Learn how Realtors should show houses in a low inventory market with high buyer demand.
One of the most relevant questions that our coaching clients have been asking us lately is: how should Realtors show houses in a low inventory market? It’s a huge challenge because it is so competitive. Most listings are generating multiple offer situations. The key to showing houses to buyers in this low inventory market is conditioning them from the get-go.
VIDEO: How Realtors Should Show House in a Low Inventory Market
How to “condition” buyers
You need to be even more aggressive as a Realtor when there is low inventory in the market. And 2020 has brought us the lowest inventory we could have imagined. It is important to tell your buyers that this isn’t the “low inventory” issue of the past decade. This is a whole new brand of low inventory. If your buyer wants to buy a house in this market, you must express how much you are going to need to hustle.
How should Realtors show houses in a low inventory market? Quickly and selectively. In today’s market, you will need to get in to see the house immediately. You will need to make an offer immediately. You must adjust your strategy to find a house for your buyers. Here are a few things to get your buyers to start doing immediately.
Get to know the neighborhoods
For each listing that pops up in your buyer’s e-alert, your buyer must drive by it first. If they don’t like the neighborhood, the local schools, the nearby shopping, the cars on the streets or driveways — whatever it may be — you can cancel the showing that you’ve already set up for later that night.
This tactic will get your buyers out and about, figuring out exactly which neighborhoods they like and don’t like. Location, location, location! Your clients will get educated quickly and be empowered to make better decisions. This will prepare them so that when the right house in the right neighborhood pops up, they will feel good about making an offer immediately.
Pushing your buyers to participate in their home search like this will keep their spirits up. You are conditioning them for this race — you aren’t letting them get out of shape! This is how Realtors should show houses in this low inventory market. It will prepare the buyers physically and mentally. Not only are they figuring out which neighborhoods they like, but they are also discovering. They are finding new neighborhoods they may have not considered before. This is a huge benefit to your clients! They will feel ready to jump on a house that pops up with an offer ASAP.
How Realtors should show houses when the buyers are sold on the neighborhood
Now, your buyers have done their due diligence and know that they like a house from the outside. They like the neighborhood, and they have done their homework! After this process, it is time to show them the inside.
You will find that this tactic of having your buyers conditioned first will save everyone time. You’ll be showing them less homes on the inside because they will cancel showings if the neighborhood isn’t their favorite. They will become more selective, which will, in turn, help you to juggle more buyers at the same time. Less showings per client will lighten your load and make you more efficient for all of your clients!