¶ Navigating Buyer's Objection
Hello and welcome to the Real Estate Scripts Podcast , the show that helps you know what to say when you're talking to buyers and sellers so that you can close more deals and earn more money . I'm Darren Tunstall , a Real Estate Professional Coach and No.1 bestselling author . Let's get into this .
Before we begin today's episode , I want to clarify some important points . I am a licensed Real Estate agent and my DRE number is 018-53445 . It's crucial to note that this podcast operates independently of my affiliation with Keller Williams Realty and any realtor associations .
My primary goal with this podcast is to provide you , our listeners , with valuable information , insights and practical tools . As a reminder , the purpose of Scripts and Dialogs is to come , learn , practice and be prepared to fail forward . This is where we make mistakes and help each other out , but we're mostly interested in seeing how we can get better .
First we read through the script word for word and then we go back and put it into our own natural tone , style and phrasing . You won't know what to say until you go through the script . With that said , many people will say that's not how I sound , and I totally get it . That's not how you sound .
That is the reason why we practice every day so that the script becomes you and , in your own voice , read it word for word first , then go back and put it into your own natural tone , style and phrasing and I think it'll work out . Today we are on still buyers objections and today we're going over . I am in a lease .
So you're talking to a buyer , they're in a lease , they want to buy a house and in this scenario , the buyer reveals that they are in a lease . You navigate the situation by asking about the length of the lease , suggesting options for an early exit and expressing readiness to guide the buyer .
The goal is to build trust and encourage the buyer to consider working with you in their home search . Requirements are in-depth market knowledge , strong communication skills , negotiation expertise and problem-solving abilities .
The intention is to address the buyer's situation , guide them through the potential options and build trust , ultimately leading to the buyer expressing a desire to work with you in finding a home . And so that is the script . We'll pair you up and the person buying is going to start the objection just by .
You know , you're kind of in the middle of a conversation , right ? They're throwing all these things at you . This is just one portion of the script and one of the objections that they throw out is , you know , I'm in a lease right now , so I kind of I probably kind of want to wait and we just do a little bit of discovery on that .
And before we get started on that , some other solutions too . Is , you know , when you're talking to your buyers , you can have them factor , you know , breaking a lease maybe into their budget we can negotiate that into the purchase price of the home .
We can also talk to the lender and see if there's any closing cost decisions or anything like that as well , and also just looking at flexible closing dates . So there's a few things that we can take a look at , especially when it comes down to advising or negotiating . All right , so , with that said , we're ready to break out and go at this .
Yeah , my suggestion is go through the script as is , do it a second or a third time and put it in your own tone , style and phrasing . Put it in your own words Don't even look at the script after that . So let's go ahead and break this out , all right , so let's have Derek be the agent first and Emily is given the objection , and we'll go from there .
I'll set the timer for three minutes each to begin with , when you're ready .
So , derek , everything you say is great and you have helped me a lot , but I'm still on my lease .
Emily . Hi , emily , yeah , I can understand your concerns with that . We do have a few options , you know . So let me ask you a couple of questions . I'm just curious how much longer do you have on the current lease , like four months , about four months , okay .
Well , depending on how serious you are with on buying a home , there might be an option of getting out of the lease early . My suggestion is to talk to the property manager and have that conversation . Do you happen to have a good relationship with the property manager ?
To be honest , no , they're horrible .
Okay , no problem , I can help set that up for you if need be .
Also , if the lease is less than three months , it's fairly easy for us to make that transition , and if your lease is greater than three months , we might need to do some negotiating with the property manager or see if we can get you out of that lease early , based on you know you purchasing your home and so , either way , I'm here to help you with the
process . I know you said it was four months . So , yeah , I think we should just check in with the . I think we should check in , have that conversation with the property manager , explore some of those options , and then we can gather all that information and make an educated decision on how to move forward .
You know , actually I'm wrong , it's six months .
Six months . Okay , six months is like I said . I think it's worth having that conversation with the property manager , first and foremost , and then , if you do have any other concerns that you'd like to address . I'm here during this to help you with the leasing process and , obviously , the process of purchasing a home .
So please feel free to reach out to me at any time . And , yeah , let's do our due diligence and we can follow up next week .
Okay , that sounds good . I probably probably get away a little bit , but yeah , I really like you . You've already like taught me a lot , but I think maybe in a few months we'll start looking again .
Yeah , emily . So you know I understand what you're in with the lease and I'll definitely take that in all the consideration and we'll stay in touch . I'll continue to send you information on the homes and things that we discussed and we can go from there .
I'm really looking forward to this process and helping you through it , and please reach out to me if you have any questions or concerns at all . You have my telephone number and email and we'll be in touch .
Okay , thanks , eric .
Thanks , emily . Bye-bye .
All right , let's reverse roles . Derek , you're starting with the objection .
Okay , emily , how are you today ?
I'm all done . Stop it , sorry .
Emily , don't talk to me like that .
Wow , that was a quick timer , okay .
Sorry .
Ready to go at it ?
I didn't even see the timer . I missed that .
You did great though .
Yeah , yeah you did Okay .
So , emily , you know I just wanted to follow up with you . I went back and looked at you . Know what the situation I'm in right now and I am still in a lease right now , so I'm a little concerned on how that would work .
Okay , and I'm just curious how much longer do you have on the lease , Derek ?
It's about , I think it's like four to six months . I want to say I'd have to just double check at that paperwork .
¶ Exiting Lease Early to Buy Home
Okay , well , depending on how serious you are about buying a home , there might be some options of getting you out of the lease early or at least helping you with closing costs or something like that from the lender , or you know flexible closing dates . We might be able to get you out of the lease by you know working that into the loan .
My suggestion is talk with your property manager , have a conversation with them , let them know that you want to buy . If the lease is less than three months because you sound like you're not sure then we can make it work pretty easy .
If your lease is more than three months , then we might need you to do some negotiating with the property manager and , you know , with the lender and obviously , if you find a home that you want to purchase , with the other side . So , either way , I'm here to help you through the whole process , okay .
Okay . Yeah , that sounds good , and now , after looking at things over , it is about six months actually . I have on the lease , emily . Okay , is that going to be a problem ?
No , absolutely not . Six months is totally manageable . It's worth having that conversation with your property manager , let them know , explore your options . Once you gather that information , we kind of can discuss how to move forward in your home search . I mean , you don't want to keep paying rent , right ?
So I'm here to guide you through the process and make it as smooth as possible . Any concerns or questions that you'd like me to address about the lease or your home buying process at this time .
No , I mean other than the fact that you know I want to get the home in about 90 days or so . I have a three month window and you know the lease being six months . I'm just a little concerned . I don't want to waste any money there .
Right .
So as long as you can , you know make sure that that doesn't happen , I'm fine with you know , exploring those options you mentioned .
Okay , sounds good . I'll get that out . Talk to your property manager . Let's touch base in a couple of days , all right , and we'll see where to go from there . Sound good .
Yep , that sounds good to me .
Awesome , Derek . Thank you so much , and I'm even you know . If you don't want to wait two days , give me a call if you have any questions in the meantime , Okay ? Absolutely Thank you All right . Talk to you soon .
Awesome . So that was great . So maybe do another round of that and do it in your own words . Just curious , what might you want to consider this time around ? Or what were you thinking , what was on your mind , like this would be cool to say this , or this would be cool to say that . Just to give us some ideas .
I just think that , like you know , we've been in this situation before . You know , like , oh , that's fine , you know I've been in this situation before . Like , just handle like a professional and kind of move on .
Okay , so it's natural that is a good idea , because it does happen a lot .
I mean , three of my potential buyers are in that situation . They wanted to wait for rates to go down and they're at least so you know that's a very real scenario .
Absolutely .
Especially for the first time , home buyers , especially Yep , it's all about timing right , like it's about getting that timing down , so I think that's a good one . So like saying you've been there before and then , yeah , just the timing of the situation .
Absolutely , and you know three months , six months . It does take some preparation to get them pre-approved , you know . Do their needs and wants analysis as well , you know . So that could take , you know , a little bit of time as well .
It's not gonna take six months , but there are some things that we need to do to get them prepped and ready to go to purchase , and then we can just start going out and helping them look . And , as a reminder , some of those things are , you know , factor into the budget , right ?
Well , number one is to have them talk to their property manager , because communication is clarity . You know , you have that conversation , you put everything out on the table . This is exactly what it is .
So that you know , because when you start talking to management , they get a little crazy too sometimes , but it's understandable because you put someone under a contract . But , thinking about their budget , you know , can this be negotiated into the purchase price ?
The other thing is , you know , talk to the lender that you're working with or the client is working with . Is there any type of assistance on this as well ? And then the last one is you know , if they do want to make an offer , is there flexible closing dates with the seller .
You know , is the seller willing to sell the property and still do like a rent back situation for like a couple of months until the lease is up , you know ? So there's- .
And then you got to talk to the lender too , on stuff like that too .
Yeah , yeah .
Or then what 29 days ?
Everything's got to be disclosed and discussed , and absolutely so . Just there's options . It's just you know , knowing what some of those scenarios are , and you know also , I would say , having a discussion with other people in the office , like the broker or some other people that you know who may have been in this type of a situation . You know .
So let me ask you this would it be like a credit if they say they can't get out of their lease and the property manager wants the entire amount ? Would that be credit from the seller , or how does that work ?
I don't know that they're going to get their money regardless . You know it could- .
And it comes out of escrow .
It could potentially come out of escrow . It just all depends on how it's negotiated . It could just be them writing a check and then they save the difference on their purchase price or you know it's . You know where the money is coming from . It could the lender could make up for the difference .
But either way , that person is going or that company is going to get their money . So it just all depends on how you negotiate it . Yeah , it could be a credit . It could come through escrow . It could you know they could be reimbursed later on through the sale of the price of the home or through the sale of the home , stuff like that .
So it just depends on the scenario and what the client comes back up with as well . So- . All right , all right , let's reverse . Well , let's start over again . I think it was Derek as the agent .
Yeah , yeah .
And Emily yeah , and Emily , you're starting it . This time we're going to put it in our own words and go all natural .
Okay . So , derek , you've been super helpful , but I'm gonna lease . I'm just gonna wait because it's lease . I'm pretty strapped into it . Okay , get out of it .
Strap oh yeah , strapped into it . I understand your concerns with the lease . We seem to have these situations come up a lot where someone's in a lease and they need some advice on how to handle the situation .
And what I recommend for them , emily , is to reach out to your property manager first and foremost and just feel them out , see what they feel about you purchasing your home . Talk about your dreams , talk about your dream home . Get them on your side . Let them know that we're not trying to screw them over anything .
We'll try to fulfill your spot as soon as we can , but I think , starting there and then from there , we can kind of get some questions answered and then figure out a game plan , which I'm the expert at on that side . How do you feel about that ?
Okay , so you think I can get out of my lease without being penalized , or what do you think ?
I think what we do is we talk to the property manager . She'll give us all the information and you can kind of break down a few different scenarios . You can totally let me know if you need some help with like the different scenarios , whether it's a three month lease or six month . Let me ask you something how much longer do you have left in the lease ?
Do you know that ?
It's about six months , I think .
Six months . Okay , yeah , six months isn't that far at all . It's definitely something manageable and , like I said , we've done this in the past .
So I think , between my expertise in timing everything appropriately and keeping great communication between you , the lender , myself and the seller and the seller's agent , for that matter we can make sure it all works out well for you and but it will get everything in writing and everybody to sign off on it , and then we can move forward .
All right , derek . Well , I'll give them a call and , to be honest , I'm not that hopeful , but you've given me some things to think about , so thank you so much .
Yeah , and let me know if you need any help at all with the property manager . I've dealt with a lot of property managers in the past , so if they have any questions or concerns , I'd be more than happy to just pop in there and answer that for you , okay .
Okay , thank you .
Perfect , all right , talk soon . Thanks , bye .
Very good
¶ Breaking Lease and Rent Back Negotiations
. All right , let's reverse rolls 40 seconds .
Derek , you go oh sorry , I'll start this out , okay . Hey , Emily , hey , what's going on ? So thanks for getting back to me . I just I found out that I am in a lease and I just wanted to see how that would complicate things , or if not .
Not really . I mean , it depends on how long you're in your lease . Do you know how much you have left on it ?
Yeah , I have about six months left on this lease . I think it ends up like maybe in like July .
I wanna say Okay , well , that's totally doable . Actually , that might be in your favor , because rates are kind of on the way down this year , so that might be a good thing , to be honest . And as far as leases , we can always negotiate with your property manager .
If you find a home before your lease is up , we can negotiate getting out of that lease or what that looks like .
What I recommend is let's get you pre-approved , okay , At least start the process , talk to a lender , and then we can talk to the property manager , see what they have to say , see what happens if you were to try and get out of that lease like a month or two early .
Yeah , see what we have to say , because we might be able to negotiate that within the whole sale or purchase of the home .
Really .
Yeah .
My friend was telling me something about a rent back . Could you do you know anything about that ?
Rent backs are like when you purchase a home but the seller stays in the home and they pay you . You bought the home , but they pay you for the rent . So if they stay in the home two extra months , I'll pay you two months rent .
Okay , okay .
That could work for me then right , Absolutely . And it could work for them . If you know , they don't have a hard move out time and they need more time to look for wherever is they're moving . Sometimes it can be a win-win in that situation .
Well , you took the words right out of my mouth .
Yeah .
Anyways , there's a lot of options . Yep All right , all right .
I like it . Talk to your property manager . I want some lenders that I want you to call and kind of talk to them . See where you land as far as how much you can afford to purchase at this time with your income and debt and all that . Yeah , okay , yeah , meet me up with them .
That sounds great , thank you Okay .
Thanks , Derek .
Appreciate it . Bye-bye .
Bye .
Nice .
Very good , so All within two minutes right .
All within two minutes . I think that's a two-minute conversation .
I feel like you get a lot in there .
I know , right , yeah , and it doesn't take long . Once you have the content down , it's all just coming off the top of your head . This is the purpose of daily practice and consistency . It's just like anything else , it's just . Eventually it's going to become second nature . And you're right , you can pack so much information into a three-minute call or conversation .
That would be a , nathan . How'd it go for you ?
Good .
Great .
We've bought houses . We've both had agreements from our landlords to leave . It was fantastic .
So we had some discussion as well , and I'll ask you guys the same thing what else is there to consider when helping a client through potentially breaking a lease or maybe having to wait it out for some time , things like that ? What other ideas do you guys have ?
We talked about talking to a lender , really narrowing down on what you might actually qualify for and what you're actually looking at and make sure that within that range you'd actually be happy about moving . We talked about some of the negotiation or discussion for how to break a lease , how to get out of a lease and getting it in writing from the manager .
Debbie brought up a great point that in her character she got burned by a landlord in the past because they said , sure , no problem , and then she ended up in small claims court , and so we just talked about how it needs to be legally that you are out of the lease , not just verbally .
That's very true , yeah .
And so to me too as far as not getting a walk through . And then they came back and charged us with a bunch of stuff , quick cleaning and stuff .
The other thing is I'm not sure if Nathan and Debbie I didn't hear it here with Derek and Emily but also offered to talk to the manager . Every once in a while , when we're talking to a seller who might be interviewing other agents , we say , hey , I'm happy to call that other agent for you and let them know that you've gone with me .
Be willing to call the manager as well and say , hey , I have a client . It could be general , they don't need to know who it is right out the bat , but just fact finding as well . Or you can tell them hey , I'm working with so-and-so . They really want to buy a house on their agent .
What's it going to take to get them out of this lease a little earlier ? And if the person really doesn't , because some people just they'd rather not have the conversation , they'd rather just wait it out because they're afraid or whatever I don't know , but offer to be that person for them .
Yeah , debbie did that in our call . She offered to make the call , which was nice .
Awesome , very good , cool , so all right . Well , that's pretty much it for this script . Anything else you guys want to add before we're finished here ? No , you're on mute , derek .
Have a wonderful day , everybody . We'll see you later on . I got it All right . You guys , too . Have a good day .
Bye , All right , so that's the script . I hope that you found it useful . Let's head over to riddlestatescriptspracticecom for more resources and downloads . This podcast is for the purpose of education only and it does not make any guarantees . We suggest you seek out the help of your broker , coach , mentor , CPA or attorney .
Add to by Darren Tunstall , California , DRE number 018-53445 .