Low inventory real estate is an issue with which all real estate agents are currently grappling.
Do you remember what it was like to walk through a grocery store and see no toilet paper? That’s what many homebuyers are feeling like as they go looking in a market where there is 60% less inventory than in a typical market.
In this video, I share the mindset and strategies needed to rise above a low inventory real estate market.
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I know you’ve seen the numbers, the inventory in the real estate market is lower than it’s ever been before 60% lower than a typical year. So what does that mean for those of us in this industry, they get paid when homes are sold? Well, we have a choice to make, we can either let those circumstances cause us to not have a great year, or we can rise above them. In today’s episode, I’m going to share with you some secrets on how you can rise above them both in your mindset, as well as in the actual strategies and tactics that you take on to find more inventory in your business.
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I will share with you a story. My wife and I in the year 2020, we’re alerted that there’s obviously a pandemic. And so now we’re asked to mask up and kind of stay home stay socially distance from people I know you had this similar experience. But one of the more alarming things was to walk through my grocery store, I remember walking through the first time and realizing that there’s no toilet paper, no paper towels, no Clorox wipes, many of the things that we’d grown accustomed to see, were now gone. And so that experience was was a little bit alarming. I want you to think about that with relation to the housing market. Right now, rates have never been lower, we’re at an all time low for how much people can pay for the money to go buy a home. And we’re also at an all time high of when it comes to the demand the people that want to buy a house.
So you put those two things together when there’s not enough homes, and there’s massive demand, we have ourselves a little bit of a problem now. Now, in order for us to still have a great year regardless of that, a couple of things have to happen. Number one, we have to have the right mindset, that yes, we need to be aware that they’re 60% less inventory than in a typical year. That’s stuff that we need to be aware of. So that we can inform our sellers and our buyers and our clients that this is the reality and they need to adjust their pricing strategies accordingly. However, if you only focus on that, the reality is that’s all you’ll see, you’ll see shortage, you’ll see lack, as opposed to seeing opportunity and abundance.
So there are two things that you need to do in order to ensure that you have plenty of inventory in your business, even though there may not be enough inventory for everybody. The first is your mindset we’ve all heard before that what you focus on expands. And that cannot be more true than it is right now is that if you only focus on the fact that there are too few homes to sell, you will not see the opportunities to go get the homes that are for sale and make them yours. And or you do you will miss out on the opportunity of going and getting creative on finding more homes to sell.
Okay, that’s number one is having the right mindset, you have to create the space, that you have to create the belief that it’s possible that there’s opportunity out there enough opportunity for you. So that then you can go do the good work of actually being sure that you do have enough inventory in your business.
And that leads us to then the second step, which is you’ve got to go find sellers before your competition. The reality is if you wait for them to come to you, if you wait for them to come down to where everyone else is competing for that business, it’s going to be a long, tough year for you.
This is the exact reason why I’ve developed and I’m excited to promote out the concepts from my book, the upstream model in which I talk and teach the fact that there are people in our marketplace right now, professionals from other industries that know that a seller is going to be a seller before that seller talks to the other real estate agents.
Essentially, you’re like looking into a crystal ball knowing that business is coming your way. The reality is most people don’t know this and or if they do identify who those people are, that are going to be upstream partners that are going to be sources. They don’t approach them the proper way. And so those people that know about this business coming down the pike, are not going to open up and share it with you. They’re not going to refer you because you show up as a solicitor.
In my book, the upstream model, I reveal some major secrets around number one Who are these upstream partners, who are these professionals from other industries that know that a real estate transaction is coming before your competition knows about it. The second thing that I reveal is how do you approach these people? All too often people identify the who, but they don’t know how to go about it. And they do it incorrectly to the point to where they burn that bridge.
In my book, I outlined very specific strategies and tactics that allow you to approach those people properly. And not only have them know you like you trust you, but they will need you, they will want to bring you into their client experience because of the value that they’re offering to them. These are the secrets that I share. And I would encourage you at this point, if you look down in the show notes from today’s episode, you will see that I have put in a very special offer to get the upstream model book in your hands for below cost. I want to get this to you. I want it to impact your year. And I’m doing that urgently by putting it at this discounted price.
So in summary, the reality is you’re right there are not enough homes being sold to accommodate all the people that want to buy. However, know this, that just because that isn’t reality doesn’t have to be your reality, that you can actually rise above that with the right mindset number one, and number two with the right strategies. You can have as much inventory and as much sales as you want, that actually help you to fulfill your biggest goals in the year 2021.
Remember, Go Think Bigger