Use these buyer scripts for real estate agents in buyer consultations with clients to help set proper expectations in competitive real estate markets with low inventory.
What buyer scripts for real estate buyers have you been using lately? We’ve been talking a lot lately about buyer scripts … buyer consultation scripts, scripts for handling objections and setting proper expectations, etc. In this new, low-inventory market that is pivoting up, we must continue to evolve as agents. Change your perspective and change your client’s outcome. It’s essential for us to educate our clients — it’s part of our job as their real estate agent! A lot of people have the misconception that the market will take a turn back down soon. That’s not how real estate works, and it’s our duty for us to explain that to them.
VIDEO: Buyer Scripts for Real Estate Agents
Buyer scripts for real estate agents to use in your buyer consultation
This infographic, “Homes Built vs. Population Growth by Decade,” is a great visual for you to share with your buyers. We are including the infographic below, so you can download it and share it as well. Add it to your buyer consultation!
You can easily see on this graph the level of homes being built in each decade, from the 1930s through the 2010s. The most noticeable shift in this bar graph is shown in the 2010s when you see that the houses built drops dramatically. And yet, population growth is still high. All of the sudden, you can see exactly when supply and demand got out of whack.
Some people may falsely assert, “Well, supply is low right now due to Covid-19.” This isn’t untrue, but it also is not the core issue. We need years and years of building huge quantity of houses to build enough to make up for our deficit. The need to provide shelter will keep houses in high demand forever. Demand isn’t going anywhere! You must use this infographic and this important data in your buyer scripts for your real estate buyer consultations. This is very helpful information because it shows your client exactly why they should not wait to buy. The market is not going to suddenly get “better” and prices are not going to drop.
Why did the supply drop?
The reason we went from building over 20 million homes for about five decades to suddenly only building six million was because of the recession. It put almost all national home builders out of business, and the ones that stayed in business were spooked and stopped building large developments.
The media will say things like, “New construction is up twenty percent this year!” Well, that’s nice, but we need it to go up way more than that. That is just a drop in the bucket. I do believe that builders may begin to receive government subsidies to build more houses to make home ownership more affordable in the next several years. I don’t necessarily think that is a good thing or a wise thing, I just think it will likely happen. That’s how deep of a hole we are in when it comes to supply. Too many people can’t afford to buy houses. Flipping companies, investment trusts, hedge funds, etc. will keep buying up the houses, while many average American citizens can’t afford to buy a house. We have had about 70-75% home ownership in our country, but I believe it will go down to around 50%.
On top of this existing supply issue, the Covid-19 pandemic didn’t help. We have supply chain issues and labor supply issues as well. This only pours salt into the gaping wound. All that to say, things will likely get worse before they get better, and we have a long road ahead. These are the conversations that must be a part of your buyer scripts for real estate buyers right now!
Waiting isn’t wise
As a real estate agent, it is your responsibility to educate your client. If you just sit back and let them believe whatever they want, they will likely not be able to buy a house. You must have confidence in how you speak to your buyers. You must believe these facts and really understand the impact it will have on your client’s future. The buyer scripts you use for real estate buyers is more important than ever.
This is the whole purpose of a buyer consultation. You are educating your clients! You are helping them understand the facts and you are handling their objections from the get-go.
Share infographics and charts along with your buyer scripts for real estate buyers
Show, don’t just tell. This is a mantra we’ve been using over and over, especially in 2021. Right now, your clients are freaked out. To most people, this is a very scary time to be buying and selling. There’s a lot of uncertainty and stress. There’s only so much you can say as a real estate agent to comfort them and tell them they’re doing the right thing. Using helpful infographics and charts with important data that is easy to understand will work wonders. It shows that you aren’t making stuff up! This is reality. Sometimes your buyers need to see to believe.
When your buyer wants to back out
There are many reasons a buyer may want to back out or cancel an offer once it has been accepted. It may seem bizarre to us because we know how awesome and rare it is to have an offer accepted in this low-inventory market! But there are some great tactics you can use to help calm them down if they’re spooked. Buyer’s remorse is a real thing, and in this market, your buyers may not feel that they can handle the extra pressure. Here are a few things you can do to help deescalate the situation.
- Listen. Ask your buyers why they want to cancel their offer. They may feel a lot better after getting their fears off of their chest. Let them talk it out.
- Dig deep. Do another buyer consultation and needs analysis. Tap back into their motivation for moving in the first place.
- Show. As we mentioned earlier, it is better to show than just tell. Remind them of the current market and the reason why now is the best time to buy with easy-to-understand graphs and charts.
Need more help?
- Sign up for the Buyer Lead Conversion online course. In this condensed course, you’ll learn all the ins and outs of getting buyers on your side. We’ll teach you how to approach and address buyers’ unique needs, get them in the door for a proper appointment, make the most of your buyer scripts for real estate agents, and, of course, how to seal the deal by signing an exclusive agreement.
- Join the Real Estate Agent Round Table. We are always posting fresh content, including market updates, free templates, and host dynamic discussions with the industry’s top producers.
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