Why 2022 is poised to become the year of the off-market deal

Market Trend

Why 2022 is poised to become the year of the off-market deal

With the upheaval the market is likely to throw at the real estate industry this year, agents can insulate themselves by mixing old-fashioned deals with newfangled social media marketing techniques, experts said at Inman’s Connect Now event Tuesday.

Beach Properties of Florida executive Jimmy Burgess went so far as to dub 2022 the “year of the off-market deal” in a conversation with @properties luxury broker Carrie McCormick and RE/MAX Capital Realty broker/owner Kendall Bonner.

“The old-school tactics still work,” said Burgess, chief growth officer for the Florida brokerage. “And typically when the market changes, then going back to the basics works as well.”

To serve their buyers in a low-inventory environment, Burgess said there’s room for meeting their buyers’ needs by pitching potential sellers on the attractiveness of the market. If the buyer loves a particular neighborhood and is willing to pay a premium to live there, this information may be enough to entice a homeowner to sell, he said.

McCormick said agents should also reach out to past clients to update them on the state of the market. Previous buyers who have lived in their home for about five years may be itching to move, she said. Following up with them and providing info on what homes are selling for these days may be just the nudge they need to list with the agent, she said.

The conversation also touched on networking and marketing in the evolving 2022 landscape.

Burgess argued short-form video — from TikTok to Instagram Reels and YouTube Shorts — are prime ways for agents to build their followings on social media this year.

Not every agent is comfortable in a video setting, Bonner said, but it’s important for them to become familiar with the formats available and give it a shot.

Following other agents who have built big audiences on these platforms can offer agents an idea of how to try similar approaches and bring their own personal touch to them.

“You don’t have to recreate the wheel,” Burgess said. “We just have to put our own rims on them, and spin [them].”

Whether it’s a short-form video or a longer one, McCormick said agents should try to use video to tell a story, not just display images of the property.

“You’re not just buying the house, you’re buying the neighborhood,” McCormick said. “And video allows us to [show] the neighborhood.”

Online content should also be focused on educating followers, not just selling to them, McCormick said. If people feel they’re getting value from the agent, they’re more likely to listen to what they have to say.

“People want to learn, and they want to know,” McCormick said.

With so many people moving from city to city over the past year, the panelists also recommended agents expand their network of colleagues beyond the city where they work.

“Find the biggest feeder market where people are moving to your area from,” Burgess said. “Find [an agent] in that market and … visit the office in that feeder market.”

These relationships could generate valuable leads as Americans continue to move around the country, he said.