Aside from seasonal trends, the real estate market may rise and fall in response to economic fluctuations and political developments. To be successful in the real estate market, it’s important to be able to adapt and change along with the market.
According to the most recent data from the National Association of Realtors (NAR), existing-home sales have decreased for five months in a row, but in past decades, the market has typically picked back up during September and October.
“While summer months are generally slower due to vacations and kids being out of school, housing-market activity tends to pick up in [the fall],” says Selma Hepp, interim lead of the Office of the Chief Economist for CoreLogic. It is yet to be seen if Q4 will fall in line with typical seasonal patterns. It can be relatively easy to find seller leads in a hot seller’s market. But what do you do when the real estate market starts slowing down? Read on as we discuss 10 underrated strategies on attracting seller leads in real estate.
10 Ideas on How to Attract Sellers in Real Estate
- Offer a Comparative Market Analysis (CMA)
- Contact Sellers with Expired Listings
- Join a Team with Well-Known Listing Agents
- Convert Rental Leads into Seller Leads
- Create an Action Plan for Lead Nurturing & Automate It
- Target a Farm Area with Direct Mail
- Use Predictive Analytics to Target Homeowners BEFORE They are Ready to Sell
- Develop Relationships with Local Businesses
- Build a Library of Local Service Providers to Drive More Referrals
- Leverage Your Current and Past Buyers
- BONUS: Invest in Online Advertising
Real estate agents can mostly agree that generating seller leads can be difficult but well worth it. After all, a typical real estate transaction usually nets the listing agent a commission that is significantly higher than that of a buyer’s agent.
The first step in successfully working with sellers is to have an understanding of their needs and wants. Let’s delve deeper into the 10 ways you can attract quality seller leads.
1. Offer a Comparative Market Analysis (CMA)
One of the best ways to attract real estate seller leads is by offering them a Comparative Market Analysis (CMA). A CMA is a report that compares a property to others that have recently sold in the area. It will give the seller an idea of what their property is worth and how it compares to others on the market. If you are part of the NAR association in your area, they will typically offer access to software that helps you create beautiful CMA presentations. But how to extend an offer?
Drive traffic to home valuation landing pages
If you’re investing in advertising, such as Facebook or Google ads, you can create an ad surrounding a free home valuation. Create a landing page that allows the potential home seller to input their home details and create an automated workflow that notifies you, and them, about their submission.
2. Contact Sellers with Expired Listings
Another great way to generate seller leads is by contacting those who have had their listings expire. Often, when a listing expires, it’s because the seller was unable to find a buyer. This means that they may be more open to talking to more experienced real estate agents about selling their property.
Be creative with your marketing
Make sure to stand out. Many other real estate professionals are also contacting expired listings and the last thing you want is to blend in with the crowd. Try sending a letter in the mail that looks like an invitation which increases the open rate. Or, if you’re feeling extra creative, try sending a postcard with your headshot and a note that says “We missed you!”
3. Join a Team with Well-Known Listing Agents
If you want to attract more real estate seller leads, team up with some well-known listing agents. By doing so, you’ll be able to tap into their pool of potential sellers. Plus, you’ll benefit from their established reputation and client base. There are many other advantages to joining a team. For example, it can help you save on marketing costs and get access to more qualified buyer and seller leads.
4. Convert Rental Leads into Seller Leads
If you’re already working with rental leads, try converting some of them into seller leads. Being a landlord may be profitable. However, many landlords are frustrated and exhausted because they don’t have the proper procedures in place. If you can show them how selling their property can be a better option, they may be open to working with you. When you’re working on rental leads, take some time to develop relationships with private landlords too. Shoot them a quick text or email every now and then just to stay fresh in their mind – that way, when it comes time for them to sell, they’ll think of you first.
5. Create an Action Plan for Lead Nurturing & Automate It
In order to successfully convert leads into clients, you’ll need an effective lead nurturing strategy. This means developing a plan and setting up automated tasks to make sure that leads are contacted regularly and kept warm until they’re ready to commit to selling their property. This step should be taken with any tactic used. Lead nurturing is an essential step in any marketing strategy.
Use the right automation software tools
When it’s time to automate, choose a company that understands the tools needed specifically for real estate agents. West Gray Marketing offers a CRM with built-in workflows and lead nurture sequences so that you don’t have to reinvent the wheel.
6. Target a Farm Area with Direct Mail
Another great way to attract real estate seller leads is by targeting a farm area with direct mail campaigns. A farm area is a geographic area where you focus your marketing efforts in order to generate leads and closed transactions. By sending direct mail campaigns specifically targeted at sellers in this area, you’ll be able to reach more people who may be interested in selling their property.
Stand out with your marketing for real estate seller leads
When sending direct mail, there are a variety of ways you can stand out from the crowd. After all, you are not the only real estate agent utilizing this tactic. Make sure to use oversized postcards so that when a recipient picks up their mail and sorts it, yours will stand out. A weighty package is also something to consider. People always love getting random gifts in the mail. By including a letter along with something bulky, you have a much higher chance that they will open your letter first.
7. Use Predictive Analytics to Target Homeowners BEFORE They are Ready to Sell
Predictive analytics is a powerful tool that can help you identify potential real estate sellers before they’re even ready to list their property. By using data and analytics, you can target homeowners who may be considering selling in the near future. This way, you can get in touch with them before they even start looking for an agent.
Analytics firms obtain data from a variety of sources about possible homebuyers and sellers. The data collected includes ages of homeowners, turnover rates in a specific neighborhood or ZIP code, lifestyle events that are public record, and more factors known to influence whether someone will buy or sell a property.
The data firm begins by targeting the agent in a certain area with direct marketing material, using a method to identify the top20 or 25 percent of individuals in that region who are most likely to buy or sell soon. These lists are updated on a regular basis.
8. Develop Relationships with Local Business Owners
One great way to attract real estate seller leads is by developing relationships with local businesses. Local business owners are always looking for new ways to reach their customer base, and they may be willing to help you market your services in exchange. You can also offer to help them market their business in exchange for the same. This is a win-win situation for both parties involved.
There are a few different ways you can go about developing relationships with local business owners. You can start by attending local networking events and getting to know the people who own businesses in your area. You can also offer to help them out with any marketing or advertising needs they may have. Finally, you can simply reach out to them and see if they’re interested in forming a partnership.
By developing relationships with local business owners, you’ll be able to tap into a new source of potential leads. And, if you form partnerships with multiple businesses, you’ll have a steady stream of referral business coming your way.
9. Build a Library of Local Service Providers to Drive More Referrals
If you want to generate seller leads, it’s important to build a library of local service providers. This way, when someone does contact you about selling their property, you’ll be able to refer them to the right person for the job. For example, if they need to get their home inspected before putting it on the market, you can refer them to a reputable home inspector in the area.
There are a few different ways you can go about building a library of local service providers. You can start by asking your current clients for referrals. You can also reach out to local businesses and ask if they’re interested in partnering with you. Finally, you can search online for directories of local service providers. Many home service companies may also offer referral programs for real estate agents.
By building a library of local service providers, you’ll be able to offer your clients a one-stop shop for all their real estate needs. And, as a bonus, you’ll likely get referrals back from the service providers you’ve helped connect with clients.
10. Leverage Your Current and Past Buyers
If you’ve sold properties in the past, you likely have a list of current and past buyers. These people are a great source of potential seller leads. After all, they’re already familiar with your work and they trust you to help them with their real estate needs.
There are a few different ways you can go about leveraging your current and past buyers. You can start by reaching out to them and letting them know you’re interested in helping them sell their property. You can also offer to help them find a new property to buy once they’ve sold their current one. Finally, you can simply keep in touch with them regularly and let them know you’re always available to help with their real estate needs.
Client reactivation technique for real estate agents
The West Gray reactivation campaign thoughtfully contacts former clients to reignite interest. Automating the campaign would free up the real estate agent to work with only serious clients.
11. BONUS: Invest in Online Advertising
While online advertising can be a great way to attract seller leads, it’s important to do your research before investing any money. There are a lot of different online advertising platforms out there, and not all of them will be a good fit for your business. It’s important to take the time to figure out which platform will work best for you and your budget.
Investing in online advertising is a great way to reach a larger audience and attract more seller leads. However, it’s important to do your research and choose the right platform for your business. Otherwise, you could end up wasting a lot of money on ads that don’t generate any results.
As you can see, there are several different ways you can go about attracting seller clients in a changing market. By using the tips we’ve provided, you’ll be well on your way to finding success. Keep in mind that it takes time and effort to build relationships with potential leads, so don’t give up if things don’t happen overnight. With a little patience and perseverance, you’ll be able to attract plenty of seller clients in no time!
Book a Consultation with West Gray Marketing
If you’re interested in learning more about how to attract seller clients in a changing market, we encourage you to book a consultation with us. We’ll take the time to get to know your business and come up with a customized marketing plan that will help you reach your goals. Contact us today to get started!