Firepoint/Realvolve's recent webinar guest was icon coach and real estate extraordinaire Bob Corcoran. Bob has more than 30 years of experience in the real estate industry. He experienced the savings and loans crisis in the mid-to-late 80s, the dotcom bust in 2000, and the crash of '08.
"Every time there's a crisis," Bob said, "every company wants to do a webinar with me because my clients always come out of a crisis way better than when we went into the crisis,. Because during all crises, we double down on lead follow-up and prospecting."
In one of Firepoint/Realvolve's best webinars to date, Bob shared three resources he provides and teaches to all of his clients:
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"And even though some markets are loosening up on the shelter-in-place orders, this is still relevant," remarked Firepoint/Realvolve president Gabe Cordova. "We don't know what's going to happen. We don't know if it'll keep getting better and better, or if there will be a second wave. So get this, and be prepared."
"Not only that," Bob replied, "but I think because of what we're going through right now, you're going to have a lot of companies out there saying, 'Why do I have a 20,000 square foot office when we work very effectively from home?' I think you're going to see a lot of companies really looking at that stay-at-home model for workers. So, this will have relevance for a while as we keep evolving our business world."
Amy Wienands, president/CEO of her real estate company in Waterloo, Iowa, developed this document to share her virtual open house SOP with other agents. Here's a peek at how Amy's team hosts virtual open houses:
"The weekend before Easter, Amy did 44 virtual open houses on a Sunday. One Sunday," said Bob. "So I'm talking to her the next morning, and from Sunday afternoon to Monday at 10:00 AM, she said the average number of views per virtual open was over 400. At 44 virtual opens, that's almost 17,000 views."
Even though Amy was successful on a Sunday, Bob said he'd be doing them seven days a week, at 4:00 PM. After years of measuring when the most online leads come in, he sees the most come in between 4:00 to 5:00 PM, Monday through Friday.
Bob developed this script and has been teaching it for years.
"I created this buyer conversion script because I got tired of people having to learn a ton of different scripts. So I said, let me come up with just one script, that one sheet of paper as you see on your screen right now. It's called LP MAMA, which stands for location, price, motivation, working with an agent, mortgage, and appointment."
"The beauty behind this is every question on here has been vetted. And this, I think, is what's grossly important for people to understand, that the thought and the research that went into these scripts, they were vetted by different therapists and psychologists to get us the answers we need."
"The thing is, people sometimes get call reluctance, and you get call reluctance because you're afraid you're going to get caught off guard. But if you master the LP MAMA script and make your conversational style the 'answer and ask' or 'acknowledge and ask,' you'll be set."
Here's what he means by answer and ask or acknowledge and ask:
"The number one complaint from buyers and sellers is, 'my agent didn't listen to me.' I was doing a call earlier today with a client and she goes, 'You know what I love when I'm talking with you, is you constantly are using my name.'
"And so if somebody asks you a question, always answer it and then ask a question. If they make a statement, acknowledge their statement and ask a question. My style of script-writing is very short and to-the-point because we want to make it a conversational type script."
Currently, during Covid, Bob's phone calls begin like this:
Realtor: Hey, the purpose of my call is first off, I want to check in how's your family doing in the current situation?
Client: We're doing well. We're all together, and that's new to us. But we're surviving and we have our health, so we're grateful.
Realtor: Oh, excellent, excellent. And how has this affected your job?
Client: So far so good, we've been able to work from home right now, but it's always on my mind.
Realtor: Oh, you're working from home? Well, you know what? I put together this document called the Shelter in Place guide. When we're done, I'll email that document over to you. It's filled with great ideas and tips on how to effectively work from home. What's the best email address to send that to?
***Notice how the Realtor didn't just ask, 'Can I have your email address?' Instead of making it sound like a sales push, he made it about the client, and offered something of value.***
Then they move into the traditional Structure of the Call script:
Realtor: Now, the other reason I called was I see you were online looking at homes. And I noticed that you primarily are looking on the west side, is that the only area you guys are looking to buy in?
Buyer: Yeah, we like the schools over there, so that's really, it's really pulled our attention to that area.
***Here's where the Realtor does his first 'acknowledge and answer.'***
Realtor: Oh, okay, and why are schools important to you?
Buyer: Education is everything. We've got two kids, and we want to make sure that they have every opportunity.
Realtor: Excellent. Now are we concerned about the junior high, the elementary school? What schools in particular?
Buyer: One of each; one in junior high and one in elementary. And we like that area because we also like the high school, so it's somewhere where we can really plant our roots probably for the next 10 years.
Realtor: Excellent. So we get the kids through elementary school all the way to graduating, and off to college, and then we can sell that house again and buy you another place. Right?
Buyer: That's the plan.
***See what he did right there? That realtor isn't just going after this sale. He's also going after the sale 10 years from now!***
This buyer conversion script has 6 steps, outlined as the acronym LP MAMA.
LP: Location (where do they want to live?) and Price (how much home can they afford?)
M: Motivation (figure out whether they own or rent, and how soon they can move in)
A: Agent (have they signed a buyer agency agreement with another agent?)
***At this point in the call, you must determine if they're an A, B, or C buyer. (A=looking to buy in the next 30 days, B=30 to 90 days, C=90+ days.) If they're an A or B, continue to the next points. If they're a C, Bob adds them to his Market Watch System (which is essentially the backend of Firepoint) so they can receive emails about properties that meet their criteria.
M: Mortgage (have they spoken with a lender yet?)
A: Appointment (schedule an appointment)
Bob and Gabe role-played this script beautifully during the webinar, and Bob provided tons of valuable commentary throughout the conversation. Be sure to check out the full webinar recording so you can hear it for yourself! It will change the way you feel about picking up the phone and making those calls.
You can also download the LP MAMA script, the Shelter in Place document, the Virtual Open House procedure, and more!
Sammy Harper is a content writer at Firepoint & Realvolve. Her nine years of digital marketing experience include SEO, email marketing, social media, and blogging. Fascinated by the real estate indust...Read More