Coldwell Banker just rolled out some exciting new tech that's meant to help determine when someone is about to list their home for sale. What may sound Big Brother-y to some is being lauded by others as the Big Data answer to next-level real estate success. Call it the high-tech version of going door-to-door asking if owners are looking to sell their home. Also, call it a great lead source for agents and a potential boon for buyers looking for an "in" after repeatedly getting shut out of homes thanks to ongoing inventory issues.
"In a real estate market facing a severe lack of homes for sale, agents could really use a secret weapon - something to shake up the status quo of the listing and selling game…something to help them compete in a low inventory market," said RISMedia.
Coldwell Banker's solution: CBx Seller Leads, which can identify homes that are most likely to be sold before an agent ever becomes involved. "Coldwell Banker has taken it to the next level, expanding the value of big data for real estate by adding proprietary algorithms and machine learning to the data in the original CBx product to fuel the entire CBx Technology Suite and give brokers and agents access to market intelligence they can't get anywhere else."
Skeptical? Consider this: "Coldwell Banker piloted CBx Seller Leads in 16 different markets; during the pilot, leads converted at twice the industry average."
The potential advantage to the agent is undeniable, but we also love the benefit to buyers. Agents who nurture those leads may be able to find a gem for a client without having to fight other buyers in a crowded market where inventory is at a premium. But CBx Seller Leads isn't the only way to get an early beat on new homes that haven't yet been listed. Here are some more tips that could help you find that elusive home.
Stalk your preferred neighborhood
Sure, the workmen outside that cute corner Colonial could mean the homeowners are doing some updates to make the house function better for them. Or, it could mean they're making updates to get the home in better shape so they can list it. You don't know until you ask. Your real estate agent may recommend leaving this task to them for best results, and, you never know - it could turn out that you end up shaking on an as-is property that gets you into a desired neighborhood, gets you a great deal, and gives you the opportunity to fix it up the way you want to.
Work with a connected REALTOR®
If a listing doesn't get posted to the MLS or the big listing sites like Trulia and Redfin, how do you find out about pocket listings? The first step is to ask your real estate agent. Tell them that you're interested in pocket listings and that you'd like to expand your search beyond the homes on the MLS. Encourage them to reach out to other realtors to see if there is a hidden gem on the market. It's a lot more work than scouring the online listings, but sometimes it can really pay off. In addition to working with an agent, there are also sites getting into the pocket listing game, such as PocketList, which specializes in unlisted homes in the San Francisco Bay Area. Zillow also has a "coming soon" search feature, which allows you to check out homes that have not yet been posted on a listing service.
What you're looking for in a real estate agent is someone who is going to work hard for you, obviously. But, especially when you're trying to find a home in a hot market where there aren't a lot of available homes, working with someone who has a large base of connections in the industry and a great working relationship with other agents is crucial. Those relationships may yield early notice on a new home about to hit the market or pocket listings you'd never know about if it weren't for your agent.
Look for an unkempt yard
Could be an overwhelmed homeowner, could be the owners are on an extended vacation…or it could be that the home is about to be foreclosed on.
Track "Notices of Default"
Finding a pre-foreclosure property isn't as easy as driving down the street in your preferred neighborhood, looking for signs on the lawn. There is no complete list that aggregates listings of homes subject to a notice of default, and it can be a process to find these potential buys. A savvy agent who hustles to find properties in default can be a real asset to a buyer, especially if they are able to cultivate a relationship that ends up with a great home and a great deal for their buyer and an "out" for the seller.
"The easiest way to buy a pre-foreclosure home is to help the seller to make up the back payments and then arrange to buy the home directly from the seller," said The Balance.