Out List The Competition - Create The Inventory Yourself

TL;DR

Create your own listings to beat low inventory.

Transcript

happy Monday Welcome To Life by design your place online for ideas inspiration and how do we stay in the right action hope you had a wonderful Easter Sunday if you celebrate that I know I did with my family uh want to continue along with how do we outlist the competition yikes yikes is the marketing piece we want to discuss here's the challenge too... Read More

Key Insights

• The real estate market faces a challenge of low inventory, leading to buyer frustration and competition among agents.
• The 'Yikes' marketing strategy is designed to activate potential sellers by highlighting buyer interest and encouraging off-market listings.
• Cody Longm successfully used the 'Yikes' strategy, sending out 200 marketing pieces and securing two listing appointments.
• Agents are encouraged to have detailed discussions with buyers to understand their needs and market on their behalf for off-market properties.
• The strategy of finding homes not yet listed offers significant value to buyers and can lead to increased referrals.
• The 'Yikes' marketing piece is a proactive approach to create opportunities in a competitive market, enhancing an agent's service offering.
• Tom Ferry emphasizes the importance of strategy and passion in real estate, especially in challenging market conditions.
• Agents are advised to stay informed and utilize innovative marketing techniques to stand out and secure listings.

Questions & Answers

Q: What challenge does the real estate market currently face?

The real estate market is currently facing a significant challenge of low inventory, which leads to frustration among buyers and increased competition among agents. With fewer homes available, agents must find innovative ways to secure listings and meet the demands of their clients.

Q: What is the 'Yikes' marketing strategy?

The 'Yikes' marketing strategy is a proactive approach designed to activate potential sellers by highlighting active buyer interest. It involves sending out marketing pieces to potential sellers, indicating that there are buyers ready to purchase their homes, even if the properties are not yet listed on the market.

Q: How did Cody Longm benefit from the 'Yikes' strategy?

Cody Longm, a client of Tom Ferry, successfully implemented the 'Yikes' strategy by sending out 200 marketing pieces. As a result, he secured two listing appointments, demonstrating the effectiveness of this approach in creating opportunities and securing listings in a competitive market.

Q: What advice does Tom Ferry give to agents with buyers?

Tom Ferry advises agents with buyers to have detailed discussions to understand their needs and then market on their behalf for off-market properties. By doing so, agents can provide significant value to buyers and potentially find homes not yet listed, enhancing their service and increasing referrals.

Q: Why is finding off-market homes valuable for buyers?

Finding off-market homes is valuable for buyers because it allows them to access properties that are not yet listed, reducing competition and potentially securing a home that perfectly meets their needs. This approach also enhances the agent's service offering and can lead to increased client satisfaction and referrals.

Q: What does Tom Ferry emphasize about strategy and passion?

Tom Ferry emphasizes that in challenging market conditions, having a clear strategy and maintaining passion are crucial for success. Agents need to be proactive, innovative, and committed to their clients to stand out and secure listings in a competitive real estate market.

Q: How can agents stand out in a competitive market?

Agents can stand out in a competitive market by adopting innovative marketing techniques, such as the 'Yikes' strategy, which involves creating opportunities for buyers and securing off-market listings. By providing exceptional value and service, agents can differentiate themselves and achieve greater success.

Q: What resources does Tom Ferry recommend for agents?

Tom Ferry recommends agents check out the Thrive event, where they can learn about innovative marketing strategies and how to out-market the competition. He also suggests utilizing resources like the 2013 Marketing Plan and scheduling coaching sessions to enhance their skills and strategies in the real estate market.

Summary & Key Takeaways

• Tom Ferry discusses a unique approach to overcoming low inventory in the real estate market by creating listings through targeted marketing efforts. He highlights the success of the 'Yikes' marketing strategy, which encourages potential sellers to consider listing their homes by showcasing active buyer interest.

• The 'Yikes' strategy involves sending personalized marketing pieces to potential sellers, demonstrating that there are interested buyers ready to purchase. This approach not only helps agents secure listings but also provides buyers with access to properties not yet on the market, adding significant value.

• By understanding buyer needs and actively marketing on their behalf, real estate agents can differentiate themselves in a competitive market. Tom Ferry encourages agents to adopt innovative strategies like 'Yikes' to enhance their service offering and secure more listings, ultimately leading to increased success and referrals.