Real estate agents and brokers, are you relying solely on that buyer drip you set up for your motivated and qualified clients? Has the drip run dry? It’s time to get more creative, aggressive and profitable with your MLS searches.
Today we’ll show you how to deploy 6 creative ways to get more from your searches so you can get those buyers in contract faster.
The longer you take to deliver what your buyers want, the less faith they’ll have in you. If you’ve ever been “ghosted” by clients you showed homes to, this may have been the reason. Are your buyers being more proactive than you are? Are they out there knocking on doors, sending letters and going to new builds, FSBOs and open houses? Yikes! You’d better get in front of that.
Finding the right house for your buyers in today’s market is a bit like a safari. You’re looking for something that’s scarce but could be hiding in plain sight. You’ll need more tools and more skills to have a successful hunt.
6 strategies to actively and creatively mine your MLS
1. Re-examine your buyer’s wants and needs. What’s a deal killer, what’s a deal-maker and why? If they’re adamant about a specific neighborhood, why is that? Is it because they love the walking trail and the clubhouse? There are probably 10 more neighborhoods within their geographic search that also have that profile. Expand their search to capture more options.
Spend more time drilling down, getting to know exactly what they’re dreaming of. Why did they choose their current home? Assuming they love it or used to love it before they outgrew it, what caused them to choose it? That probably hasn’t changed. Ask good questions, get the answers and deliver.
2. If your buyers can’t or won’t compete for scarce inventory, change your strategy. Search for homes that have 30-plus days on the market, even 60- or 90-plus days as well. You’re less likely to have to compete for those, and the sellers are likely to be more motivated to make a deal. Maybe there’s a builder spec home that doesn’t have 3 offers on it, something that’s back on the market or a for-sale-by-owner home that isn’t getting showings. Change your strategy if they can’t or won’t compete.
3. Look for new construction, even if your buyers don’t think they will like it. Add one well-selected new home at the end of a search for resale homes just to take their temperature. They may be surprised by how much they like it. And considering it’s all-new, they get to choose some options and they won’t have to deal with repairs.
4. If you can’t find something in the right school district, find out if that district allows out-of-district families to pay tuition. This is becoming more prevalent and the cost ranges from $1,000 per year on up. Call the district enrollment advisor and find out. Often the tuition can be made up by the fact that buying out of the district costs less and has lower property taxes.
5. Look at your own past client and sphere of influence list as your private MLS. Who do you already know who owns a home that meets the criteria of your buyers? Does that homeowner know what the current value of their home is? If they did, how might that affect their plans? Who in your database just relocated, got divorced or needs to upsize or downsize? Who just had a third kid and needs to buy a four-bedroom home?
6. Doorknock the neighborhoods where your buyers are focusing. Leave behind a simple “Wanted” flier describing your buyers and their needs. “Wanted! Your home for my pre-approved, highly motivated buyer clients who are looking only in 12 Trees and need at least 3 bedrooms. Flexible closing date!”
Homework: Take a close look at your buyer clients. Utilize all 6 strategies with each of them, every week until you’ve found success. Let them know what you’re doing to be proactive!
Tim and Julie Harris host a podcast for real estate professionals. Tim and Julie have been real estate coaches for more than two decades, coaching the top agents in the country through different types of markets.