How You Can Add Flavor to LPMAMA so Leads Stick with You
Imagine a slice of bread. Served plain, it doesn’t look tasty, does it? But top it with a few other ingredients and sandwich it with another slice of bread, you have a delicious meal suddenly. The same premise applies to LPMAMA in real estate. By itself, it provides agents a series of questions they can qualify leads with. However, there’s one drawback to LPMAMA’s questions. They’re very “agent-focused.” They’re designed to serve you, not necessarily the consumer – which puts them in a weird emotional state.
Used plainly, LPMAMA questions can feel like an interview (or worse … an interrogation). It doesn’t show the client why you’re valuable to them, and why they should stick with you over another agent.
So, I caught up with Doug Edrington, who runs a Berkshire Hathaway HomeServices brokerage, and asked him how his agents better use LPMAMA to set appointments at a higher conversion rate. We’ll cover each letter individually, so you can see the mechanics to each question and how to tweak them for more success.
“L” is for Location
Where are you looking to buy? — It starts off with a simple question, and you expect a simple answer, but sometimes people have a lot of “asterisks” floating next to their response.
Real estate lead: “I want to move to San Francisco.”
Agent: “Great! Where exactly in San Francisco are you looking?”
Real estate lead: “Umm, I’m not sure. Somewhere nice and affordable.”
A MLS market can be a big place to search through. For Edrington’s team, they use a simple concept to generate better responses: Pleasure vs Pain. Here’s the difference:
Real estate lead: “I’m looking to move to San Francisco.”
Agent: “Awesome! San Francisco is a big place with a lot of neighborhoods and nearby towns. Tell me, what kind of area are you looking for? A quiet suburb or a place with little traffic to popular workplaces?”
Real estate lead: “Umm, I’m not sure.”
Agent: “Okay, well let me ask this. Where do you NOT want to be?”
Real estate lead: “Definitely not a neighborhood with lots of traffic. I don’t want to be driving for 2 hours to work everyday.”
Agent: “I hear you! Traffic is a pain. You’re probably looking at homes in downtown, so let’s talk about price now, since those homes can get expensive.”
Notice when the lead doesn’t know what they want, the agent focuses on the negative. That way, he can rule out some options. And it makes it easy to transition to the next question: Price.
“P” is for Price
What’s the price point you’re searching at?
Knowing their budget makes an easy transition for asking about mortgage pre-approval (which is the second “M” in LPMAMA). But take a moment to offer an extra value around the pricing subject.
As an agent, tell the client this: “I see you’re searching between $250,000 and $300,000. Would it be okay if I tweaked this range to $249,000, since a lot of agents still love the number nine, and I don’t want you to miss out on a deal.”
This shows the client you have their interest in mind and that you’re an expert in the field, since you know how people list homes for sale. It may be minor, but details matter when distinguishing yourself from the competition.
Another added point you’ll want to make is this: “I know the top of your budget is $300,000, but if I spot the perfect home at $315,000, can I send that over to you? Again, I don’t want you to miss out on the right house, and that would probably only add a few bucks to your mortgage payment. What do you think?”
Add on a story to your conversation too! Give them examples of how you’ve helped others find the right home within (and a little outside) of their budget. It shows you’re looking out for them.
“M” is for Motivation
A lot of agents start off with “What’s motivating you to move and buy right now?” But Doug Edrington likes to dig deeper, so he can better match the right properties to his clients. We all know people will give you a surface answer and then decide something entirely different. This is an opportunity to grab at the subconscious and make sure the client’s actions line up with their thoughts.
Ask: “What will this move do for you and your family when we find the perfect home?” Having the client focus on the results rather than the reasons, gives you a better perspective for helping them. Because, at the end of the day, the house is the result you need to show them.
“A” is for Agent
There are two questions to ask here. First ask, “How have you been searching for homes?” Usually, a lead’s response will tell you if they’re using another agent.
If it’s the worst-case scenario, and another agent has already contacted them, then ask this second question: “Should I send any deals to that agent or directly to you?”
Nine times out of ten, the lead is going to say, “Send the deals to me.” This offers you an opportunity to show how you identify homes and match them clients, such as them. If you use BoomTown, it’s made extremely easy by using the Hot Sheet and Opportunity Wall within our real estate CRM.
You can also explain how not every home appears on the MLS market right away, and sometimes you’re privy to hot deals that you might want them see first. Again, this puts you as a valuable tool for the client, and the conversation is not about “you” but instead about you can help them.
“M” is for Mortgage
Just because LPMAMA is spelled with the corresponding letters, doesn’t mean you have to put this talking point near the end. It’s often a good time to talk about mortgages when you talk about price. And this is an opportunity to shine as an expert, and not just a “door opener” as many buyers think.
When referring a mortgage lender, brag about them like they’re a celebrity. Offer up stories and show how they can be a value add. This is also the time to dive into any mortgage questions, and explain the process a bit. Overwhelm them with your knowledge, and then listen. That last part is key. Listen to their concerns. To their questions. Make them feel comfortable and build their confidence. This leads to action, and action leads to trans-action.
“A” is for Appointment
Get them to commit by creating a sense of urgency. Don’t leave this open-ended for them. Let them know how the market is doing, what the competition is like for buying/selling a house. And tell them deals are available now, so it’s important to get started now.
This is often the moment where you’ll see a lot of objections. We have a guide on handling objections. You can view it here. They key is to listen, agree with their statement, offer a solution, and then give them a timeframe to meet and discuss.
“S” is for Source
This is an added letter to LPMAMA for Doug Edrington’s brokerage. For a business owner, and as an agent, you should always be tracking where leads are coming from, so you know where to invest.
In the initial conversation with leads, ask them how they found you. If they were referred, go the extra mile and find the person who referred the lead on social media. Then take time to thank them publicly. Show their network and the lead your gratitude, as it makes people feel better about their referral. More may come!
I hope you got some handy tips and tricks from our blog post, and special credit to Doug Edrington. If you have any further questions on better winning real estate leads with the LPMAMA structure, give us a shoutout on Facebook or Instagram! Until then, happy prospecting!
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