Don't Chase Rates, Create Opportunities

Are you a real estate agent that is frustrated by today's interest rates? Time to stop waiting for government to solve your problems and create your own business opportunities.

Today I want to give you a market reality check. So, recently, agents have been telling me that they are getting frustrated because the feds are not reducing interest rates. Now, here's the reality check: I don't want any agent out there to ever have to wait for any government agency to do something in order for you to be able to thrive in this business.

It is critically important to know that there are tons of buyers out there that want to buy. They cannot let interest rates stop them. They need to buy! They know that, even historically speaking, interest rates are still fine. Those buyers are out there. Don't let interest rates be your excuse to not do anything.

That's the buyer side. Let's talk sellers. Now, I have always said to people that I love listings because listings are more predictable. So, the tip that I have for you today is a tip for how to look for listings that I would use every week in my own business.

Now, neighbors watch listings in their neighborhood and human nature is interesting. If I were to list my property today where I live, within a couple weeks or so, especially once that property has a sold sign in front of it. They don't know yet what the sold price of the house was, but already the neighbors will take notice. They begin to think to themselves, "Maybe I could sell my house. Maybe I should do something?"

What I used to do, and you should be doing this every week, is to go into the MLS and look for recent solds in areas that you like. Pull up all the information: the original list price, what it sold for, days-on-market, and more details. Next, you are going to send a letter to twenty-five people and it's going to say something like this.

Dear [property owner]; Your area, [area name], is an area that I work in. I'm writing to give you the latest information about a home that just sold in your area. Your neighbor listed their property on [date] for X dollars and they got an offer in X days. I've contacted the listing agent and [here's where you describe what kind of interest was in the home]. The home sold for X dollars, that's [list-to-sales-price-ratio] of its initial listing value. There is strong demand for your neighborhood! If you would like to see how your home compares to this recent sale, give me a call at [your number].

This works because people will always want to compare their home against their neighbors' that have just sold. This is a fantastic way for you to get up on a Monday and be proactive looking for listings. And please do the work to find out the name of the actual property owner. Don't just say, "Property Owner," in your greeting. Trust me, you will get phone calls and you will make money.

I used to call this, "Wack-a-mole-listings." You know, that old game where moles poke their heads up out of a table at the arcade and you have to push them back down. The same thing happens in real estate. You get a listing that pops up and the neighbors wait and watch until they see a sold sign and want to know what it sold for. Very few listing agents ever send out a letter like the above - and they should! But that means opportunity for you in any neighborhood where the stats are good.

Use your MLS. It is a wealth of opportunities. Be a detective and find those opportunities for yourself. This is the time of the market to look for those listings. Don't wait for any government agency to lower rates. We don't chase rates. We find opportunities.

By Denise Lones CSP, CMP, M.I.R.M.
The founding partner of The Lones Group, Denise Lones has over three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development and more, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.