How to Speak About Scarcity to Negotiate Better Deals and Sell Faster
Scarcity is very real in South African Real Estate, and you can use this to create urgency in prospective buyers, negotiate better deals and sell faster. Present yourself, your listings and your offers as limited and valuable, an opportunity not to be missed and that must be acted on quickly.
The Reality of Scarcity
People hate missing out on a good opportunity. Scarcity is compelling to us because it frames an opportunity as valuable and fleeting, something that needs to be taken advantage of quickly to avoid missing out on the value it offers.
Every suburb only has a certain number of houses and great buying opportunities don’t last long. Buyers typically understand this, but by reminding them you can initiate greater urgency in them. This will put you in a great position to negotiate favourable deals and sell faster.
Here are some great ways to initiate urgency in buyers using real examples of scarcity:
- If a house has unique features, make this clear. We typically think of things like fireplaces or a swimming pool but this could include additional storage, intelligent lighting or even the shape of the house. Think about what distinguishes a home from others and frame this in terms of its scarcity.
- If a house usually sells in two months, make sure you’re letting buyers know to act fast after the first month.
- If you’re selling the only house – or one of very few houses – currently available in a neighborhood, let buyers know that this will be their only chance to get into the area for some time.
- Think about the seasonal opportunities in your area, like fluctuating house prices or greater buyer interest at different times of the year. Mention the benefits of buying now that won’t be available year- round.
- Another strategy could be scheduling listings back-to-back. This clearly and powerfully shows potential buyers that the listing is in demand and may not be available for very long.
You can make use of the compelling power of scarcity by creating your own valuable but short-lived opportunities.
Offer limited promotions or services. For example, you could attract referrals by letting your clients know that you are offering discounted services or free property valuations to your next three clients.
Your focus should be on offering something of value that won’t be available for long, something that will compel your prospects to act quickly.
The language of scarcity
You won’t be able to make use of scarcity – real or artificial – if your prospects don’t understand the value they will be missing out on.
Make sure your prospect understands the benefits they stand to gain by acting now.
- Spend some time noting down all the elements of a listing / opportunity that you could frame as scarce. You will need to do some research and be prepared to bring these points up in conversation.
- Use terms like ‘Unique property’ and ‘Limited Availability’.
- Highlight the possibly urgent consequences for prospect delaying the process of selling or buying.
- Present the scarcity of a home’s features, how quickly homes in the area tend to sell, the limited listings in an area and other elements as short-lived but valuable opportunities that your prospects need to act on quickly to get the benefits.
- Stimulate urgency in your prospects by creating your own limited offers.
- Make the scarcity you are trying to communicate as visible to your prospects as possible by preparing some examples of scarcity and using clear language that gets across the value of short-lived opportunities.
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