What are the 5 most important real estate role-play scenarios?
The old saying tells us, “Practice makes perfect.” But I don’t totally subscribe to that idea. The way I see it, another word is necessary to make it 100% accurate – “Perfect practice makes perfect.” This is, the only way to achieve perfection is to be practicing the right things.
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But often in business, the only way to get the kind of practice that enhances your real estate skills is through repeated failure when it counts. Luckily, that’s not the case in our business – if you’re running the right real estate role-play scenarios.
The problem here is that too many agents are reluctant to actually take the time and humble themselves enough to role-play. This is a real estate training exercise that will allow you to skip past the rejection when money is on the line.
But where do you start? That’s what I’m going to help you within this blog. I’m going to show you exactly what you need to get started with role-playing and then give you the five most important real estate sales role-play scenarios for you to be prepared in the moments that matter.
Ready to jump right into them? Let’s go!
The Rules of Real Estate Role Play Scenarios and More
There are only three things you need to begin role-playing:
- A script, role play is nothing without one
- A partner
- And a schedule
Phil M. Jones always says that the worst possible time to think about what you’re going to say is in the moment you have to say it. And if you have the opportunity to choose your words, you might as well choose words that work. By having proven effective scripts, role play is going to give you the confidence you need to break the ice and handle any turns the conversation may take.
When it comes to picking a role-play partner, you need someone who is going to take this as seriously as you do and challenge you with some hardball objections. Don’t go easy on each other, and also make sure to change up your partner every now and then so you never get too comfortable and the conversation doesn’t stale.
And lastly, we’re talking about the word “practice” again. Practice isn’t something you can do just once or twice. It needs to be regular and scheduled. Once you get your group together, create a firm, non-negotiable schedule to get together for an hour of practice.
With the list of sales role-play scenarios I’m about to give you, try to get in at least one or two every week. If you role-play each of these five scenarios every month, you’ll quickly find your confidence – and your conversion rate – soaring.
Real Estate Role Play Scenario No. 1: Expired Listings
There are so many reasons for starting with expired listings because they are one of your:
- Greatest challenges
- Greatest opportunities
- Best ways to build your reputation
These are people who are already unlikely to trust you because they’ve been failed by an agent in the past. So, your job when prospecting expireds is to immediately differentiate yourself.
That’s what Rockstar Baltimore agent Tim Dominick does. Tim used expired listings to establish his reputation in his marketplace as the guy who sells properties that other agents can’t sell. You can get Tim’s expired listings script as well as his entire agent toolkit right here.
Real Estate Role Play Scenario No. 2: The Listing Presentation
Now let’s broaden the scope. Not every agent is going specifically for expireds, but EVERY agent needs to be going for listings right now, and the way you get them is with a killer presentation.
Remember earlier when I said that all you needed were your scripts, role-play partner, and schedule? Well, this is the exception where you’ll need one more thing, and this is why, in real estate, role-playing this scenario is so important – your presentation materials.
At our previous Success Summit, agents got the insane opportunity to witness Carolyn Young give her entire listing presentation in a real estate role play with Tom Toole and Emma Lefkowitz, and those two did NOT go easy on her.
But the reason Carolyn can hold up to even the toughest objections is because she has a custom presentation with over 70 slides which she walks every seller through, one by one. Carolyn gets her practice in, and that’s why her conversion rate is a whopping 95%. Check out an example of what a real estate role-play with Carolyn looks like.
Real Estate Role Play Scenario No. 3: LPMAMA(S)
Okay, so this one is technically more of a script than a scenario, but it’s important because it’s the perfect go-to for almost any scenario, particularly circle prospecting.
LPMAMA is one of the most well-known real estate scripts out there, but it gets a bad rep because a lot of agents don’t apply it very effectively (maybe because they haven’t been practicing?).
It stands for:
- Location
- Price
- Motivation
- Agent
- Mortgage
- Appointment
Now, you may have noticed in the header I included the optional “S.” This comes from conversion master and agent extraordinaire Doug Edrington. Doug has come up with a new interpretation of the old script which is more tactical and more effective in both qualifying and converting any lead you talk to.
You’ll want to practice this one until it is second nature.
Real Estate Role Play Scenario No. 4: Asking for Referrals / Reviews
Have you heard the saying, “Ask and ye shall receive”?
Everyone wants to receive but the problem for most agents is that they’re either not asking or they’re not asking in the right way at the right time.
For this real estate role play scenario, you want to get super specific about where you are and how the transaction has gone. On top of that, you also want to have already figured out the method by which you’re going to ask for reviews and referrals, such as:
- Will you use a QR code for reviews or email them a link?
- Are you asking to only receive referrals for people interested in moving, or anyone interested in an Annual Equity Review?
- Do you plan on offering gifts?
Conveniently, this previous blog contains five stellar scripts for getting referrals.
Real Estate Role Play Scenario No. 5: Commission is an Investment
One of the most popular objections real estate agents face is about their commission. Sometimes a seller will either refuse to work with you unless you agree to a reduced commission or they’ll insist that they can sell their home themselves.
After all, a home is the greatest asset that most people have in their lives, so why would they want to give a significant portion of that sale to someone who only helped facilitate the sale?
Because you’re worth it, and you better be able to prove that.
In the case of FSBO sellers, did you know that Bright did a study along the East Coast that showed that homes that sold through the MLS sold for an incredible 17% more than homes sold directly by the owner?
And if you want to know how you should use that information in your real estate role-play scenario, just watch this knockout role-play with me and Tom Toole.
Work the Plays
So, there you go! The five most important real estate role-play scenarios that are going to elevate your skills and numbers – but only if you practice them regularly.
And if you’re looking to really sharpen your way with words, you won’t want to miss my free webinar with Phil M. Jones next Wednesday where we’ll be covering expert strategies for converting clients and closing deals.
Sign up for the webinar here and until then be sure to get your practice in!
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