| 5.12.2015

Where To Find Sellers In Limited Inventory Markets

There’s not a single agent who can deny the fact that the housing market in the United States is on fire.  Even in cities like Detroit, houses are being bought and sold, every single day, multiple times a day.  
 
I’ve even got friends whose markets are in the middle of no where, that are selling houses like hot cakes.  It’s all relative, I guess.  It’s not all rainbows and sunshine though, there are problems in good times, just like there are problems in bad times, they are just different problems.

Your job as a salesperson, entrepreneur, and Agent is to be a problem solver. 

Limited inventory can cause a domino effect, that only compounds the original problem. Basically what I’m saying is if there are no homes for sale, that means if you sell yours, you have no where to move to or buy.  It’s a stalemate like a north going Zax and a south going Zax (Dr Seuss reference)
 
Turns out, up to 40% of the homes that are for sale in the USA right now are NOT on any type of listing service.  From for sale by owners, to pocket listings, to sellers who are willing to sell at the right price, there are a lot of homes for sale that are not listed on some national database.

So how do you find all of those sellers so you can supply buyers in a stalemate market?

You’d need a database, a private database that was like “insider information” for agents to communicate that allowed them once again to be empowered with information.  After all, as Agents we don’t sell houses, we sell information.
 
The more information we have on the houses for sale, what the sellers will take for them, and if anyone else is trying to make an offers currently, that the public doesn’t have, the more our job as Agents, is secure.
 
Think about the old days.  You may not even remember when picture books existed.  You had to go with clients to other brokerages to flip through their books and see what they had listed for sale.  That or drive the streets (although gas was a lot cheaper then)
 
With big sites and syndication from billions of smaller sites, any home listed for sale publicly is sent out to all these websites.  Think of each of these websites as a hologram salesman trying to pitch that listed property. While good for the sellers, it’s rough on buyers because virtually 7 billion people have access to that sales pitch.
 
When you’re in a sellers market, your best bet for fast money is to work with buyers too, but often times it’s a lot of work to find them “the one” they really want.  Especially when they say “we’ve been online and really didn’t find anything we want”
 
If you had access to an alternative source of information that you could pull from that had houses listed on it that would normally be listed on FSBO sites, craigslist, and other one off sites that agents usually use to advertise.  Instead, if agents used one place to store coming soon and off market homes, the public and other agents would only have to look in one spot. Think of the saved time for buyers.
 
I’m not an agent but I thought, “surely the market has seen this need and has something out there that can fix this” and sure enough, there are several sites that do this.  Here’s the problem: there are several sites out there that do this.
 
Several sites don’t solve the problem of keeping everything in one place.  If we are entering our hip pocket listings in multiple obscure places, we might as well just leave them on FSBO and CL sites.  The purpose of “one place syndication” [the need] is not met.
 
I found a site that is still in its beta test format that has some pretty big players behind it. After I found it, I actually reached out the the team and met with them.  I believe they offer what we are missing in our community.
 
The site is www.prevali.com and after meeting with them, I can tell you, the vision behind this is real, and perfect for what we need in our industry.  From concept to completion, there have been top level Agents, advisors and engineers involved at every level.
 
It’s not all rainbows and sunshine though, they/[we the real estate community] need to you be your own information aggregator as well.  Meaning it’s a place you can sell  your off the market properties too.  Expireds, Coming Soons, FSBOs, hip pockets, tax foreclosures, short sales and everything, all in one place.
 
The coming soon, aspect of Prevali is really where it’s at.  With agents like you, placing your coming soon properties online for the public to see, you, the agent, can keep a pipeline of homes that are sold before they are even for sale.  How impressive would it be to take listings and market them to the public and other agents before they are ready to be sold.
 
Here’s the thing about Prevali, that’s different, this is a site that’s agent owned, agent operated and not trying to rip you off by selling ad space on the listings you provide them with.  I’d be pissed if someone repurposed this article to sell their consulting.
 
After meeting with them and seeing what they have created, I wanted to help them grow and help spread the word to people like you.  Like I said, this company is still in beta mode.  One of the bi-products of what they are doing, is that buyer leads come in from different zip codes of people who want to buy properties before they hit the market.
 
This means there are leads for you to turn into buyers, just waiting for agents to reach out to them and show them why they should choose the right agent and why they should let a professional help them buy their next home.
 
With Prevali being brand new, virtually every zip code is open for the taken.  I’ve even made arrangements for you to be able to use the code STEWMAN when you sign up with them, to get the hookup.
 
This site has a ton of functions that are extremely useful in our industry but really boring for a guy like me to write about.  You’ll need to go over there to see what all is involved.
 
We’ve got to make the decision to unify off the market properties so we have a go-to place to find properties before they hit the major sites, before they are foreclosed, after they become expireds and even when they never went on the open market at all.  I believe Prevali is that place.
 
Check it out and if you have tech questions or whatever they also have a facebook group you can join for free.

 

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