You've probably heard the word "LPMAMA" before as a real estate agent. If you're unfamiliar with LPMAMA, it's a phone script that you can use to qualify buyer leads.
Use the script to start a conversation with a prospect and learn more about their predicament.
For Whom Is LPMAMA Intended?
LPMAMA works best with online leads, but it may be used with any type of lead. It takes a lot of effort to get a potential client on the phone, so be sure the people you chat with are worth your time.
This will ensure that you are not wasting your time and are just focusing your efforts on leads that are serious about purchasing a home.
LPMAMA should be employed once you've gotten a potential lead on the phone, and the script's purpose is to set up a face-to-face meeting. When you meet with a lead in person, your odds of them converting skyrocket.
What Is LPMAMA And How Do I Use It?
LPMAMA isn't simply for obtaining information. Instead, concentrate on the lead and how you can best meet their requirements. To that aim, ask questions that feel less like interrogation and more like genuine interest in learning more about them.
Your inquiries should go beyond simply determining "what." Rather, you should try to figure out "why," or the rationale for the protagonist's actions.
When you're asking about their location, for example, don't be scared to inquire about their lifestyle. "How far do you want to commute each day?" instead of "Where would you prefer to live?"
Remember that LPMAMA is a two-way communication. You're attempting to initiate a conversation with the protagonist. This will help you establish rapport, which will lead to them trusting you and agreeing to cooperate with you.
Begin the conversation by inquiring about the lead's preferred location for their new house.
If the lead indicates they want to move to San Antonio, for example, inquire about the neighborhood they want to live in. Do they want to live in a peaceful suburb or in the heart of the city?
If they're still unsure, ask them which areas they don't want to live in. Most consumers have a good idea of what they don't want, so asking the question in this way will help you limit down some possibilities to present to them later.
Other questions to ask about the place include:
- The address of the house you called is in the __ neighborhood. Is that the only region you're interested in purchasing in?
- What features of the homes you've lived in have piqued your interest?
- What are some of your favorite and least favorite aspects of your current residence?
- Do you have any experience with this area?
- Are you relocating to be closer to your workplace? What is the maximum distance you wish to commute each day?
- Do you have any children? If that's the case, are you trying to get into a specific school district?
- Would you consider other properties in the neighborhood in addition to this one?
- I see you were looking for a home in the ___ neighborhood. Are you also interested in other topics?
When discussing location, it's natural to move on to the budget your lead is working with. Consider using phrases like "invest" and "budget" instead of "cost" or "price."
Check to see if there is any spare cash in their budget. If their budget is $200,000, for example, ask them if it's okay if you show them homes priced at $215,000. Tell them you don't want them to miss out on any fantastic homes, and that it will only cost them a few dollars more per month on their mortgage.
Furthermore, this is an excellent opportunity to see if they have already been pre-approved. This will distinguish serious purchasers from those who are still looking around.
You can inquire about price in a variety of methods, including:
- Which budget do you feel most at ease with?
- What is your new home's budget?
- How much do you want to put into your new home?
- The house you mentioned is for sale for $ . Is that the amount you want to put down?
- I see you're looking at a house with a price tag of $ . Is that the amount for which you have been pre-approved?
- Do you have a monthly payment that you'd like to stick to?
Motivation is the next section of the LPMAMA script. However, your price discussion may inevitably lead to a discussion of mortgages (the second M in the acronym). If this occurs, don't feel obligated to move the conversation in a different direction just to stick to the script.
The purpose of determining the lead's motive is to determine why they are moving and when they intend to move. Ask questions that get the lead to focus on the outcomes rather than the reasons.
Knowing the lead's timeline can help you as a real estate agent figure out what needs to be done in order for the lead to receive their home in the time frame they want. If the lead isn't aware with the buying process, you can clarify what deadlines they'll need to meet and how soon they should start in order to stay on schedule.
You could ask the following questions:
- What has piqued your interest in new houses today?
- What is it that has brought you to this city?
- Do you live in a home that you own or one that you rent? (Depending on their response, inquire further about their rental arrangement or whether they plan to sell their existing home.) When would you prefer to move into your new place? What is your deadline?
- How long have you been looking for a place to live?
- Have you come across any residences that you particularly like? If that's the case, what deterred you from purchasing it?
- Do you intend to relocate within the next three to six months?
Finding out if the lead is already working with another real estate agent, and if so, whether they are committed to a contract with that other agency, is referred to as "agent."
A buyer may be receiving multiple listings from an agency, but they haven't committed to signing a contract with them yet. Alternatively, they may claim that they are already working with another agent in order to prevent unwanted contact.
You might try to find out if they have a contract with another agent by asking a few questions. If they don't, you can begin explaining how you can supply the lead with distinct value.
If the lead is working with another agent but hasn't signed a contract, ask if you should forward any deals you locate to the agent or to them directly. Typically, the lead will request that the deals be forwarded to them directly.
Furthermore, you can explain to them that not every home will appear on the MLS right immediately, so you may be aware of incredible offers in the region before other brokers, and you want to make sure they get first access to them.
This establishes you as a useful resource who can assist the client in meeting their objectives. Tell them you'll do everything you can to assist them in finding the perfect property at the best price, and that you'll be there to help them every step of the way.
You could ask the following questions:
- How long have you been on the lookout for a new place to live?
- How many houses have you toured inside?
- When it comes to looking at houses, what strategy do you prefer? Do you go to open homes or do your research on the internet?
- Is a real estate agent assisting you? Have you already signed an agreement with them?
- Are you 100% committed to this agency, or are you willing to shop around for the best deal?
- Should I send any business to that agent or to you directly?
- Do you currently have a long-term relationship with an agent?
While discussing money might be awkward, it is an important aspect of qualifying any prospect.
Determine whether the lead has been pre-approved and where they are in their quest. Some purchasers are still on the hunt and have yet to speak with a bank or lender. If this is the case, these buyers aren't ready to sign a contract just yet.
Before you devote too much time on the lead, make sure they're doing what they need to do on their end.
Inquire about the amount of a down payment they can make. Offer to put them in touch with your favorite lender if they're serious about making a down payment.
Furthermore, especially if this is a first-time homebuyer, this is a perfect opportunity to exhibit your understanding and competence of the buying process.
You could ask the following questions:
- How do you intend to finance your home? (Money, funding, and so on.)
- How much money do you have on hand to put down as a deposit?
- Have you spoken to someone about the best financing alternatives for your circumstances?
- Will you be paying cash or will you take out a loan?
- Have you previously been accepted for a mortgage?
- Have you had a mortgage lender pre-qualify you or approve your credit?
- Is there anyone who has taken the time to speak with you about financing?
LPMAMA's ultimate purpose is to make an appointment. When you meet with a lead in person or via video call, the chances of them signing a contract with you increase dramatically.
Tell the leader that you'll gain a better understanding of their predicament if you meet with them. Give them a tangible list of homes from the MLS that are terrific deals you believe they'd enjoy as an incentive.
Set up a follow-up plan with the lead if they aren't ready for an appointment yet, and stay in touch with them until they are.
Make the potential client feel a feeling of urgency. Tell them about the market's competition and how people are buying properties quickly, so they should get started as soon as feasible.
You can request an appointment in a variety of methods, including:
- Based on what we've spoken about today, I recommend we meet at _ to go over the home-buying process and schedule a time to look at houses.
- Does that make sense?
- Is this the best phone number to reach you at so we can schedule a meeting?
- Could you give me a decent phone number where I can reach you so that I can better serve you?
- Is it better for you to sit down together on weekdays or weekends? When is the best time for you to work?
Final Thoughts On The LPMAMA Buyers Agent Script
The LPMAMA Buyers Agent Script is popular among real estate agents since it assists them in separating serious buyers from those who aren't quite ready. Use LPMAMA as a guide for your conversation, with the aim of giving value to the lead at the forefront. You can convert any buyer lead into a client in no time with the LPMAMA script!