6 Prospecting Ideas For Low-Inventory Markets

Low housing inventory got you down? Use your MLS’s public records/property data system to prospect and target potential leads.

Frank Goswitz, a REALTOR® from Knoxville, Tennessee, definitely knows how to use this rich information to reach prospective clients. He recently told us how he uses his property data system to target potential leads in his area. In this article, we’ll share Frank’s prospecting tips and offer six campaign ideas you can execute with your own property data system.

Frank’s local REALTOR® association provides him access to CRS Data’s MLS Tax Suite. He says he uses it for everything from “finding what the owner originally paid to reviewing pictures of the property plat map, lot size and school zones. The possibilities are endless and make it possible to service my clients beyond their initial expectations.”

When it comes to lead generation, however, he primarily targets homeowners near listings that have just sold. “I target approximately 500 prospects at a time, depending on the size of the subdivision.”

Here are six more ideas you can leverage to your advantage:

1. Rising home values campaign–Nudge reluctant sellers off the fence by reminding them how much profit they can make off their home by selling now. Send out mailers that list how much home prices have risen in the area you’re targeting. Be sure to include a call-to-action, such as a free home valuation.
2. Sold listing campaign–When you sell a home, send out a mailer to homes nearby that shows what the home sold for. In today’s market, that’s usually a big number, so make that information prominent. If the home sold over the asking price or very quickly, mention that success point.
3. New listing campaign–Homeowners are curious about other homes in their neighborhood. What do they look like? How much are they worth compared to my home? Tap into this curiosity by sending a postcard or flyer that announces your new listing and all its details: price, bed/bath, square footage, school district, etc.
4. Expired listings campaign–If there’s one thing expired listings have going for them, it’s this: they want to sell their home. Something went wrong with their last attempt at a sale—the price was too high, repairs were needed, etc. Whatever the case, they are prime targets for prospecting. Send a note encouraging them to list their home with you.
5. Likely mover campaign–How long do residents in your area stay in their homes? If you know this piece of information, you can use it to target owners who have been in their home for around that amount of time—and statistically may be likely to move soon. Send a postcard to help nudge them into listing.

6. Renters/new buyers campaign–Do you enjoy working with first-time buyers? Consider targeting renters in affluent neighborhoods. Your property data platform’s “owner type” filter can help. For example, with the MLS Tax Suite, you can filter results by absentee owner, out-of-state owner, in-state owner, and owner-occupied properties. All options except owner-occupied can help you target properties with renters. Bonus: You can also use this filter to unearth vacation properties or second homes.

Creating your prospecting campaign
Once you know what kind of prospecting campaign you want to send out, you can generate mailing lists and create labels within your property tax data system.

To learn more about CRS Data and the company’s MLS Tax Suite, visit CRSData.com. Not a CRS Data user? Contact your public records provider or MLS help desk for assistance.