Thrive Productivity Coaching

Imagine yourself at an open house. You’re holding it open on behalf of another agent, and they’ve agreed you can keep any leads you earn in the process. As you wait for potential clients to walk through the door, you know not everyone will be ready to sign an agreement with you right away. So how do you identify people who are ready to do business today and those who may need some extra attention before they’re ready to commit? That’s where LPMAMA has your back.

LPMAMA: Identify Your Warm Leads

The LPMAMA conversation framework (said like LP-mama) helps identify warm, qualified leads—those who are ready, willing, and able to do business with you—by asking questions based around six topics:

Location

Price

Motivation

Agent

Mortgage

Appointment

Asking questions about these subjects can help you prioritize people who are ready to do business today and put nurtures on a follow-up plan so they’ll want to do business with you in the future. We’ll walk you through the LPMAMA framework so that you can set appointments with qualified buyers and learn their wants and needs.

Location

“Location, location, location!” We say it three times in a row because it’s that big of a deal. Location is one of the main things people consider when searching for a home. But sometimes the question, “Where do you want to live?” is too big. You may have to start by asking smaller scale questions like, “What type of neighborhood are you looking for?” or, “Does school district matter?” If a client still doesn’t know these answers, chances are they know what they don’t want. They don’t want a noisy highway nearby. They don’t want to live in the middle of nowhere. Sometimes, knowing what they don’t want is just as informative as knowing what they do.

Price

Even Warren Buffet once said the home he bought for $31,5000 in 1958 is third best investment he ever made (only behind his two wedding rings). But the Oracle of Omaha also warns that, “a house can be a nightmare if the buyer’s eyes are bigger than his wallet.” As your client’s fiduciary, your job begins with knowing their budget so you can find a house that fits their financial circumstances.

Motivation

Motivation is really a combination of two words: “motive” and “action.” So, it makes sense that the Oxford Dictionary defines motivation as “the reason or reasons one has for acting.” Essentially, motivation is a reason to move. And for real estate agents, “move” can be taken literally as your clients relocate from one property to another.

Whether it’s to downsize, upsize, relocate, or invest in a first home, use the key words “why” and “when” to unlock the details of their circumstances. Understanding motivation and urgency will help you set expectations and create a plan of action.

Agent

Although this letter comes fourth in the acronym, you might want to address it first: Ask your potential client if they already have an agent. If they don’t have an agent, you can ask what they are looking for in an agent and discuss your value proposition.

If someone has already signed with an agent, you can ask to send listings to their agent that might be of interest. This will help another agent and keep you top-of-mind for any referrals or repeat business while protecting your time for qualified clients.

Mortgage

Finding out whether someone has been pre-approved or approved for a mortgage can help you identify who is truly ready to do business with you. People who’ve been pre-approved have already taken a legitimate step toward homeownership, which shows that they’re not only serious and willing but able to start their home buying adventure.

If a buyer has not been pre-approved for a mortgage but is serious about starting their home search, you can guide them in the right direction. Part of your value proposition is who you know. Getting them in touch with a lender is a good way to get them on track to an appointment.

Appointment

The second A and final letter in LP MAMA stands for appointment. Now that you’ve done your due diligence to qualify someone as a ready, willing, and able client, you can get to the real goal of this framework: Set an appointment that results in a signed representation agreement. If they are ready to go ahead and sign you as an agent without an appointment, that’s even better! If they seem unsure about signing with you or are hesitant about anything, let them know that you can go over any questions with them at an appointment. After all, appointments exist so that you can address any concerns they may have and set expectations for the transaction process.

If someone still isn’t ready for an appointment after you practice LPMAMA, that doesn’t mean they aren’t potential business. Add them to your database and sign them up to any follow-up or drip campaigns you have for potential clients. Staying top-of-mind is the best way to get business with people who can’t seem to commit in the moment. Either way, you’ve started a solid relationship with someone and gained a lot of insight into where they are at both personally and in their real estate journey.