Helping Clients Buy in Short Supply: Tips for Realtors

StartingPoint RealtyThe real estate market is heating up: housing supply is going down, prices are rising and sellers are fielding multiple offers. Real estate agencies that focus on buyers, such as StartingPoint Realty, are faced with a limited supply of properties these days.
Looking for homes right now is completely different than in the previous five years. You have to put yourself in a position to win. What is StartingPoint Realty doing differently these days?  Here are some successful strategies:
1. Look for properties on Thursdays and Fridays – The agents and clients who keep standing time slots on these days are the ones that are winning. If you wait to look on Sundays, you’re seeing what’s been picked over.
2. Send letters to homeowners that are not on the market – If a client likes a certain subdivision, but nothing is available, send a letter stating that a preapproved buyer is interested in homes in that subdivision or building. Frequently, homeowners are curious and want more than market value, but sometimes this will hit at the right time and an owner may consider selling.
3. Put two agents with one buyer – Assign one main agent to the buyer, but assign a back up agent, especially if the buyer is looking in multiple areas and neighborhoods. Having two sets of eyes is better than one. If something pops up between the two agents, someone can get the buyer in. This has worked well for StartingPoint so far in 2013.
For example, Sam and Marie Ghawi were looking for a $150,000 home in Portage Park. Inventory was slim and homes were moving fast. For three months, there was no movement. Two weeks after StartingPoint Realty put two agents on the Ghawi’s search, a contract was signed.
“While we were looking at one home with Ryan, Anne sent us an email stating that a new one popped up in the neighborhood. We saw it, made an offer within 24 hours and we got it. Their new strategy worked for us,” said Sam.
4. Continuing education – It is especially important for homebuyers to be educated about the process in a seller’s market. If they don’t have a desire to learn about what’s ahead of them, they probably won’t fit as a customer for StartingPoint Realty. More than 96 percent of our buyers go to closing after the home inspection issues have been resolved. We have a reputation for bringing prepared buyers to market, and our buyers benefit from this.
Founded in 2004, StartingPoint Realty is the only local Chicago real estate agency focused on the first-time homebuyer market in Chicago and its surrounding suburbs. The company, via its team members, website, Elbowroom newsletter and free seminars, is dedicated to providing and empowering people with the necessary tools and information to make them highly educated and qualified buyers.