Low Inventory and Buyer Wars? Here’s Waht to Do for Your Agents

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Hey, what’s up everybody. It’s Tim Davis, the Originator’s Guide, February 15th. Want to talk to you about a challenge that’s facing the industry right now, how you can step up to that challenge, be a problem solver and grow your influence. We talk a lot about influence on the podcast. A lot about your sphere of influence, the influence you have in the marketplace and in the community. Today is a chance for you to attack a problem and give a solution because solutions to problems are one of the fastest ways to grow your influence. Now, what’s the problem that’s out there right now that’s facing the real estate industry?

It’s not a lack of buyers. It is a lack of inventory. If a home comes on the market in any city out there right now, and it’s priced well, they’re going to get multiple offers. I’ve heard cases where there’s 5, 10, 15, 20, 30 people bidding on one particular property. And we have a lack of inventory issue in the market place. So what are you going to do as a loan officer as we go through this in 2021? Well, there’s a few things that I would be taking advantage of right now. Number one, to help your real estate agent partners. And number two, put you in touch with better real estate agents, because here’s the reality, team. In order to continue to produce at a high, high level, you’ve got to be connected to the right sphere of influence within the real estate agent community. You have to know the right real estate agents that are productive. You have to have relationships with them. They have to see you as the loan officer that can get deals closed so that they will refer their clients back to you.

So what I would be doing right now is I would be talking to the real estate agents in my community. Number one, I’d make a list of really good ones. If I don’t have relationships with them, I would start to get relationships with those really good real estate agents because this year can be tough on the newer agents, the ones that lack experience. So I’ve got to build my relationships with the great agents, and then I would put together a class on ways to get your offer accepted in a multiple offer situation, as well as ways to find homes for sale in a low inventory marketplace. Those are the types of classes that I’d be teaching right now. I would come up with solutions for those classes and then invite agents to them. I’m telling you, it will be a huge win for you as an originator to be a problem solver in the number one problem that agents are facing right now.

How do I get my buyer’s offer accepted? And number two, where do I find new listings? Those are classes to teach right now, guys. Put yourself in the marketplace. They’re great foot in the door strategies. They’re great conversation starters. And then you can put them into what I call the circle of referrals, which is you educate, you appreciate, and you ask as you build that relationship. So be thinking about that as we continue to 2021. We still got low rates, and I know a lot of pipelines are stacked full of refinances, but the purchase game is where you need to be focusing on how you’re going to get relationships with better real estate agents. Help them win so that you win.

Guys, that’s the tip today. Go have an awesome day out there. It’s President’s Day. So for those of you that are catching up because a lot of the lenders are closed, get caught up on that work, get focused on marketing your business to great real estate agents. Have an awesome week. Keep listening to the podcast. Check us out on iTunes, leave us a rating. Check us out on the blog, originatorsguide.com. And we will talk to you guys real soon. See you, bye.

Tim Davis
Tim Davis

Tim serves as the National Director of Coaching for Movement Mortgage and is the founder of The Originators Guide Podcast™, Personal Branding Mastery™, The Agent Marketing Academy™, Agent Marketing Playbook™ and The Loan Officer Playbook™ You can reach tim via email at tim.davis@movement.com

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