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“Hidden inventory” refers to homes that are available for sale but not on the MLS. A lot of buyers in our market are frustrated because they aren’t finding the right home. This is a situation where hidden inventory comes in handy. Here are five different sources of hidden inventory:
1. An agent’s network. A lot of agents know people who want to sell but haven’t pulled the trigger yet. We have a lot of these types of people in our network.
2. Expired and canceled listings. These are homes that have been listed before and the listing agreement either expired or was canceled. The home isn’t on the MLS at the moment, but that doesn’t mean the sellers don’t have motivation to sell.
3. FSBO (For Sale By Owner) Homes. A lot of people try to save on the commission by selling their home on their own.
“Agents usually have a network of hidden inventory.”
4. Old-fashioned prospecting. This includes door knocking and cold calling. If our buyers can’t find the home they want, we get to work cold calling and door knocking in the neighborhoods that they want to be in. This has worked well for us in the past.
5. In-house listings. We have a lot of clients who let us market their homes off of the MLS. You can also find most of these homes on Zillow’s “Coming Soon” page.
These are just a few of the sources of hidden inventory. If you have any questions for us or need help finding a property, give us a call or send us an email. We look forward to hearing from you.