget to call back all the people you met with over the past two years who didn't list at the time, but who have built equity since then and might be ready now. Every 30 day drip campaigns will get a few responses, but there's no substitute for picking up the phone and checking in.
What will you commit to trying out this week? Comment below!
If you're looking for a community of agents to hold you accountable while simultaneously cheering you on, consider R Squared Coaching.
The Floyd Wickman Team blog by Mike Pallin
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