This is the time of the year where we evaluate the market for potential risks, and a huge one right now is the risk for low inventory. Why is it so important to plan ahead for these events? How do you fortify yourself from the eventual reduction in inventory? On this episode, we talk about the importance of being ready for potential market risks.
When I’m already solving a problem that doesn’t yet exist, the problem never appears. -Greg Harrelson
Takeaways + Tactics
- There’s a lot of quick, easy money on the buyer’s side right now, so people don’t think they need listings.
- If the market continues to rise, sellers are going to slow the pace of houses on the market because they are playing the market for appreciation.
- The two most effective ways to generate leads in a low-inventory environment are expireds and FSBOs.
The goal in business is to always start working a plan as if an upcoming obstacle is there now. You have to set up the systems right now to combat the risks when they do appear. Just because there’s a lot of buying happening right now, don’t fall into the trap of not building up your listings. If inventory to sell runs out, you’re in a better position if you’ve been cultivating listings. Right now, you have a good story to tell sellers in prospecting which is that prices are increasing and inventory is low, so their house could be worth more. That’s a winning script.