One ‘Uncomfortable’ Idea to Generate More Listings Now – #TomFerryShow

September 29, 2020

Want to know a market segment you should be pursuing for new listings, but probably aren’t?

NOO!

That wasn’t an over-dramatic, Darth Vader “no.” It was actually my answer to the question.

Non-owner-occupieds account for 16 percent of all properties in the U.S.

Yet many agents never think about them at all.

With extremely low inventory and listings at a premium, it might be time for you to get outside your comfort zone and go after these investor owners.

Keep reading!

There Are Few Listings Inside Your Comfort Zone

In many markets today, there’s an extreme shortage of properties on the market.

This inventory shortfall requires you to shake things up, get out of your comfort zone and try something new.

Are you willing to try?

Or are you going to keep saying, “That’s not how I do things” while struggling with no listings?

I’d encourage to you start seeking out and accepting that “uncomfortable” feeling, because that’s where the growth happens.

By looking in your MLS or working with a title rep, you should be able to identify what homes in your marketplace are non-owner-occupied.

If I were you, I’d export that data into a separate list inside your database so you can market to them directly.

Over-Deliver, Then Follow Up on the Phone

One of the best things about working with investors is there’s rarely any emotion involved. It’s simply about the math and where they find themselves in their life…

…Maybe they’re sick of dealing with tenants or property management companies.

…Maybe they want to move into a different price range.

…Maybe they’re ready to cash out and escape to a deserted island.

You’ll never know until you reach out and talk to them.

The key for you is to impress them right out of the gate.

Here’s my advice… Create a beautiful CMA and mail it to them unsolicited.

You can include a note that reads something like this:

“I was doing some research on properties owned by investors, and I realized there are two types of investors… those with hundreds of properties, and those like yourself with a handful. And I’m just curious… Has anyone taken the time to do an evaluation, talk to you about rents, and what’s going on in the marketplace? I’d love to discuss this with you in a 15-minute phone call or Zoom session.”

After mailing the CMA and your letter, make sure you follow up with a phone call a couple days later. When you get them on the phone, be sure to ask if they’ve had any thoughts of trading up, trading down or selling the property outright.

Make sure to put yourself in the “investor” mindset before the call… Ask yourself what’s on the mind of someone who owns these units?