How can agents deal with current record-low inventory levels in the city?

Setting realistic expectations, educating the client and communicating the importance of acting quickly are necessities in our marketplace. Agents must explain the importance of being prequalified to clients. That helps increase seller confidence and expedites the process. Our team has also had success with sending letters to homeowners in specific buildings/tiers to make them aware of the demand for their home and entice them to consider selling. On the buyer side, agents are advising clients to consider purchasing homes that require some construction or cosmetic work. That broadens the range of properties available to them.
— Jeanine McShea, Vice President and Managing Broker, Related Realty

They can educate buyers on purchasing new construction early in the process. Without a return to an environment where developers can reliably pre-sell product from floorplans, models and renderings, larger buildings are not feasible, and the size of projects and the amount of inventory will remain constrained.  Other factors are limiting supply, including a buyer pool that doesn’t yet feel robust. Buyers are wanting product, but they don’t seem to be mobilized in the same way they were pre-recession.
–Zev Salomon

We don’t have a presence in the city at this time. With that qualification, agents would be wise to emphasize to potential listing clients that now is a good time to list. And for buyers, with record-low rates and a market that has yet to see outsized price appreciation compared to other large metro areas, it is a good time to buy.
–Jerry James

Agents should do their very best to educate buyers about current market conditions so they are prepared to act quickly once they find a home that is a good fit. Be prepared and knowledgeable so that your buyers can make a timely and informed buying decision.
–Elizabeth Brooks

It is very important to educate our buyers. When inventory is low, a buyer has to be prepared to move forward quickly if they find the right opportunity. Agents need to set these expectations up front.  Another way to stay ahead in a low-inventory market is to talk to other brokers on a daily basis and find off-market “pocket listings” before other buyers!
–Nancy Tassone, Real Estate Professional, Jameson Sotheby’s International Realty

Agents can deal with low inventory by proactively creating opportunities that may not be so obvious. There are many property owners out there who would sell for the right terms, but they’re not on the market. Agents also have to set realistic expectations with their buyer clients, and buyers have to be truly ready to buy, act fast and make strong offers. Agents should educate their past clients on the great opportunity to sell in our current market.
-David Wolf