Does it happen that you’re in the middle of the call and the flow of conversation doesn’t follow the script that you’ve posted on your wall? Suddenly you find yourself at a loss for words and completely unsure what to say next.
When you work with clients this can happen – but no need to worry, as you can use LPMAMA to guide you through each of your calls so you can make sure that you always complete the details that you need, matched with a superb quality of call with our leads as you sound more conversational and free flowing.
Let’s define exactly what LPMAMA stands for:
L – Location
Prior to your call you already have the address of the property that they are interested in. But is this the only one?
Make sure that you ask the Lead if they will be open to other properties within the area. Or if there would any other areas that may also have their interest.
- “Aside from this property, Would you be open to other properties as well in the area? As we will also try to find you other properties similar to this one that you’re interested in.”
- “Aside from this City; do you find yourself interested on nearby Cities as well?”
P – Price
Price range is very important as this well help the realtor to narrow down the search among the thousands of properties that are listed on the MLS. This is also the right time for you to ask if they are already pre-approved or if they would be willing to be re-endorsed to the Realty’s in-house Lender.
Also take note that Location and Price should be compatible with each other. For example, The lead’s pre-approved amount is only $90,000.00 but he wants a property located within Brooklyn, NY wherein the least prices of homes are around $250,000.00. This will give you a signal to pitch in to the client the possibility of changing their preferred location since the Budget is not feasible within the Brooklyn Market.
- “I see that the house you’re interested in is priced at $110,000.00. Is this the amount that your lender pre- approved you for? What would be the price range that you’ll be more comfortable with?” (Take Note: Not all buyers are willing to max out their Pre-approved amount as this will bring them in a tight financial status)
- “How much cash do you have in hand to purchase homes?”
M – Motivation
Gauging the Lead’s intent to moving in can also be done by knowing their motivation. Are they transferring to this area because it is closer to family members? Work? or Children’s School?. With all the different reasons that they might have, it also comes with a timeframe suited for every need.
For example, Its August and you made a call to a family who is looking for properties on a specific area. You asked them for their reason for choosing that location and they said that their children will be transferred to a scholl near that area. This gives you an idea that they are moving in really soon because its already August and the school starts on September.
Here’s another scenario: You called the lead and he said that he is interested among the properties you have in the area. Then he mentioned that he is from another state. So you would ask, Why are you transferring to this area?
He then said, “I’m being relocated by my company to that state due to our expansion and would really need to find a property really soon since we’re opening in the next two months.” From a simple question you were able to identify what is their timeframe as well as their urgency and you can use this as a negotiating tool by making them realize that you will cover everything for them and you’ll make sure that you’ll be meeting their timeline.
- “You seem to be really interested among the properties in Brooklyn, is this actually closer your work or you children’s school? I did ask because we can use that information to prioritize which properties would actually fit you best.”
A – Agent
This is one of the most important questions that you need to ask. You should be able to identify how is the lead looking for properties. Is it through the internet? Driving around the Area? or They are being assisted by an agent. Make sure that they are not working with an agent, and if they do, go ahead and ask if they have signed an Exclusivity Agreement with them. It is very important that you identify this in order for you to know if you can continue working with that lead or not.
While asking this question, you may encounter someone saying that he is already working with an agent and he is just searching for homes in the area. If this is the case, you might want to ask how is their agent assisting them in the process. Also try to feel from the lead’s voice if there is any dismay from their agent as you can use this to negotiate with them to use your services instead.
How will you offer your services if they have a contract? In some states it is mandatory for them to have an Easy Exit Clause for the contract wherein they can cancel at any time the services of their agent and it’s effectivity will take place after 48 hours.
- “How do usually look for homes in the area? Is it through the websites? Driving around the area? or are you being assisted by an agent?”
- “That’s great that you already have an agent working with you, however did you sign an exclusivity agreement with them?”
- “Can I ask an honest question? If you’re agent is so good and he is assisting you very well in the process, how come he is letting you to look for homes by yourself?”
M – Mortgage
One of the key factors during a home search is how are they planning to purchase the property? Will they be buying it through cash or financing? In order for a lead to go to the next steps of the process, they should be able to secure at least a pre-approval from their preferred lenders. These approvals can give you an exact amount on what price will your lead be eligible to thus improving your home search. A follow up question for this will be how much cash do they on hand to proceed with the purchase. How much can they give for the down payment and how much will they be putting in mortgage.
Most of the agents do require at least 20% down payment for the home. And in some cases, pre-approvals are used by the Agents to prioritize which lead should be attended to ASAP. But in cases that your lead has not gone through the process yet, endorse them to your preferred lender so they can give them a call and provide them an estimate for their pre-approved amount. Just make note of the minimum credit score accepted by your lender so you can also check if your lead qualifies among their standards or not. If your lead does not know their credit score. Have them login to annualcreditreport.com but remind them that pulling up their records will have a negative impact on their scores.
- “How are you planning to purchase your home? Is it through Cash or Financing? – How much cash do you have on hand to purchase homes?”
- “How much down payment can you make?”
A – Appointment
Last but most important of them all is the date of appointment. Giving your Agent an opportunity to meet the lead face to face or to have them in the phone will definitely be an advantage as they can now use their negotiation skills with the lead thus making them inclined to have a contract with your agent in buying or selling homes. Remember that setting up an appointment should be done assertively as you need to make them feel that you are guiding them in the process. Majority of the Leads are First Time Home buyers and they are definitely in need of someone who will guide them in the process and to show them what their next steps will be.
Another Key to having them agree to have an appointment is to let them know what will be the benefits that they can have when they choose to meet up with the agent. Always emphasize the “WIIFMs” What’s In It For Me? And there are a lot of things that you can offer to them which they will not get by simply looking at the homes available via the internet or by walking in inside an Open house event to talk to the listing Agent. Offers may come as Special listings with great offers and discounts which are never posted on the internet, Ability of your Agent to further understand the type of home they’re looking for to narrow down or expand their search, Prioritization when it comes to Inquiries and Showing appointments and many more.
- “Let me schedule you for an appointment tomorrow with my Agent so he can have a better understanding on what type of home you’re really looking for. I can have you booked at 3PM or 5PM, which one will work for you?”
- “Why don’t I have the best local agent in the area call you at 5:30 this evening and provide you with more details about this listing as well as pre-approvals and more options for some of the top listings in this area? There’s no commitment at this point. It’s just over the phone with my agent — who really listens…”
Feel free to create your own questions on how to ask them about that specific information and send us a reply so we can also compile all those great questions for everyone to use, and click here to schedule your free “Double Your Business” strategy call now!