Finding Property Development Hotspots (And Five Other Ways to Get New Property Listings)
Finding Property Development Hotspots (And Five Other Ways to Get New Property Listings)
Finding new property listings is an essential part of running a real estate agency. But it’s not always an easy task. This article examines five ways to get new property listings.
A real estate agent who isn’t on a constant hunt for new listings will eventually fail. They’re the lifeblood of your agency. More listings mean more interest from buyers, which translates to more sales.
Naturally, real estate agents try to use every technique in the book to attract listings. From cold calling through to newspaper adverts, they’re constantly putting themselves out there.
Unfortunately, many of the old ways to get new property listings have fallen out of date. We’re living in a digital world, which opens up several new opportunities. Plus, the best real estate agents get a little more creative in their search for new listings. Better yet, newer techniques tend to help the agent without having the potential to alienate a potential client.
You need to know as much as possible about these techniques to use them to your advantage. Here are five ways to get new property listings that you may not have thought of.
Method #1 – Identifying Property Development Hotspots
A property development hotspot is an area of land that has great potential that nobody's taken advantage of yet. Many real estate agents are solely focused on properties that are already in place.
However, property development hotspots can help you to get new listings if you know how to use them to your advantage.
Here’s how you do it. Firstly, identify a few areas that have great potential for growth. Most real estate agents have access to the facts and figures that can help them to do this. Use the research you’d do for an actual property in the same way when searching for hotspots.
Alternatively you can use a tool like our Archistar.ai Property platform that allows you to find and explore hotspots in different areas in real time.
Once you’ve identified a desirable area, look for patches of land that aren’t in use. Examples include empty land in popular residential areas and land near commercial districts. These are property development hotspots. You can also find single dwellings on blocks of land zoned for higher density living.
Now comes the difficult part. Negotiate with the owner of the land in an effort to secure it. Sometimes, you may find that a property developer already owns the land. All is not lost if that’s the case. From there, you could sell the land or work with a developer to sell newly built properties.
Here’s the key takeaway. You shouldn’t always look at established properties when trying to find new listings. In some cases, getting ahead of the curve and looking for hotspots can prove more fruitful.
Method #2 – Build Your Network
Again, this doesn’t involve directly looking for properties to add to your listings. Instead, you’re looking to build connections with people who may one day be able to help you.
The key here is to not go into every interaction with the aim of securing a listing. In fact, only do that if you’ve set up a meeting specifically to talk about a listing.
Why would you do that instead of going right for the jugular?
The real estate game is as much about who you know as what you know. Having the right connections can open up opportunities that blunt force sales techniques wouldn’t create.
For example, a property developer that you’ve opened a dialogue with may already have an agency that they work with. That’s not a reason to give up on the conversation. Instead, maintain a friendly, yet professional, relationship. After all, there may come a time when they decide to no longer do business with their current agency. Or, they may get so much work that they need to take on a second agency. If you’ve put the work into building the relationship, you’re well-placed to take advantage of that opportunity.
So, how do you start building a network? There are all sorts of techniques that you can use. Attend local business conferences to meet people face-to-face. Use social media platforms, such as LinkedIn, to build new connections. Ask your current connections to introduce you to new people.
Every relationship that you form has the potential to generate new listings for your agency. You may just need to spend a little time nurturing the relationship before you can profit.
Method #3 – Look for Expired Listings
There may be several reasons why an old listing failed to sell. In some cases, the owners may have changed their minds and decided to remain at the property. These aren’t usually good candidates for generating new listings for your agency.
However, in many cases, listings expire because of the price attached to the property. The owner may have asked for too much money at the time. Or, the demand may not have been there when they put the property up for sale before.
That may have changed with a little time. Moreover, those who aren’t actively involved in the property sector may not know that conditions have changed. Someone who failed to sell once may give up for several years. This could lead to them missing out on market changes.
You can be the real estate agent that gets them back on the horse.
This technique requires some research. It is difficult to go after expired development listings in stagnant markets. If nothing’s changed, you have no way to convince the owner to give it another shot.
But if the old property may be able to attract new demand, you’re in luck. Contact the owner and open up a dialogue. Discuss what went wrong with the previous listing and talk to them about how the market has changed. If you can help them to attract the price they looked for before, you’re likely to get a new listing out of the conversation.
Method #4 – Talk to Other Agents
It can sometimes feel like real estate agents are in constant competition with one another. After all, somebody else getting a listing means that you’re not getting that listing.
But this sense of competition can actually hold you back. The simple fact is that many agents are happy to work with other agents. But they can’t do that if you’re not talking to them.
Let’s say that you’ve started a new agency. Make introducing yourself to the local real estate agents one of the first things that you do. Head to their offices and introduce yourself.
But here’s the key. Don’t present yourself as some new competitor who’s looking to steal their listings out from under them. Instead, approach them as a potential referral partner. Talk to them about any difficulties that they may have and try to fill any niches that they’re struggling with.
Again, it’s all about building relationships. Not every agent will want to work with you. Some may even see you as a direct competitor. But you’re likely to form relationships with a few agents who can help you to attract new listings.
Method #5 – Target Vacant Properties
According to the 2016 Census, Australia has about 1 million vacant homes.
That may not be surprising news. The rise in Australian house prices has left many homes out of the reach of new buyers. If those already on the property ladder aren’t looking to buy again, these homes often get left vacant.
But there’s a changing tide in Australia. The Australian Prudential Regulation Authority’s (APRA) new guidelines have ensured that. Its restrictions on interest-only loans have changed the landscape.
Property prices in several of Australia’s major cities have fallen in 2018. Moreover, many analysts believe that these decreases will continue until at least the end of the year.
That means it’s a good time to start looking at vacant properties again. A property that may have been too pricey a couple of years ago may now fall within a new buyer’s price range.
Consider adding some vacant properties to your listings. Hire somebody to check for and prospect vacant homes to see if they’re in a sellable condition. If they are, you have a strong listing that’s sure to attract some interest.
Alternatively, our Archistar.ai will show you exactly where the vacant blocks are in your local neighborhood instantly.
Finding new development site listings is one of the toughest tasks that a real estate agent faces. It can seem almost impossible if you’ve been cold calling with no results.
The answer is to get more creative in the way that you search for new listings. Each of the methods listed above helps you to do that. From hunting for property development hotspots to targeting buyers, each offers great potential. Moreover, they’re creative techniques that many of your competitors won’t have thought of.
Of course, you still need information to help you to attract the right types of listings. That’s where Archistar.ai Property can help. We offer instant development property insights that can have a direct impact on the quality of listings. With us, you’ll identify new opportunities and get a head start on your competition.
Does that sound interesting? If so, contact an Archistar Property representative today to get the ball rolling.
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Posted on 28 Mar 2019