Real estate scripts are one of the most powerful tools available to real estate agents. They help you communicate clearly, avoid embarrassing rambling, and give you confidence going into conversations with prospects and clients.
If you’ve been following our most recent posts, you know we’re focusing on preparing for the impending market correction. As you make the necessary business changes to prepare for the slower market, don’t forget to update your real estate scripts as well. You can no longer tell buyers that they need to buy today before prices increase further. And in many markets, you can no longer tell sellers that they should list now to take advantage of the inflated market values. So you need to find other ways to motivate your buyers and sellers to action.
In this post, we’re going to cover the best real estate scripts to help you win clients in a slow market.
As a refresher, here are the clients you want to focus on during the upcoming recession:
- Expireds: With slower markets, more listings expire, so there is a greater opportunity to become the new agent of choice for these sellers. And you already know they are serious about selling!
- Short Sales: If your market has declined to the point where homeowners are underwater on their mortgages (they owe more than the current value of the home), those homeowners may be looking for alternatives to foreclosure.
- REO (Real Estate Owned): With banks forced to foreclose on homes, there are lots of REO listings to be had. You just need to connect with bank representatives responsible for choosing the listing agent(s) for REO properties.
- Investors: A slow market is when investors snag their deals. And nurturing relationships with investors can mean tons of repeat business!
- Renters: A down market is the perfect time for renters to get on the property ladder. Even expensive markets like LA and NYC can become affordable for renters when values are down.
- Upgraders: Sellers are generally hesitant to sell their homes during a slow market because they won’t get as much for the house as they could during a strong market. But if they’re looking to upgrade to a bigger/better home, getting that new home at a discount might more than offset the potential loss on their current home.
We’re going to give you the real estate scripts for your first contact and your first follow-up with each group. Let’s get to it, shall we?
Quick note: this article was originally published in 2019. This is the new, improved version.
Real Estate Scripts to Help You Win Clients in a Slow Market
Expireds
There are a few important things to consider when crafting real estate scripts for expireds:
- They will be getting a million calls from a million agents. Call them early in the morning (between 8:00 and 9:00) the day after their listing expires to be one of the first agents to reach them.
- They might be angry. After all, they trusted an agent to sell their home, and the agent didn’t come through for them. They might be angry with that agent, the market, the industry as a whole, and every agent in the industry. Expect some degree of hostility.
- Door-knocking works in many markets, but it might be too aggressive with expireds. After all, their home is not on the market. Showing up unannounced may give them enough reason to write you off as another pushy agent.
So put on your friendliest voice, pick up your phone, and say the following:
First Contact
You: Hi [owner]. This is [your name] at [company name]. I know your house is no longer on the market, but I have a buyer interested in a [#] bed, [#] bath in [neighborhood], and I’m wondering if your home could be a good fit. Are you still interested in selling?
Seller: Yeah, I’d still sell if the right offer comes along.
You: Great! And, I’m sorry, I didn’t have a chance to preview your house while it was on the market. Can I come by today for a quick 10-minute preview? What time would be best for you?
Now, there may be a few of you out there thinking, wait, I don’t want to lie about having a potential buyer to get the appointment. And I agree. You shouldn’t lie. If you don’t have a buyer in your pipeline who could be a possible match for that property, maybe you don’t have any business being the agent for that listing. If you don’t have a pool of potential buyers, what are you even doing with your career?
Once you’re face-to-face, you can make conversation with the seller to learn more about their situation. Where are they planning to move? By when? And why? Then ask why they think the house failed to sell when it’s obviously such a great house. Of course you don’t want to disparage other agents, but you can explain how you would have handled the listing differently. For example, if the other agent failed to market the property on social media and you have a solid social media presence, you could say something like, “Oh, that’s interesting. I’ve found social media to be a critical component in my marketing plan.” Then you can ask them if they’d be interested in hearing more of your ideas for marketing their property so they can actually get it sold and get on with the next chapter of their lives.
By the way, this first contact script (as with all the real estate scripts in this post) can easily be adapted for a voicemail or text message:
Hi [owner]. This is [your name] at [company name]. I know your house is no longer on the market, but I have a buyer interested in a [#] bed, [#] bath in [neighborhood], and I’m wondering if your home could be a good fit. If you are still interested in selling, could you please call or text me at [phone]? I’d like to schedule a quick 10-minute preview as soon as possible so I can pitch this property to my buyers. Looking forward to hearing from you!
Follow-Up
Hi [owner]. This is [your name] at [company name]. Thanks so much for taking the time to show me around your house today. I’ve passed the information along to my buyers and will let you know if they’d like to schedule a showing. In the meantime, I’ve had a few ideas about how we could market your property to actually sell. Are you available this evening to discuss? Maybe 6 or 7 o’clock?
Short Sales
The easiest way to find potential short sale sellers is to get a list of pre-foreclosures from your local courthouse. These are the sellers who may be willing to short sale their homes to avoid foreclosure.
Remember, short sale sellers are in a miserable position. They may not want to move, but they may be forced to either sell or face foreclosure. An empathetic agent makes all the difference in the world to this group. This group is also often embarrassed, so a direct approach might actually make them more defensive. Instead of calling, consider a more passive approach: door hangers, mailers, targeted social media ads, and useful blog posts. These marketing methods 1) prove that you know what you’re talking about and 2) invite them to contact you if they need help.
Here are the real estate scripts for your short sale marketing efforts.
First Contact
Are you getting hit hard by the economy? A lot of homeowners are. In fact, many homeowners in [city] are facing foreclosure due to the soft housing market.
Before you consider foreclosure, make sure you understand the non-foreclosure options available to you. As a real estate professional, dedicated to improving property values in our community, I’m offering free, no-obligation consultations to homeowners in [city]. If you are concerned about possibly losing your home to foreclosure, call or text me at [number]. I can’t promise that I’ll be able to save you from foreclosure, but I can promise that I’ll do everything in my power to help.
You want to make sure the homeowner knows that they are not alone and that you’re there to help, not to judge or take advantage of their situation.
Also, you’ll probably get calls from lots of homeowners who can avoid losing their homes to foreclosure or short sale simply by refinancing their mortgages. So help them do that! Many homeowners don’t even think of refinancing as an option. If you can connect these homeowners with a mortgage lender who can save their family home, you’re a hero! They’re going to tell their friends about the selfless agent who showed them a path to staying in their home. And when they’re eventually ready to sell, who do you think they’re going to come to?
Follow-Up
Hi [owner]. This is [your name] at [company name]. Thank you for reaching out for more information about non-foreclosure options. Some of the most common ways to avoid foreclosure are refinancing, forbearance, HUD assistance, short sale, and bankruptcy. If you have just half an hour or so, I’d be happy to walk you through these options and help you decide which would be the best fit for your unique circumstances. I have an opening at 6:30 this evening. Or would tomorrow at 12:30 work better for you?
The goal of this follow-up is to land an appointment. The goal of the appointment is to figure out how you can help the homeowner through a difficult situation. You might win their short sale listing now, or you might guide them toward a solution that allows them to keep the home now, and wins you their business later down the line. Either way, everyone wins.
REOs
Dealing with bank-owned properties is the exact opposite of dealing with short sale sellers. These banks have zero sentimentality when it comes to the properties. They need a numbers-focused agent who can negotiate the best deal for them in the shortest amount of time.
Of course banks are still run by people. So relationship building is still critical if you intend to work REO properties. When done correctly, you can earn dozens or even hundreds of REO listings from a single client during the next recession. Invest some time researching banks that have foreclosed on local properties. Reach out to the residential asset managers at those banks and invite them to lunch to discuss how you can make their lives easier.
First Contact
Hi [asset manager]. This is [your name] at [company name]. I know you must be really busy with everything going on this market, so I’ll get right to the point: I want to help you sell your REOs for the best price possible in the shortest amount of time. Can I treat you to lunch this week to discuss my plan for moving those liabilities off your books?
So easy, right? Now, you might be wondering why you’re not asking if they already have an agent. It’s because that doesn’t matter. They might already have an agent for their existing portfolio. That doesn’t mean they have to use that agent for future REOs. When you wow the asset manager over your lunch meeting, you can earn that future business, as well as any listings that expire under the current agent.
Also note, you’re offering to treat them to lunch. The cost of a business lunch is a tiny price to pay to launch a new relationship with an asset manager. Even if you don’t earn the business at that first lunch, you’ll have the opportunity to learn more about what the asset manager is experiencing and what they’re looking for in an agent. You may even want to make a habit of treating big-time asset managers to lunch and coffee once a month or once a quarter to catch up, talk shop, and build a relationship.
Follow-Up
Hi [asset manager]. This is [your name] at [company name]. I really enjoyed meeting with you yesterday, and I would love the opportunity to show you what a valuable asset I can be to your team. I know you said you are working with [other agent] on your current listings, but what would you think about giving me just one of your next REO listings so I can prove myself to you? Let me know what you think!
Sure, it would be great if your follow-up was just “Thanks for the new listing!” And maybe it will be. But you should be prepared to ask for the business multiple times before landing a deal with an asset manager. Most agents give up after the first contact. Be the agent that follows up every month until you become their go-to.
Real Estate Scripts for Investors
Switching from sellers to buyers…let’s talk investors. Most investors require relatively little convincing during a slow market. They already know that this is the best time to get a killer deal on an investment property.
The trick is to find investors who are serious about buying but aren’t so serious that they already have a real estate license of their own. There are a few ways to find these people.
- First, you can put out some blanket marketing to reach them: investment blog posts, social media posts, seminars, and workshops (free seminars and workshops attract more attendees, paid seminars and workshops attract more serious attendees). Whichever medium you use, the formula is the same: provide useful information about local real estate investing, then invite action. Something like, Are you ready to buy your next investment property? Comment below to get a free list of the best deals currently on the market!
- Alternatively, you can reach out to investors individually by searching your local property records for non-owner-occupied homes where the owner holds just a few properties. This is an indication that the owner owns at least one investment property, but not so many that they can handle transactions on their own.
This script is going to focus on reaching investors individually through a strategy called The 60-Second Poll.
First Contact
You: Hi [investor]. This is [your name] at [company name]. I’m conducting a 60-second poll of local real estate investors. Do you have 60 seconds to answer 3 quick questions?
Investor: Ok…
You: Great! First, how many investment properties do you currently own?
Investor: [#]
You: Got it. And how many more are you planning to purchase in this buyer’s market?
Investor: [#]
You: Ok. And last question, would you be interested in getting a list of the best investment deals currently on the market?
Investor: I guess…
You: Bonus question then…what email address should I send that list to?
Investor: [email]
You: [repeat the email address back]. I’ll get that list to you right away. Thanks so much for letting me ask you those questions. If you have any questions for me, you can reach me on this number anytime! Hope you have a great day.
Is this a little gimmicky? Yes. Is it effective? Usually.
Most real estate investors are proud to be real estate investors and to have their opinions included in a poll of real estate investors. Most are open to talking if they know it’s going to take less than 60 seconds. And most are curious enough about the market to exchange their email address for your Best Deals on the Market List.
Once you have their email, you can add them to your weekly or monthly email campaign with the updated Best Deals List. And of course that email will remind your investors to contact you as soon as they see a property that interests them.
And if they aren’t interested in your 60-second poll or in getting your list, no problem. Maybe they aren’t serious about investing in more real estate right now.
Follow-Up
The follow-up to the 60-Second Poll is the Best Deals List.
Here’s a simple script for that email:
Thanks again for participating in my 60-Second Poll. Here is the list of the Top 10 Best Investment Deals Currently on the Market. If you want to learn more about any of these properties, or you just have questions about navigating today’s real estate market, you can email me back at [email address] or call or text me at [phone number].
One last note: make sure you offer a way for people to unsubscribe from these emails. Hopefully they won’t want to because your lists will be interesting and valuable to them. But there’s something so shady about businesses that won’t let you unsubscribe.
Real Estate Scripts for Renters
Your first-time buyers will often come from marketing to millennial renters. This group naturally requires more hand-holding than people who have already owned a home, but with a slow market, you have the time available to invest in educating your buyers and building life-long relationships.
To reach as many renters as possible, savvy agents offer a Renter-to-Homeowner Program in which they work with local apartment managers to reach renters. Part of this program is that renters don’t have to pay a lease-break fee if they break their lease to buy a home with you as their agent. Behind the scenes, you’re paying that fee for them…you can think of it as a referral fee to the apartment community.
To learn all about launching a Renter-to-Homeowner Program of your own, check out The Secret to Turning Renters into Your Next Buyers. Then check out these real estate scripts for your first contact and follow up with the renters.
First Contact
In this program, your first direct contact with the renters is to send them a mailer (this happens after you’ve sold the community manager on the program; seriously, read that Renters into Buyers post for details!). Here’s the script for your mailer:
The Top 5 Things Most Renters Don’t Know About Buying a Home
- You probably don’t need a 20% down-payment. Many renters qualify for as little as 3% down.
- Owning can be less expensive than Renting! Right now, the average monthly rent in [city] is [amount], while the average monthly mortgage cost is just [amount].
- You don’t need to worry about breaking your lease. That lease-break fee will be waived when you buy through my Renter-to-Homeowner Program.
- My real estate agent fees are paid by the seller, so my services are 100% free to you!
- A poor economy is the best time to buy real estate. It’s like every home on the market is on sale.
If you want to learn more about how easy it is to become a homeowner, call or text me at [number]. I’ll walk you through the process step-by-step and help you get into a home of your own.
This initial mailer may get you a few leads, but the follow-up is where the program kicks into high gear…
Follow-Up
A few weeks after your initial mailer, you’re going to invite the residents to a free Renter-to-Homeowner seminar.
Make this a high-end event. Use formal invitations with RSVP cards (insider tip: Etsy has some great DIY wedding invitation templates that can be tailored for this event!). Have complimentary wine and cheese plates. Luxury apartment communities often have an impressive clubhouse space you can use for the event at no cost! Hosting the event on a weeknight evening will give you the best chances of using the clubhouse. Just talk to the community manager to schedule a day and time.
Here’s the script for your invitations:
You are cordially invited to attend the First Annual Renter-to-Homeowner Seminar at [Apartment Community Name].
The seminar will take place at [time] on [date] at [location].
Attendance is free to all [Apartment Community Name] residents who RSVP by [date].
Complimentary wine and cheese will be provided.
Please return the RSVP card at your earliest convenience to secure your place at the event.
At the seminar, you will present the steps renters need to take to become homeowners. Leave time for Q&A. And invite renters to meet with you one-on-one to discuss their unique needs.
Real Estate Scripts for Upgraders
Upgraders can be a tough sell because you have to convince these property owners to sell their houses for less than the house was worth a few years ago. You need to be able to explain the math: show your upgraders that it’s worth selling at these lower-than-normal prices in order to buy something bigger and better at a lower-than-normal price.
Your best bet for finding upgraders is to comb the MLS for property owners who most likely have lots of equity. People who bought during the last recession are excellent candidates because the value now is probably still higher than their original purchase price, plus they’ve had some time to pay down their mortgage.
First Contact
You can reach out to these homeowners via email, text, social media, mailer, door hanger, or phone call. Of course it’s easier to ignore an email, text, social media post, mailer, or door hanger than it is to hang up on someone. So you might convert more contacts to clients by picking up the phone.
Having said that, if your demographic is on the younger side (which they probably are since homeowners reaching retirement age likely won’t be interested in upgrading to a more expensive home), they’re probably not going to answer your call anyway. And they can easily ignore your voicemail.
So your best bet is to try multiple methods of contact to see which method works best for your unique demographic. Here’s a script for calling:
You: Hi [owner]. This is [your name] at [company name]. I’m just calling to ask if you’ve considered taking advantage of the current real estate market to upgrade to a bigger or better home?
Owner: No, we’re happy where we are. (This is the default response.)
You: That’s nice to hear. I just wanted to check because I recently had a client who was worried about selling in this market and getting a lower price for their home. Which makes sense, right?
Owner: Right.
You: But then when they realized that they would save enough money on the purchase of a bigger home in a better neighborhood to more-than-offset the lower sale price of their old home, they were thrilled. So I’m calling around to see if I can make that happen for other homeowners in the neighborhood. Would you like me to send you some information on how the numbers work with this type of upgrade just in case you change your mind?
Owner: Um, ok, sure.
Don’t expect homeowners to be all excited at this point. After all, you don’t know what they were doing when you interrupted their day with your phone call. They’re probably not fully in the real estate headspace at this point. And that’s fine. You’re planting the seed, and you’ll reap the rewards once the homeowner has realized the benefit of upgrading now.
And here’s a script for reaching out via other mediums:
Have you ever considered upgrading to a bigger, better home? Savvy homeowners are taking advantage of today’s low home prices to buy the homes of their dreams. Even if your home is worth less than it was a year ago, you can come out well ahead by upgrading in this market. Let me run some numbers for you! Call or text me at [number].
Follow-Up
Your follow-up is going to be some documentation showing the math that makes it worth your client’s time and effort to upgrade now.
And here’s the script you can use to introduce your math:
Hi [name],
I’m so excited to show you how to take advantage of this market to land the home of your dreams!
Using some current market averages, I’ve calculated how much the average homeowner can come out ahead by selling their current home and upgrading to a better home in this slow real estate market.
It’s true that your current home is worth less than it was at this time last year, but the prices of the bigger homes have slipped even further. So when you get a great deal on that new home, you stand to more-than offset the lower sale price of your current home.
[insert calculations]
Again, these numbers are just market averages. If you’re curious about how much you could come out ahead personally, I’d be happy to run some preliminary numbers for you. I just need a little more information about your current home and what you would be looking for in a new home. You can call or text me at [number] to schedule a quick 10-minute phone call for me to get the details I need to run your personal calculations.
Looking forward to hearing from you!
This follow-up provides enough solid information to pique your client’s interest and invites them to contact you to discuss their unique real estate needs. It takes a true sales professional to walk homeowners through this process, but it will be worth the effort when you land new clients who are forever grateful to you for showing them this path to their dream homes.
What About Real Estate Scripts for Objections?
Just like you tailored your initial contact and follow-up real estate scripts for the recessed market, you’ll also want to adjust your objection-handling scripts to reflect the current market conditions.
You can certainly create your own objection scripts: simply pay attention to the questions and objections you’re getting now and invest some time crafting responses that overcome them. If you need a headstart on your recession-proof objection-handling scripts, check out the Recession-Proof Real Estate Scripts Guide in my Etsy shop. It reiterates all the scripts we’ve covered in this post, and it provides additional scripts for all the most common slow-market objections.
Armed with your recession-proof real estate scripts, you’re one step closer to thriving through this corrected market.
And What About General Real Estate Scripts?
While I focus on recession-proofing real estate businesses, there are script guides available for standard markets. If you’re looking for general scripts to fit the most common situations in a balanced market or a seller’s market, check out The Book of Yes by Kevin Ward.
Get Your Complete Recession-Proof Guide!
If you’re serious about growing your real estate business during a slow market, check out The Recession-Proof Real Estate Agent. This book offers a complete step-by-step guide to recession-proofing your real estate business.
