How to Generate Listings in a Low-inventory Market
In December of 2020, history was made when the Pending Homes Sales Index (PHSI) hit 125.5, the highest PHSI index in any December of all time. The index is significant; calculated by the National Association of Realtors, it’s often used by economists to predict the future health of the economy. Though the PHSI just hit a record-breaking high, it has actually decreased 0.3% since November. But this is actually due to a lack of inventory, not a lack of interest.
Mortgages rates continue to stay low, hovering around 2.7%. Fewer people are selling their homes and are instead refinancing their mortgages to take advantage of low rates. Without clear indication of when the economy will recover fully, no one is sure when and if mortgage rates will rise again. Before those changes do occur, people are desperate to buy property, yet property owners seem to be hesitant to sell right now.
As demand increases and inventory shrinks, competition grows tougher. Every prospective seller has four or five agents fighting for their business. Your competition is already doing what you do.
To stand out, you’re going to have to employ different tactics to grab the attention of potential clients and win the highest possible bid. See below for different techniques that can impress someone looking for an agent.
High-Quality Photographs and Videos
Especially in this day and age, when it feels like our entire lives are occurring online, being able to provide realistic, detailed photos and videos for clients can influence who they end up working with. In your branding strategy for the listing, it’s crucial to offer high-definition photographs of the property and advertise them where they’ll be seen (more on this later).
It’s important to note that this is already viewed as standard in the industry. Every other agent that’s approaching your prospective clients are including photographs in their marketing plans. What will you add to stand out from the competition, win the listing, and make the most for the client?
Incorporating video technology has never been more necessary. As COVID-19 continues to radically affect our day-to-day lives, agents must adapt and find ways to provide an open-house experience remotely. Having a good webcam that allows you to present virtual showings or creating accurate and detailed video tours will appeal to clients and allow you to connect with potential buyers.
Digital Marketing
How do you advertise your listings digitally? Before you shrug off using the internet, remember that 80% of the largest generation group in the U.S., millennials, are about to start buying property in the next few years.
And when this giant demographic begins searching for homes, where do you think they’ll look? On the internet. Currently, 94% of millennials search for real estate online, and that number is just set to increase.
By having a clearly defined digitally marketing plan to present to your prospective client, you can show them you’re serious about advertising their home far and wide to find the best possible offer. Creating a unique web landing page for the property that you can share with interested buyers ensures your listing gets viewed again and again.
If you present the statistics from the prior paragraph to clients and then display your detailed digital marketing plan, they’ll know you understand the industry and are committed to selling their home. It’s important to go above and beyond the standards set by other agents and show why they should select you to sell their home.
Social Media
Social media, another part of a comprehensive digital marketing plan, is a tactic that addresses millennials entering the market by using technology to advertise listings. Platforms like Facebook or Instagram that can be used to advertise to prospective homeowners are not only a great way to advertise your listings, but also to show your clients you’re committed to selling their property for the most money possible.
Have a specific social media marketing plan with a set number of posts or advertisements for each listing. If you present this detailed outline to future clients, they know you’ve got them covered. Remember, social media is already used by most agents. It’s important to stay ahead of the curve and be competitive.
Virtual Reality
Do you know what your most successful competitors are already doing? Utilizing the power of 360˚ cameras to transform listings into 3D tours that can be shared online for prospective buyers. With Listing3D, you can create digital tours that people can view on their own devices. The tours are hyper-realistic and extremely high-quality, and include a floor plan, a “walk” through the home (think: Google Street View) and can even show the views from balconies or through windows.
More than just a 3D tour, Listing3D offers a complete marketing package, which includes branding and exposing your listings to a wide network of agents around the country. Using Listing3D, you’ll automatically receive a web landing page for your listing, which includes photographs, videos, and a 3D tour. You can easily share the website on social media, clicking the built-in social media buttons.
You can even create a QR Code, which can be placed on fliers, so prospective buyers can easily scan the code with their phone and explore the virtual listing right then and there.Your prospective clients will be blown away when they see what they’ll receive with Listing3D.
Especially in the era of COVID-19, being able to tour property remotely yet realistically will make it significantly easier for you to find the best offer and sell the property to the highest bidder. When trying to win a client, Listing 3D will help you stand out from competitors and prove your commitment to selling their home.
Concluding Thoughts
As competition grows tougher in the changing economic climate, you’ll have to work harder to land listings. The best way to win over clients is to show your commitment to selling their home and your knowledge of industry trends. If your marketing package includes photographs, videos, digital marketing, social media, and virtual reality technology, you’ll stand out from the competition and win more listings.
Listing3D enhances any listing with its comprehensive and forward-thinking marketing packages. Virtual reality is the future, especially in the post-pandemic world we’re inheriting. Win more listings by advertising your properties using the best technology there is.
With Listing3D, you’ll get a 360˚ virtual tour of your property, as well as high-quality photographs, a video teaser, a flyer, and a professional web page with all your contact information. Stay ahead of the competition and show your prospective clients how you prioritize selling their listings for the highest bid.
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