How To Get Listings When There's No Inventory!

TL;DR

Use old expired listings to create new inventory opportunities.

Transcript

[Applause] hey it's Tom Ferry thanks for watching Welcome To Life by design your place online for ideas inspiration and of course how to stay in the right action you know so many people I'm talking to today are saying there's no inventory there's no inventory there's no inventory I just posted on Facebook hey how can I help you so if you remember t... Read More

Key Insights

• Tom Ferry emphasizes the current challenge of low inventory in the real estate market and suggests proactive strategies to counter it.
• He suggests targeting old expired listings from years with poor market conditions, such as 2009, to find potential sellers.
• A direct mail or door-knocking campaign is recommended to reach out to these homeowners and inform them of the current market conditions.
• Face-to-face interactions are emphasized as powerful tools for engaging potential sellers and creating a personal connection.
• The strategy involves informing homeowners of recent sales in their area and the potential increase in their home's value.
• Ferry advises using a combination of direct mail, phone calls, and personal visits to maximize the chances of securing listings.
• He stresses the importance of scrubbing lists to ensure the targeted homes are not back on the market.
• The approach is designed to leverage current market conditions and create inventory by re-engaging with past sellers.

Questions & Answers

Q: What is the main challenge addressed in the video?

The main challenge addressed in the video is the issue of low inventory in the real estate market. Tom Ferry discusses how many agents are struggling to find listings due to the lack of available properties for sale. He offers strategies to overcome this challenge by targeting old expired listings.

Q: What strategy does Tom Ferry suggest for generating new listings?

Tom Ferry suggests targeting old expired listings from years with poor market conditions, such as 2009. He recommends using direct mail or door-knocking campaigns to reach out to these homeowners, inform them of current market conditions, and highlight the potential increase in their home's value.

Q: Why are face-to-face interactions emphasized in the strategy?

Face-to-face interactions are emphasized because they allow real estate agents to establish personal connections with potential sellers. These interactions can be more persuasive and impactful, enabling agents to effectively convey the benefits of selling in the current market and increase the likelihood of securing listings.

Q: What role does market condition information play in the suggested strategy?

Market condition information plays a crucial role in the strategy by informing homeowners of recent sales in their area and the potential increase in their home's value. This information can motivate homeowners to reconsider selling, especially if they previously struggled to sell during a poor market year.

Q: How does Tom Ferry recommend maximizing the chances of securing listings?

Tom Ferry recommends using a combination of direct mail, phone calls, and personal visits to maximize the chances of securing listings. This multi-faceted approach increases the likelihood of reaching and engaging potential sellers, creating more opportunities to convert them into listings.

Q: What precaution does Ferry suggest before reaching out to potential sellers?

Ferry suggests scrubbing the lists of old expired, canceled, or withdrawn listings to ensure that the targeted homes are not already back on the market. This precaution helps agents avoid wasting time and resources on properties that are no longer viable opportunities.

Q: What is the significance of targeting listings from specific years?

Targeting listings from specific years, particularly those with challenging market conditions, is significant because these homeowners may have been discouraged from selling in the past. By revisiting these opportunities, agents can capitalize on improved market conditions to encourage these homeowners to sell.

Q: What is the overall goal of Tom Ferry's suggested strategy?

The overall goal of Tom Ferry's suggested strategy is to create new inventory opportunities by re-engaging with past sellers who may not have been successful in selling their homes during previous market downturns. By leveraging current favorable market conditions, agents can generate new listings and address the challenge of low inventory.

Summary & Key Takeaways

• Tom Ferry addresses the issue of low inventory in the real estate market and offers a strategy to generate new listings. He suggests targeting old expired listings from years with challenging market conditions, like 2009, through direct mail or door-knocking campaigns.

• The strategy involves informing homeowners about recent sales in their area and the potential increase in their home's value. Face-to-face interactions are highlighted as effective for establishing personal connections and encouraging homeowners to consider selling.

• Ferry advises using a mix of direct mail, phone calls, and personal visits to maximize the chances of securing listings. He emphasizes the importance of scrubbing lists to ensure the targeted homes are not already back on the market.