Long before I was at Knock, I was an agent at Redfin and wore many hats just like you: negotiator, expert people person, marketer, and balancing-act extraordinaire. However, in today’s gridlock market, you might find yourself donning a new one: detective, on the hunt for listings in a historically low inventory market.
Here are four practical tips on how you can discover new inventory for your buyer and get them into the home of their dreams.
1. Have more conversations
Your phone is full of contacts—don’t forget to put them to use. You never know who might be sitting on misinformation regarding the market conditions or who might not realize the level of equity they have right now. One of the best things you can do is ensure that prospective sellers understand what their options are—and that now is when they will get the biggest bang for their buck if they sell.
You also may run into prospects who would be open to selling but are resistant due to COVID-19 exposure concerns. One solution is to partner with Knock. When you become a Knock Certified Agent, you help your client buy and move into their new home before selling, so they’re entirely relieved of living through showings or repairs in their old house.
2. Get creative with your listing exploration
Research listings that have expired in the last six months or longer, and do your due diligence to see if they came back to the market. Confusion on market conditions might have given the sellers cold feet. Perhaps a deal on a new home fell through because of contingencies. Or maybe they found that the process of buying and selling became too emotionally-taxing.
3. Instead of searching for inventory, create inventory
With inventory scarce—along with evolving home needs as lifestyles shift due to the pandemic—leveraging equity into new construction might be the solution your buyer has been waiting for. When you work with Knock, your prospective client can get pre-approved for a conventional loan for a new home build (in addition to an interest-free bridge loan up to $250,000). If the home of their dreams isn’t available, why not create it?
4. Prospect with Knock’s eligibility tool
Here’s a little-known pro tip: becoming a Knock Certified Agent means you can use Knock’s Eligibility Tool to discover potential clients and inventory in your area. Use it as a prospecting tool to find properties eligible for the Knock Home Swap, then drop the owners a postcard, a door hanger, or a call.
It bears repeating: there is a lot of misinformation and confusion circulating about today’s market. You can make sure these prospects understand that now is not only the best time to sell, but that there is a solution that eliminates contingencies 100%.
We know the inventory shortage in this market can feel disappointing for your buyers and you. Maybe these ideas will spark inspiration to expand your toolbox with solutions like the Knock Home Swap to find new, innovative ways to help your clients.