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How to Get Listings When There Aren’t Enough to Go Around
June 2, 2022

How to Get Listings When There Aren’t Enough to Go Around

by PropStream

PropStream Can Help You Build Your Business Using Real Estate Data Software 

Did you know there are currently fewer listings than agents in the United States? 

Limited supply and heightened demand are creating a frenzy amongst buyers, causing home prices to grow at a rate we haven’t seen since 2007. But what drove this spike, and what can hungry agents do to ensure they continuously secure new listings when there aren’t enough to go around? 

Here’s what you need to know about finding more sellers and building your inventory

The Pandemic’s Impact on the Real Estate Market (Spoiler Alert: It’s a Seller’s Market) 

The lack of housing we’re currently seeing in the United States started in 2020 when stay-at-home orders pushed back the construction of new homes. 

With builders unable to construct new homes, the existing housing supply could not support the growing number of eager buyers. Even when mandates were lifted, supply shortages delayed construction even further. 

The lack of inventory combined with an overwhelming number of buyers created what’s known as a “seller’s market.” In a seller’s market, high buyer demand sends home prices skyrocketing, leading to bidding wars when new homes hit the market. 

Additionally, between 2020 and 2021, interest rates hit record lows, hovering around 3.7% for a 30-year mortgage. These low interest rates motivated eager buyers to get into a home before the interest rates went back up. 

Fast forward to 2022, and we’re still in a seller’s market, with 400,000 fewer affordable homes available for households earning $75,000-$100,000 than there were before the start of the pandemic. 

While the percentage of Americans who own homes has not gone up, the total home valuation across the country has risen by around $8.1 trillion. In other words, housing prices are still incredibly high. 

Pair this trend with interest rates creeping back up (rates are currently hovering around 5.2% for a 30-year mortgage), and buying a home remains challenging even two years after the start of the pandemic. 

While the hot housing market is impacting homebuyers and sellers, real estate agents are also feeling the pressure. Without enough listings to go around, agents are finding themselves competing over the same few listings. 

So, what’s the secret to staying afloat as an agent in this unique market? It’s time to get creative with how you get listing leads!

 

Finding Off-Market Inventory Is More Important Now Than Ever 

Finding off-market inventory is crucial for keeping your pipeline full. 

Did you know there may be an entire community of homeowners in your region that need to sell but aren’t sure where to start? These homeowners are overwhelmed, have distressed properties, and might be experiencing financial difficulties. 

In some cases, the homeowner may not even know what their home is worth, making it even more important for them to work with a real estate agent. 

If you can find these homeowners and convince them to let you sell their property, you’ll always have a listing lead in your back pocket, no matter what real estate market you’re working in! 

Also, if you’re working with a buyer who’s having difficulty competing with other buyers’ offers, you may be able to eliminate that competition by finding off-market listings. 

Real Estate Data Is Your Key to Finding Off-Market Inventory 

Remember when we mentioned that there’s an entire subset of people in your community who may need to sell? 

Well, it’s actually easier to find them than you might think. You don’t need to spend hours knocking on doors or blanketing entire neighborhoods with postcards or flyers. You can find motivated sellers right from your computer! 

Real estate data software makes it quicker and more convenient to find listings. With real estate data, you can apply hundreds of search filters to target homeowners based on specific criteria that indicate they may need to sell their homes. 

4 Indicators of Selling Motivation 

While there are many homeowner situations that can be targeted through real estate data, here are four common ones to start with: 

  1. Pre-Foreclosure: If a home is in pre-foreclosure, it means the owner has been unable to make payments on their mortgage for an extended period of time. In this stage, the homeowner will be highly motivated to sell if they can’t catch up on the payments. 
  2. Pre-Probate: Deceased homeowners often leave their homes to surviving family members. In some cases, the surviving family members can’t afford the property or live too far away to maintain it.  
  3. Vacant Properties: When someone owns a property they’re not living in or generating income from, they typically have no reason to hang onto it. They’re likely making payments on a property but haven’t gotten around to selling it.  
  4. Bankruptcy: When a homeowner has a bankruptcy filing on their record, they are likely in financial distress. Since their mortgage may be the largest payment they’re making each month, it may be one of the first bills they want to eliminate. 

Even in a Scorching Hot Seller’s Market, You Can Keep Your Pipeline Full 

The pandemic sent the real estate industry into a frenzy with low inventory, high prices, and now, high interest rates. 

There are currently more agents than there are properties for sale. But the fact that we’re in a competitive market doesn’t mean you should give up or rely on the same listings competitors are chasing. 

With a comprehensive real estate data software, you can find listing leads from the comfort of your own home and ensure that you always have a listing waiting in the wings.  

Want to try a real estate data software on for size? Try PropStream for 7 days free

About PropStream

Leading the real estate data software industry, PropStream offers the robust datasets and marketing tools you need to streamline your lead generation process! Easily find off-market properties to make a deal or get a listing.

Our 120+ search filters and 12 Quick Lists make it easy to narrow your search and find detailed datasets for 153+ million properties nationwide. Our fresh data is updated daily and multi-sourced from the MLS and public record, allowing PropStream to offer the most precise real estate data around.

Create and organize marketing lists with qualified leads before reaching out using our innovative add-on tools like skip tracing, email campaigns, and postcards. Want to automate your lead generation process even more? Add List Automator and stay on top of relevant leads by having fresh information delivered straight to your email inbox! Visit PropStream's website to learn more.

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