Low inventory and high competition make scoring new real estate listings tremendously difficult today. In hot markets, homes are selling almost instantly, so sellers have their pick of agents. This leaves many realtors struggling to sustain their business.
According to real estate expert Kiel Laciera, Director at SkyHub, “Agents have to get really creative with their lead gen to consistently land new listings that others will miss. You can’t rely on the same old tactics anymore.”
In this post, we’ll explore six innovative ways real estate professionals can drum up new business even when listings are ultra-scarce.
1. Specialize in a Specific Niche
Becoming known as an expert in a specialized niche like luxury properties, commercial real estate, or condos helps you stand out from the crowd. Laciera advises agents to “Pick an area of focus that you genuinely enjoy and can excel at.”
Study up on your niche including terminology, valuation nuances, regulations, and buyer/seller motivations. Lean into your specialty on your website, social profiles, and marketing materials. Attend niche-related conferences and networking events to build your reputation.
When people search for an agent with niche expertise, you want to be top of mind. A specialty gets you referrals that a generalist may miss.
2. Host Creative Lead Generating Events
Getting face time with potential clients is critical, so events should be a big part of your marketing strategy. “Think outside the box,” Laciera suggests. “Do cooking classes, wine tastings, neighborhood block parties, or other activities people actually want to attend.”
Avoid overt sales pitches. Focus on providing value, building local goodwill, and nurturing relationships. Following up persistently with event attendees helps convert contacts into clients down the road.
3. Canvas Surrounding Neighborhoods
Hitting the pavement through door-knocking campaigns expands your reach exponentially. Laciera recommends canvassing areas primed for turnover like aging communities.
Go door-to-door introducing yourself briefly and leaving pamphlets. Highlight benefits like your neighborhood expertise, professionalism and strong sales record. Offer homeowners a free valuation or market report. Capturing contact info is key for prompt and persistent follow up.
4. Search Property Records for Motivated Sellers
Digging through property records can uncover promising leads. Laciera advises looking for rising tax assessments, zoning changes, properties transferred out of trusts, or expiring homestead exemptions.
Contact these owners directly to discuss their options, neighborhood comps, and your services. Many may not realize the prime opportunity they have to sell in the current market. Getting ahead of the competition with targeted record research pays off.
5. Advertise Creatively on Social Media
Your social presence offers another way to stand out creatively. Laciera suggests using videos to showcase listings and share market updates.
Run innovative lead gen promotions like a ‘sell your home’ giveaway contest. Collaborate on videos with other local businesses. Sponsor relevant Facebook groups to get visibility with local home buyers and sellers.
6. Build Partnerships with Related Businesses
Partnerships with home service providers like contractors, landscapers and plumbers give you referral pipelines others lack.
Laciera advises, “Help grow their business through co-marketing, co-hosting events, sponsorships or other creative reciprocal arrangements.” When they have clients looking to sell, they’ll be more inclined to refer to someone who has added value.
Conclusion:
“If you use the same conventional tactics as every other agent, you simply won’t compete for business consistently,” says Kiel Laciera. By specializing in a niche, hosting creative events, canvassing, mining records, innovating on social, and forging strategic partnerships, you can generate listings even when inventory is impossibly tight.
What unique lead generation strategies have you found effective in hot real estate markets? Please share your experiences in the comments below!