¶ Podcast Introduction and Disclaimers
Hello and welcome to the Real Estate Practice 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 number one 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 Dialogues 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 . So , with that said , many people will say that's not how I sound , and I totally get it .
That's not how you sound , but that is the reason why we practice every day so that the script becomes you and in your own voice . So read
¶ Purpose of Scripts and Dialogues
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 working on another form of lead generation , which is called downsizing . Anybody want to take a guess at what downsizing is ?
Selling your big house , taking the cash buying something less .
There you go . All right . In this scenario , you are reaching out to prospective homeowners who may be considering downsizing to a smaller home . Your goal is to discuss the benefits of downsizing and understand their needs and preferences .
The intention is to engage with the homeowner in a meaningful conversation and position yourself as the right agent to help them make the transition , ultimately securing a listing client . So here's what we're going to do .
We're going to do something that we did similarly yet , or similar to what we did yesterday , which is we're going to break out and we're going to practice . We didn't do that yesterday , but we're going to break out .
We're going to practice , uh , for about 15 minutes , and then I'm going to bring everyone back for the wheel of names game and we're going to practice closing statements , okay , and we'll just spin the wheel and we'll have the closing statements in there , and the closing statements are specifically to get the buyer to go or get the seller to go to the next step .
Make sense , because if we don't ask , nothing happens . Right ? We got to ask . Okay , let's go ahead , we'll break out . Okay , are you all ready ?
Ready Okay
¶ Introduction to Downsizing Strategy
.
All right , let's get started . Let's have whoever wants to be the agent first .
I will Okay .
Hi there .
My name is Emily . With Keller Williams Realty , I'm a real estate agent specializing in helping homeowners like yourself explore downsizing options . How are you today ?
I've noticed you , I'm pretty good .
Yeah , I didn't like that because I don't have to pause . Yeah , okay , I've noticed that you've lived in your current home for quite some time and I wanted to discuss the potential benefits of downsizing . Sound good .
Yeah , I don't know , I haven't thought much about that , or you know . So All right Well .
I'm reaching out because I've noticed that the real estate market is currently offering some excellent opportunities for homeowners who may be considering downsizing . With over 15 years in your current home , you've likely built up substantial equity , and downsizing could present a range of advantages . Would you be open to exploring these options further ?
Sir , I'd like to hear what you have to say . Okay , well , downsizing can provide various advantages , excuse me . First , it can free up significant equity that you've accumulated over the years , allowing you to invest it elsewhere or use it to enhance your lifestyle .
Second , a smaller home generally means lower maintenance costs , reduced utility bills and potentially even a shorter commute , if that's something you desire . Downsizing can also help you achieve a more manageable and convenient living arrangement tailored to your current needs . Would you like to discuss your specific preferences and requirements further ?
Yeah , I'm kind of curious what's on the market . You know , house is a little big for us and it's two story and we've been thinking about getting into a one story and um , but you know , my biggest concern is you know , we have a nice low interest rate here , so and the interest rates are high .
We don't want a higher mortgage than we have , so mortgage payment makes total sense .
Well , to better assist you , I'd like
¶ Downsizing Script Role-Play Exercise
to understand your ideal down to the sea sizing scenario . For example , what are the specific features or amenities you would prioritize in a smaller home ? Is there a particular location or neighborhood that appeals to you ? By gathering these details , I can provide you with a list of available properties that align with your preferences .
So what aspects are most important to you when considering a downsized home ?
Well , I'd like to stay , you know , in San Diego County , somewhere Smaller home . You know , right now , you know we have four bedrooms .
It's two stories , you know we have a formal living and dining area and then a family room , great room area , and we never use the living room , so that's kind of wasted space and um real important is the one story don't want to be in an HOA anymore and um would like this , not a big , but something big enough where we could park our RV .
Okay , all right . Well , I appreciate you sharing that information . I'll use these criteria to conduct a comprehensive search and a couple of , and compile a list of , suitable properties for you .
How about we schedule a time to meet in person or have a call next week to discuss the options I find that way I can provide you with more detailed information tailored specifically to your needs . Okay , all right , how about ?
Tuesday at 3 ? How about around 5 ? What hasn't been still working ?
Sure , yeah , absolutely Sounds great . Well , I'm glad I could assist you . Um , how about around five ? What has been still working ? Sure , yeah , absolutely sounds great . Well , I'm glad I could assist you .
I'll send you an email shortly with some potential well , to confirm our meeting time and we could finalize the details in the meantime , if you have any questions or think of anything else feel free to reach out and I look forward to our discussion next week . Have a fantastic day . All right , I couldn't speak today and that was so many weak words .
That's great .
All right .
Let's reverse roles real quick , and then I'm going to bring everyone back for the wheel of names to practice . Closing statements .
All right , hello there . My name is Barbara Riley with Keller Williams Realty , and I'm a real estate agent specializing in helping homeowners like yourself explore downsizing options . How are you today ? Good , great , I noticed that you've lived in your current home for quite some time and wanted to discuss the potential benefits of downsizing .
Well , I don't know what you mean , but how can I help you ?
Well , I'm reaching out because I noticed the real estate market is currently offering some excellent opportunities for homeowners that may be considering downsizing , going from their larger home they've been in for some time to maybe something smaller and easier to maintain .
With over 15 years in your current home , you've likely built up substantial equity and downsizing could present a range of advantages . Would you be open to exploring these options further ?
You know , downsizing is something we've actually thought about .
And , yeah , I'd like to learn a little bit more Great . So you know , downsizing can provide various advantages . First , it can free up significant equity that you've accumulated over the years , allowing you to invest it elsewhere or to use it to enhance your lifestyle .
Second , a smaller home generally means lower maintenance costs , reduced utility bills and potentially even a shorter commute , if that's something you desire . Downsizing can also help you achieve a more manageable and convenient living arrangement tailored to your current needs . Would you like to discuss your specific preferences and requirements ?
Yeah , I'm interested in learning more and what options are available in the market .
Great , wonderful . To better assist you , I'd like to understand your ideal downsizing scenario . For example , what are the specific features or amenities you would prioritize in a smaller home ? Is there a particular location or neighborhood that appeals to you ?
By gathering these details , I can provide you with a list of available properties that align with your preferences . So what aspects are most important to you when considering downsizing a home ?
Well , I need a smaller yard . I don't want a small yard , but smaller than what I have . We have so much property , something that I can maintain , and I kind of still want to be close to like shopping , and , but not next door .
If that makes sense , okay great . But not next door . If that makes sense , okay great . I appreciate you sharing that information and I'll use this criteria to do an extensive search and complete compile a list of suitable properties for you . How about we schedule a time to meet in person to discuss the options ?
I find that way I can provide you with more detailed information tailored specifically to your needs . Sound good .
Yeah , thanks for reaching out . I look forward to kind of checking out what you have to offer .
Well , you're welcome . I'm glad I could assist you . I'll send you an email shortly with some potential meeting times and we can finalize the details In the meantime . If you have any questions or think of anything else , call me right away . I look forward to our meeting next week and have a fantastic day . Thanks , and your email is blah blah , blah , blah blah .
Do I have that correct ? Yeah , it sure is All right , so I'll be sending that over . Well , you went on the site , looked at a home , put your email in there . That's why I'm calling you yeah , yeah , so I'll send that email over to you right away . So check your email within the next half hour and choose a time , and we will .
We will meet face to face and talk about your options . Awesome , great . I look forward to it .
Okay , I'm hung up on one of these lines that I really want to go back and change , which is would you be open to exploring the options further ? And to me that's a yes or no question . Exploring the options further , and to me that's a yes or no question , so I would just rephrase it to .
How open are you to ?
meeting with me . So , okay , let's go ahead and do this , cause I want to make sure we get plenty of time on this . Okay , yes , go ahead .
¶ Identifying Downsizing Prospects
So Fadi had a great question how do you know when somebody is , um , uh , downsizing , it's because they've lived in it for so many years .
Right , that's one reason they could have lived in it for many years as well . Um , you know , you just gotta ask as well . Um , in this case it could be cold calling . Depends on how it's coming to you . If it's's a referral , you might know them a little bit . If you're calling an SOI , you might know them in their situation too .
Or you could be getting a list . You know that people who've owned their homes for you know 10 years or more , 15 years or more , but you'd ask your title person give me a list of people that have owned their home for more than 15 years , and they'll give you a list , right ?
Yeah , yeah , or people of a certain age , you know retirement age , okay .
You know , do your due diligence , because I've called people who already moved and they said to me well , I can't get much smaller than this because they'd already sold their big home and they moved to a smaller home .
But I still called them . So the quality of the life They'd already moved .
Yeah , you can always turn that and say well , how do you like it , and who do you ? Know that wants to do what you just did . Yeah , that's right .
There you go .
Yeah .
Okay , and I just want to be clear on one of the statements that you made , Amanda , which is 15 years or more . Ask your title rep to look at turnover ratios , you know , because every community has a different turnover ratio , meaning that they've lived there . People will live in an area for an average amount of time before they actually sell .
So some areas are seven years , some areas are 10 years , some areas are 15 years . People just don't move right so figure out what that turnover ratio is . If it is 10 years , then my suggestion is to ask them for a list between 9 , 10 , and 11 .
You might be leaving some people out , because some people buy the home and now they just got deployed somewhere and they got to move in a year . But I'm just saying know what your turnover ratio is . Ask the title rep what is the turnover ratio and they'll explain the whole thing to you .
You can also do that . There's some self tutorials on RPR , about turnover ratios .
Okay , yes , yes , it's super critical . Okay , let's go ahead and practice some closing
¶ Practicing Closing Statements
. It's called closing the conversation for downsizing . All right , all we're going to do is spin this wheel , and I've changed it to three seconds . It's not going to be this long drawn out fancy wheel . Let me do one thing . I got to share the sound .
Is there going to be the scripts in the chat box ?
Or email .
No , the dialogue is going to be right in front of you . That's why I'm sharing my screen , oh , okay , okay . So I'm going to spin this , move my Zoom tools over here and we'll just start down the line , starting with Emily , then we'll go to Barbara , then we'll go to Amanda and then we'll go to Fatty .
And Kayleen is just listening in today , okay , and you're not . It's not a dialogue , we're just going to read it out loud , okay .
Okay .
Sewing your home and downsizing is a big move and I want to make sure it's as smooth as possible . I'll create a listing plan , set up a timeline and pull some home options for you . Let's connect this week to map everything out .
That's it Just simple closing statements on this . I like that . And that's it Just simple closing statements on this . I like that .
You've put a lot of thought into downsizing . I'm excited to help you make it happen . I'll start preparing a market analysis for your home so we can price it competitively . Let's schedule a time to go over it and begin looking at new homes .
There you go , amanda .
Do I wait till they're clapping in ?
No , you can go .
Your home has great value and I want to make sure you maximize it as you transition to your next one . I'll set up a marketing plan for your sale and get a list of downsizing options ready . When would you like to meet to discuss the details ?
All right , Fadi .
I'm really looking forward to helping you making this transaction . I will put together a competitive pricing strategy for your home and start researching properties that match your downsizing goals . Let's schedule a time to go over the next steps .
Yep , and we're going to go back to the top , to Emily , and I'll make these available to everyone we're in a great market to get your home sold quickly and for top dollar .
I'll put together a listing strategy while also finding the perfect home for you to downsize into .
Let's meet this week to go over everything speaking of top dollar , I went to a casino this past weekend and I won 300 bucks on a game called top dollar all right , barbara and I won 300 bucks on a game called top dollar , All right .
Barbara , the market is in a great place for selling your home and I want to make sure we take full advantage of that . I'll pull together a pricing strategy and line up some homes for you to consider . How soon would you like to meet to go over the details ?
Yeah , we got seven more minutes for you to consider how soon would you like to meet to go over the details ? Yeah , Time we got . We got seven more minutes .
I appreciate your time today . The next step is to list your home . While we find the right place for you to move into , I'll put together a plan and send over some homes for you to consider . Let's connect this week to go over everything .
Feel free to put it in your own words if you guys want .
Okay .
Up to you .
I know it's not a whole lot of time , but Downsizing can be an exciting fresh start and I am here to help every step of the way . I will run the numbers on your current home and start looking at new options for you . Let's set up a time to go over everything together .
Yeah , we're getting that next appointment right yeah .
I appreciate you sharing your thoughts with me . To make this process smooth , we'll start by getting your home listed and simultaneously looking for your next place . I'll send over a market analysis and we can set up a time to finalize your game plan All right Barbara .
This was a great conversation and I know we can find the right home for you while maximizing the value of your current one . I'll send you a timeline for listing your home and a few options to consider for your next move . Let's meet and go over everything together .
You know that's a great example of one that doesn't have to apply to downsizing . Most of these come down . All you have to do is remove the word downsize and you can use them still . All right , Amanda .
Okay , well , I definitely appreciate your time today . Based on what we've discussed , it sounds like downsizing is the right move for you . Let's set up a time this week to go over the next steps for listing your home and finding the perfect new place .
Yep .
Since you are considering downsizing , the best next step is to get your home listed . While we are searching for your ideal new space , I will send you a few home options and schedule a time to go over the listing details for your current place .
Yeah , and depending on their situation , that might be a contingency sale right All right Now that we've discussed the benefits of downsizing , the next step is to put together a strategy to sell your home and find your next one . I'll handle the details and present you with a clear plan . Let's meet soon to get started .
Here we go , barbara .
We know selling a home and finding a new one at the same time can seem overwhelming , but I'll handle the heavy lifting for you . I'll prepare your listing and set up showings for potential new homes . Let's go over the plan together this week .
Got a couple , we'll just do a couple more .
If you're ready to downsize , we'll work on selling your home while searching for the perfect next property . I'll send over a market analysis and some home options and we can meet to get everything rolling .
Adi .
I'm excited to help you through this transaction . I'll prepare a full marketing strategy for your home and start searching for the right next property for you . Let's set up a time to go over our plan and begin moving forward .
There we go . We have time to finish this off , emily .
Now that we've talked through the benefits of downsizing , the next step is preparing your home for sale . I'll put together a plan for listing your home , while also identifying potential properties that match your needs . What day this week works best to get started ?
Yeah , you can all see the model here , right , barbara ?
It's clear that you're ready to take the next step and I'd love to be your trusted guide through the process . I'll put together a listing strategy and start searching for the best properties for you . Let's meet this week and go over everything .
And Amanda .
Well , it sounds like you're in a great position to make a move and I'd love to help guide you through it . I'll take care of the details for listing your home and finding your next one . Let's schedule a time to go over the paperwork and tour a few potential new homes . How does that sound ?
Fantastic and Batty .
I love that you are open to exploring this transaction . I will prepare a marketing plan to get your home sold quickly and find some homes that fit your needs . Let's meet this week and set everything in motion in motion and why should we do these ?
why should we practice these ?
so it sounds natural , yeah when it comes up , it just comes out , yeah that's right .
Comes up , comes out , it's natural , it's organic . Comes up , comes out , it's natural , it's organic . You know , in doing it over and over , we put it in our own words , tones , sound and phrasing . The other thing is we have to ask . We have to , you know , we have to lead the conversation . You know , lead the conversation . Here's what I'm going to do .
Then this is what we're going to do . How does that sound to you ? Perfect ,
¶ Podcast Conclusion and Resources
take the reins , you know . Be the confident one and ask for the sale , ask for them to . Let's go ahead , let's move forward on this , go ahead and sign here . Yep , so all of us correct . All right , that's it for today . Y'all have fun . Yes .
That's what's fun , I like it . Thank yes , that's what's fun , I like it .
Thank you Good , all right . Well , what's next ? Prospecting ? Yes , lead generation Lead generation . All right , we'll see you all tomorrow . Have a good day , bye , thank you Bye , bye , bye , all right , so that's the script . I hope that you found it useful . Just head over to realestatescriptspracticecom for more resources and downloads .
This content is for educational purposes only and does not make any guarantees . We suggest you seek the help and or advice of your broker coach , mentor , office manager , attorney and or financial advisor . Brought to you by Darren Tunstall , a licensed real estate agent , dre number 01853445 .
The intention is to provide you with valuable information , insights and practical tools . Please note that all results may vary and participants are responsible for their own actions .