The real estate market and industry have changed radically in the past few years. When the COVID-19 pandemic hit in early 2020, people around the world stayed at home and socially distanced. Many sought homeownership, some for the first time, leading to a high demand for homes nationwide. With so many looking for a permanent place to settle down, inventory was quickly bought up. The median home sales price has risen at a rate of 23.4%, the highest in over 20 years.
With less inventory, there’s more competition between agents to win listings. There are so many different properties and so many agents trying to sell them. How do you stand out from the competition and continue earning clients? Let’s look at some of the best ways to continue generating leads, even in a dry market.
1. Focus on the Long-Term
Keep in mind that this period of low inventory is temporary, and the market will eventually become more stable. Therefore, keep your focus on the long-term and develop effective marketing tactics that you can consistently incorporate into your business model.
This usually includes maintaining any advertising and marketing channels that you’ve found are effective for your business. This might include email marketing, phone calls, social media, direct mail, or any other methods. The key is to consistently contact the members of your sphere of influence to remind them of your business. By doing this, you won’t have to seek out clients anymore; instead, clients will seek out your business.
2. Prioritize Referrals
Referrals are one of the most tried-and-true methods of earning clients. What makes referrals so useful when generating leads is that they can instantly build trust between you and the potential client. If they are referred by someone they know and trust themselves, they are more likely to select your business.
To incentivize former clients to give referrals, make it worth their time. Many top agents create systems to earn, ask for, and reward the referrals they receive. Referrals are a powerful way to reliably generate new leads, so benefit those who provide them for your business.
3. Stay Connected
Social media is one of the best ways to connect your business with consumers at large. Staying active on multiple platforms will assist your business during dry periods. You’ll have constant access to the most up-to-date real estate news, can see what other agents are doing to stay ahead, and can connect with potential clients. The most important platforms for real estate agents are LinkedIn, Instagram, and Facebook.
Building engagement on the platform can help you connect with future clients. Just like other aspects of digital marketing, it’s important to stay consistent on the platform. Make a schedule for yourself and post a variety of content, including videos, photos, and posts. The more engaged you are on the platforms, the more engaged your audience will be.
4. Check Out FBSOs & Expired Listings
If you’re looking for a quick way to find new listings, the first place to look are for sale by owner (FSBO) and expired properties lists. These types of listings can be very easy to sell in low-inventory markets. 15% of expired listings turn into immediate business opportunities for agents.
Most homeowners don’t even realize that by working with an agent, they could make more money than selling on their own. The two biggest things to communicate to a FSBO is how much more money you can get them for their home and what you’ll do to achieve that. The average homeowner gives up selling by themselves after 30-40 days, so even if they don’t budge at that moment, leave your information in case they change their mind.
5. Win More Listings with 3D Technology
The housing market has boomed in the past few years in part because many millennials (the largest generation) are beginning to settle down and purchase their first homes. 94% of millennials are beginning their home search online. The best way to look at real estate online is with 3D tours.
Using 3D tours is an excellent way to win more clients. On Zillow, less than 10% of digital listings in cities like New York City, Miami, Houston, Chicago, and Phoenix contain a 3D tour. 3D tours continuously generate interest because they can be accessed at any time of day and can easily be shared with anyone. Sellers will be impressed by your commitment to marketing their property and you’ll beat out the competition with a comprehensive digital marketing plan.
3D Tours on Zillow (all for sale; agent listings only; no price, bedroom, or additional limitations):
Information retrieved on August 2, 2021
Prevalence of 3D Tours on Zillow in U.S. Cities
| City | Number of Zillow Listings | Number of 3D Tours | Percentage of 3D Tours |
| Boston | 1,403 | 173 | 12.33% |
| New York City | 25,318 | 402 | 1.59% |
| Miami | 3,605 | 122 | 3.38% |
| Los Angeles | 5,838 | 730 | 12.5% |
| Austin | 1,489 | 137 | 9.2% |
| Denver | 1,203 | 261 | 21.7% |
| Phoenix | 2,152 | 207 | 9.62% |
| San Diego | 1,552 | 171 | 11.02% |
| Chicago | 11,228 | 642 | 5.72% |
| Houston | 8,837 | 648 | 7.33% |
Use this Code to get the Free Staging for your Matterport tour.
3DSTAGING-DRY-MARKET Promotion Ends August 16th
Overwhelmed by digital marketing and looking for some help? Listing3D has got you coveredss. With our exclusive marketing packages, we use the most up-to-date technology to advertise your work to the biggest and best audience. Our packages include immersive virtual tours (created using 3D cameras), teaser videos of the property, 3D Flyers with scannable QR codes, and a landing webpage with all your contact information, helping future clients easily contact you. With your talent and our technology, we’ll advertise your listings far and wide to help you sell your properties faster and more efficiently.
