The real estate market’s current landscape in the United States has created a highly competitive environment for agents. A shortage of available listings and soaring demand have made it challenging to secure new properties. In this blog post, we’ll explore the reasons behind this scarcity and provide you with effective strategies, real estate script examples, and the importance of practicing these scripts to help agents find more sellers and build their inventory even in this highly competitive market.
Understanding the Market Dynamics
To thrive in this competitive market, it’s essential to understand why listings are scarce. The shortage of housing in the United States, leading to the current scarcity of listings, began in 2020. Stay-at-home orders disrupted new home construction, creating a housing supply gap that persists to this day. As a result, we are in a “seller’s market,” with high demand and soaring home prices. Additionally, interest rates have risen, making it more challenging for buyers.
This situation places pressure not only on buyers and sellers but also on real estate agents. With limited listings available, agents often find themselves competing for the same properties. However, with the right strategies, scripts, and consistent practice, you can proactively seek out off-market listings and maintain a full pipeline of potential listings.
Script Example 1: The Pre-Foreclosure Approach
Agent: Hello, [Homeowner's Name]. I hope this call finds you well. My name is [Your Name], and I'm a local real estate agent. I noticed that your property is in a pre-foreclosure status, and I wanted to reach out to see how I can help. Are you aware of the situation, and have you considered selling your property?
This script not only shows your expertise but also offers assistance to homeowners facing financial difficulties. It can open the door to a potential listing opportunity.
Script Example 2: The Pre-Probate Conversation
Agent: Good day, [Surviving Family Member's Name]. I understand that you may have recently inherited a property due to the passing of a family member. Handling such situations can be emotionally challenging, and I want to express my condolences. If you're considering selling the property or need any assistance, I'm here to help and make the process as smooth as possible.
This script showcases your empathy and knowledge of the unique challenges associated with pre-probate properties, potentially leading to a listing opportunity.
Script Example 3: Reaching Out About Vacant Properties
Agent: Hello, I hope this message finds you well. I noticed that you own a property in [Property Address] that appears to be vacant. Owning a vacant property can be burdensome, and I wanted to explore if you've considered selling it. I can help you navigate the process and find a suitable buyer for your property.
This script addresses the concerns of property owners with unoccupied homes, highlighting your willingness to assist them in selling the property.
Script Example 4: Approaching Homeowners with Bankruptcy Records
Agent: Hi, [Homeowner's Name], I noticed that there has been a bankruptcy filing associated with your name. This can be a challenging time, and I want you to know that I'm here to help. If you're considering selling your home to ease the financial burden, I can guide you through the process and ensure a smooth transition.
This script demonstrates your understanding of the homeowner’s financial situation and offers a solution to potentially resolve their difficulties.
Leveraging Real Estate Data and Scripts for Success
To successfully navigate the competitive real estate market and secure new listings, you need to combine your scripts with the power of real estate data software. This allows you to target potential sellers with precision and build a strong pipeline of potential listings.
In a highly competitive market, the combination of effective scripts and consistent practice can be your recipe for success. By offering assistance to homeowners in challenging situations and practicing your scripts, you can build trust and secure valuable listings, even when they’re scarce.
*Credits and acknowledgment to The CE Shop for inspiring this article. Their insights have been invaluable in helping us provide you with a deeper understanding of finding listings when they’re scarce.
