By Jesse McCarl
Summer is winding down. This means you can lay off the sunscreen, rotate the wardrobe, and finally be done with that awful Calvin Harris song. This also means real estate business slows down for a lot of us. In the autumn, it’s important for agents to tap into new sources for leads to keep up business momentum.
Here are a few suggestions about where to find customers that you may not have had to utilize during the busy months. These guarantee quality buyer and seller leads, as well as minimal competition for their attention!
For Sale by Owner Listings
These people put their home on the market at the beginning of the summer, knowing that was a busy time for real estate. What they didn’t know, however, was how fierce the market was at that time, or how much work went into maintaining a listing.
Now it’s September and these people just desperately want to sell their home. Look for any FSBO listings that were posted a couple months ago, and see which are still available. (It will be most of them.) Approach those sellers, explain what professional services and experience you have to offer, and see if they would be interested in listing with you.
You’re a Realtor, not a landloard. And an investment property is a lot to take on. We get that.
That being said, property management is a natural fit for a lot of real estate professionals. It serves two primary functions for the purposes we’re discussing:
1) It offers consistent income when the real estate side starts to suffer.
2) It gives you insight to potential buyer leads.
The first point is pretty self explanatory, so we’ll just explore the later function. Most people only intend on renting for a limited time before they make a purchase. Often a family is new to an area so they want to rent month-by-month while they become acquainted with the town. Or a family simply wants to downsize to save money for a year or so before purchasing a permanent home.
If you aim to rent your property primarily to renters with future buying intentions, you can spend your time as their landlord developing trust and reputation so that you’ll be their default Realtor.
Reverse mortgages are a great way for fiscally-tight retirees to start pulling from the equity in their own home, often to downsize to something more affordable. No matter their reasoning, there’s a need for a Realtor in the process. You can easily pull town or county records to gather information about elderly who have lived in the same home for a considerable amount of time. Those may be good candidates with whom to begin farming.
1031 Exchange Buyers
Just like with reverse mortgages, potential 1031 Exchanges are easy to find with local housing data. This government exchange assistance is an often-overlooked niche market. People who have owned a property for an extended time may want to sell in order to maximize their tax advantages. And with a 1031 Exchange, the seller must buy another property within 6 months. This means you could score a seller lead and a buyer lead from a single client.
Some of these ideas are a little bit more elaborate than others, but they’re all sure to get you fresh buyer and seller leads for the fall. And they all come from niche markets that are often ignored by real estate professionals, meaning less competition for you.
What other markets are you sure to tap into this season? Let us know in the comments below.