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April 20, 2014

Limited Inventory Prompts Door Knocking

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Limited Inventory Prompts Door Knocking

The limited supply of homes for sale is causing some real estate professionals to hit the streets and go door-to-door to ask home owners if they’d be willing to sell.

For example, in the Portland area, real estate agent Peggy Hoag with Prudential Northwest Properties says she headed door-to-door to ask home owners who had homes similar to what her clients were looking for if they’d be willing to list. Sometimes, it took going to the same house twice, months apart, for the home owners to be convinced.

Inventories of Portland-area homes for sale are at all-time lows, prompting real estate professionals to cold-call or knock on doors to find homes to sell.  

"Buyers really love the idea that their agent is on the phone talking to people in the neighborhood where they're looking," Hoag told The Oregonian.

Broker Craig Reger with Keller Williams Realty says that he had a pre-approved buyer who only had four listings to look at in his targeted price range, and none of those homes met expectations. Five agents started making phone calls to home owners, and Reger told The Oregonian that every 100 calls, about three or four home owners would be interested.  

“In 17 years I've never had to do this," Reger says. "These are real buyers who can't find homes, so we have two options as agents. We can wait for something to hit and compete against 20 other buyers, or we can get on the phone."

Source: “Portland real estate agents go door-to-door looking for sellers,” The Oregonian (May 27, 2013)

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