5 Tips to Stay Competitive in a Seller's Market
By GoForClose teamFirst published Updated 2 min readWhen houses are scarce, investors who keep finding deals look where others do not, reach owners first, and loosen their buy box. Searching less crowded listing sites, driving for dollars, calling and texting owners, and marketing more steadily all help.
Written in 2021. Kept here as it was published, with dated claims marked.
In March 2021, when this was written, the market was a seller’s market: plenty of demand, but not enough houses for sale. Should you wait for a buyer’s market to come around? Absolutely not!
The housing market showed no sign of slowing down, and prices were expected to keep rising, which meant wholesalers were needed more than ever. Your buyers are having trouble finding properties, and this is an opportunity for growth if you can find the houses for them.
1. Find the Best Properties for Sale
There are several platforms available online that help you find properties for sale faster and stress-free. Every potential buyer is searching the MLS or realtor.com. Instead, search listings on these sites:
- Homes.com
- ForSaleByOwner.com
- Roofstock (for rental properties)
- RealtyTrac (for foreclosed and bank-owned houses)
- Vrmco.com (for foreclosed and VA-owned properties)
Other investors may be looking at these sites too, and browsing online listings is time-consuming. You can always try to get ahead, though, by outsourcing.
2. Start Driving
Driving-for-dollars: drive through neighborhoods in your areas of interest to find houses vacant, neglected, or For Sale By Owner (FSBO). In 2021, more owners were choosing FSBO to avoid paying agent commission rates.
The trick is reaching out to these homeowners. The old-school “Knock on the Door” method was frowned upon in 2020 and 2021. Skip tracing the address is one way to find the owner’s contact information.
3. Build Rapport via Cold Call and SMS
Cold calling is a practice still in use and that works in the right market. The key is to be brief while prequalifying the lead and building rapport so the seller is receptive to your offer.
SMS has become a more popular choice in the last few years. A 2017 report by the National Association of Realtors (NAR) found 62% of sellers prefer realtors to communicate property info with them through text messages. It is easy to use and flexible.
4. Be More Flexible
Due to higher demand than supply, you may have to be more flexible with your property requirements and expand your market. Spend time assessing how to do both by increasing your buyers’ list (in new markets) and finding buyers who know how to take advantage of a seller’s market.
5. Increase Your Marketing
As a professional, you want to grow your business. Marketing plays a large role in reaching potential sellers. It is a race, and whoever gets to them first often wins the race.
GoForClose works differently today. Here is how it works now.