Here’s the best way to summarize the U.S. market in 2021: New listing inventory is lower than in 2020, but home sales are even higher. And 2020 wasn’t exactly a slow year for real estate. Last year, the U.S. reported 5.64 million home sales, the highest level since 2006.
Buyer demand is reaching new heights, and inventory, according to the NAR’s Chief Economist Lawrence Yun, simply cannot increase fast enough. Of the 2021 market, Yun said, “Home sales could possibly reach 8 million if we had more inventory.”
In today’s market, agents can be almost certain that their listings will sell quickly and for a high price. But a fast-moving market can make it hard to leverage a listing for its usual value to your business — and the lingering need for social distancing has hampered traditional lead cultivation activities like door knocking, neighborhood block parties and sponsoring local events.
In other words, an agent may be lucky enough to win one listing, but unable to market that listing’s success in a way that drives in more seller prospects or clients. This is the paradox we’ve been facing for the last year. For agents looking to grow their businesses, it is possible for a listing to sell too quickly.
So what are savvy, listing-focused agents supposed to do? There are compelling reasons to believe that a Just Sold campaign is the most effective way to engage potential sellers in a low-inventory market… and to turn one listing into three (or more!)
1. Spend less time and money, but get more impact
Standard Just Sold flyers can take a bit of time to design, mail and distribute, and they can be expensive, too. We checked with a local print house in our local market of Minneapolis and the cost to print and mail 1,000 postcards would be at least $500.
Plus, you may never know if the recipients looked at them or if they went straight to their trash bin. By contrast, digital Just Sold campaigns can be built in minutes (or even set up to run automatically). They can also be measured directly.
Here’s an example of a Just Sold digital ad that ran in January 2021. This agent received 426 clicks and 2,435 views, at a cost of $59.
2. Leverage past success, even if business is slow
Many agents struggle to find the right “hook” when prospecting for seller clients. It’s a big reason why Just Listed and Just Sold campaigns are so popular; they give agents an easy, natural reason to market their services. While Just Listed campaigns may have a short shelf life in an ultra-hot market, agents can run Just Sold campaigns for months after closing.
Here’s an example of how you could customize a Just Sold ad from a listing that sold a few months ago:
3. Share your true value
Most homeowners today understand that they could sell their home for top dollar, but worry about finding their next residence or about making a fast move. Some may fear that their downsizing dreams will still come at a high price, while others aren’t sure they’ll be able to find a property given today’s low inventory.
These are situations agents deal with every day as they help homeowners with emotional and financial transitions. But most of the time, real estate marketing overlooks this aspect of the job, focusing instead on each sale’s dollars and days on market. By going beyond those data points, you can show potential sellers that you’re not just in it for the commission; you’re here to help them make the right long-term decisions for themselves and their families.
You could tell a short story about how you helped the seller in any Just Sold flyer, or even write a “micro-story” within the text of an online ad. Here are examples of what it would like if you customized a Boost by HomeSpotter Just Sold ad:
4. Target your own list
If you’ve been in the business long enough to develop a large list of sphere contacts, you may also benefit from uploading your own list of contacts for your Just Sold campaign. The impact of everyone in your database seeing your ad online could be huge, especially at a time when folks are seeing so few people in person. The reminder that you’re an active, successful agent could be all that your past clients or contacts need to give you a call.
5. Stand out from the competition and make every listing count
Remember that if you’re struggling to get new listings, your competition is too. For every listing that goes on the market, there are likely a half-dozen or more agents who are kicking themselves for not getting that business.
When you are fortunate enough to win the business of a seller, it’s important to go into overdrive, advertising how you helped them, what they sold for, and how it matches your market niche or local market area.
You’re not the only agent struggling to pick up speed in today’s low-inventory market. But if you have a listing that you can market, even after it’s sold, you have some extra fuel to help you outpace the competition.
About Boost by HomeSpotter
Boost helps agents create effective digital ad campaigns through optimized ad templates and targeting that can be customized by property. New campaigns take less than five minutes to create through our streamlined setup process. To stand out from the competition and engage seller prospects online, run a Just Sold campaign today.
“I love everything about Boost. It’s easy to use, cost effective, delivers above digital metric benchmarks”Andrea Sanders, Coldwell Banker Gundaker