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Real Estate Fight Club

25
May 2022

WWYD: When Is Commission Negotiable Between A Listing Broker And A Selling Broker, And When Is It Not?- EP 67

This is a special series of The Realtor Fight Club Podcast where we talk about situations that are potential ethics and professional standards violations. What Would You Do in these situations? All cases mentioned and the code of ethics can be found at www.JenniferMurtland.com/Vault 

Resources: 

Thank You To Our Incredible Sponsor Partners (Get Great Discounts with these links)

Coach John Kitchens - Go To trial.coachcode.com and put Coach Code sponsor FightClub

Ghostpostr - https://www.ghostpostr.com/ (Get Facebook daily posts for FREE!)

 

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Pipeline Pro Tools - https://pipelineprotools.com/fightclub/

23
May 2022

Should Verbal Offers Be Considered In Real Estate?- EP 139

On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going to duke out over whether or not verbal offers should count. Today's tiebreaker, Anna Maria, will contribute to the question. Jenn and Anna will be talking about the system they have in Panama and how deals are made there as well. Tune in now.

 

Episode Highlights:

  • According to Jenn, not considering verbal offers makes sense because people will say a lot of different things; However, there have been instances where the buyer and seller agree, write it up and then in writing it changes.
  • When working with a large investor, it is often necessary to communicate vocally or by text first. According to Jenn, it is done a lot vocally in other nations.
  • Monica believes it should not be counted and it would be a huge mistake. If the selling agent has bidders and they offer you $500,000 cash with no inspections, it's not the same by the time she gets to the paper.
  • The phrase that comes into play in the verbal discussions is honor your word. We all know because we have been in the business long enough unfortunately that just doesn't work the way you think it should.
  • If you are the buyer's agent and it's something that the seller said they are going to get fixed, it's your responsibility to get that in writing. Jenn adds that it is not the listing agent's responsibility.
  • There is a reason we have a hard line, says Monica, and that is why we all use accepted contracts. It's because you have to draw a line in the sand somewhere that we all can agree on. It is a little bit more concrete than a verbal discussion, but it still falls short of all of the rest of the legal contract. 
  • If you have got the verbal agreement and you are just buttoning the thing up but there was one change that needed to be made, that leaves the contract open.
  • Overstepping bounds as an agent runs rampant in our industry, says Jenn. Where they just understood the conversation in some way and it wasn't accurate. People also change their minds all the time.
  • In Panama, while there is a push for people to be licensed real estate agents, many people are still not licensed. There could be multiple people representing the property and the property could be advertised at different prices.
  • The tiebreaker for this episode, Anna says, “Here is no contract or anything. It is insane here in Panama. They are trying to standardize everything and try to emulate the states to have a little more accountability.”
  • In Panama, last year, October 2021, they just changed some laws that are very beneficial for people worldwide to come to live there. They  depend on foreign direct investment, so the country is trying to push visas for people to come here. 
  • In the US specifically, there are different countries with different sets of requirements. You can invest in Panama for $200,000. You have to invest in cash, not in a mortgaged property. 
  • They are very good investments in Panama. You can buy on the beach, you can buy in the mountains, you can buy in the city. There are plenty of options here in Panama, and you can get your visa. We have tax friendly policies, says Anna.

3 Key Points:

  1. Monica talks about the things that happen when sometimes by accident your clients get to interact with the sellers for someone.
  2. Tiebreaker Anna says that in Panama, they don't accept verbal offers. They send a form. A company has their own form; It is a private organization and they have specific forms that you can use. 
  3. Anna shares some good tips for people who want to buy an investment property outside of the United States in Panama.

Tweetable Quotes:

  • "While we agree, until it's fully signed, there is actually no agreement. But you could do all this stuff ahead of time." – Jenn
  • "You have to be careful of saying any guarantee because you cannot guarantee it." – Jenn
  • "We are trying to push the system the same as the US has. To give one property to one realtor, I think their possibilities would be better off in different baskets." - Anna
  • "We can have $100,000 in the stock market, or you can buy a property which is the smartest thing to do. Since you buy the property, you can use it as an investment." – Anna
  • "A lot of people are moving out of the United States. They are moving to Puerto Rico for the tax, which is considered as a territory, but then a lot of people are looking at Panama too as a tax shelter." - Jenn

 

Resources Mentioned:

  • What's App # - 507-66-17-3034
  • avillanueva@padecorealty.com

Thank You To Our Incredible Sponsor Partners (Get Great Discounts with these links)

Coach John Kitchens - Go To trial.coachcode.com and put Coach Code sponsor FightClub

Ghostpostr - https://www.ghostpostr.com/ (Get It For FREE!)

 

Cyberbacker - https://cyberbacker.com/ (Get a FREE gift by simply saying you heard it on Real Estate Fight Club)

Pipeline Pro Tools - https://pipelineprotools.com/fightclub/  

18
May 2022

WWYD: Making A Guarantee In Your Marketing, Could Be A Liability.- EP 66

WWYD (What Would You Do?) is a special series of The Realtor Fight Club Podcast where we talk about situations that are potential ethics and professional standards violations. What Would You Do in these situations? All cases mentioned and the code of ethics can be found at www.JenniferMurtland.com/Vault 

Resources: 

 

Thank You To Our Incredible Sponsor Partners (Get Great Discounts with these links)

Coach John Kitchens - Go To trial.coachcode.com and put Coach Code sponsor FightClub

Ghostpostr - https://www.ghostpostr.com/ (Get Ghostpostr For FREE!)

 

Cyberbacker - https://cyberbacker.com/ (Get a FREE gift simply by saying you heard it on Real Estate Fight Club)

 

Pipeline Pro Tools - https://pipelineprotools.com/fightclub/

16
May 2022

Should Vacations Be Mandatory For Real Estate Agents?- EP 138

On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going to duke out over should the NAR, the National Association of Realtors, make vacations mandatory? What if they mandated that real estate agents take a phone off vacation once every two years where you didn't answer your phone? Tune in for all of the details!

Episode Highlights:

  • Jenn thinks that many real estate agents do not run their business like a business and  there is a notion that real estate agents work 24/7 which is not true.  
  • Brokerages are regarded like employee-employer relationships at some point, but that's the typical brokerage, and that's how it's always been, says Monica.
  • There is an overwork burnout from the  24/7 on call that is portrayed like a badge of honor, but it is not a badge. Monica says individuals are ashamed by their inability to set standards in their business.
  • You don’t need to set up anything just because you want to return calls at two to three, nobody else needs to know that. You just need to return the calls at two to three.
  • If Monica has a deal, she is available to her clients 24 hours a day, seven days a week- whatever you want to call it; But if she is going to get a call and it is not an emergency, and the client texts her after 7:00 p.m. Monica says she'll get back to the client the following day.
  • The majority of our clientele are employed. Their shift finishes about 6 p.m., and it's fine for them to connect with you as long as you return it on time. You are not required to inform them, says Jenn.
  • Once a quarter you should do something, whether it's going on vacation or whatever it may be, you should do something and during that time that you do not attend calls, you need to give somebody else your phone.
  • Every Sunday, look at your week and decide when you will not be working for the next seven days, then mark it on your calendar. Take the day off if you are not planning to work on Saturday.
  • You don't have to tell somebody you are a good person. You just do it. You just have to be good. You don't tell somebody you're a realtor. You just need to demonstrate you are a realtor.
  • It's an interesting relationship that we have as realtors with our broker that we have with the MLS, and we have with the NAR, says Jenn.
  • By not taking a vacation, you are doing a disservice to your client. You are going to make a lot of mistakes. It's not worth it. 
  • Jenn and Jim O’Neil, the tiebreaker of today, discuss what the role of NAR in the real-estate business is? 
  • Jim volunteered at the Akron-Cleveland Association of Realtors on the Young Professionals Committee for a couple of years. Unfortunately, he doesn’t think the average agent has any clue what the associations do.
  • Everyone believes they can accomplish the realtor work until they are completely reliant on it for revenue. Because it is exceedingly challenging, 85 percent of people will be out of business in three years. It's more difficult than it appears.

 

3 Key Points:

  1. Are you the type of agent that somebody has to tell you to take a break, or somebody has to tell you to go on vacation? And when you are on vacation, you are still working, and you are ignoring your family?
  2. Look at your calendar: Put your vacations first, personal time, family time, vacation time, then work around it; It should be the priority.
  3. Jim O’Neil discusses how realtors may overcome the stigma of working around the clock.

Resources Mentioned:

 

 

Thank You To Our Incredible Sponsor Partners (Get Great Discounts with these links)

Coach John Kitchens - Go To trial.coachcode.com and put Coach Code sponsor FightClub

Ghostpostr - https://www.ghostpostr.com/ (Get It For FREE!)

Cyberbacker - https://cyberbacker.com/ (Get a FREE gift by simply saying you heard it on Real Estate Fight Club)

Pipeline Pro Tools - https://pipelineprotools.com/fightclub/  

11
May 2022

WWYD: What’s The Risk When Asking For Highest And Best?- Ep 65

WWYD (What Would You Do?) is a special series of The Realtor Fight Club Podcast where we talk about situations that are potential ethics and professional standards violations. What Would You Do in these situations? All cases mentioned and the code of ethics can be found at www.JenniferMurtland.com/Vault 

 

 

Resources: 

 

Thank You To Our Incredible Sponsor Partners (Get Great Discounts with these links)

Coach John Kitchens - Go To trial.coachcode.com and put Coach Code sponsor FightClub

Ghostpostr - https://www.ghostpostr.com/ (Get Ghostpostr For FREE!)

 

Cyberbacker - https://cyberbacker.com/ (Get a FREE gift simply by saying you heard it on Real Estate Fight Club)

 

Pipeline Pro Tools - https://pipelineprotools.com/fightclub/

 

9
May 2022

Buyers Remorse Now What? - EP 137

Buyers Remorse, Now What?  EP 137

 

On this episode of the Real Estate Fight Club podcast, Jenn and Monica are going to duke it out over what to do if clients have Buyer’s remorse. Monica thinks it is a good idea that an agent talks to the buyers ahead of time about what is likely to happen, so when it happens, they can say, remember we talked about this. As an agent, you have to go back to the client’s motivation. Jenn has seen so many agents get in their own way, but it is your job to know and take the client back to their motivation. 

Episode Highlights

  • Buyer’s remorse occurs because buyers have made big decisions so quickly says Monica.
  • Often today, you have overlapping appointments and there are other people in the house, in 30 minutes you can’t see everything and often clients feel overwhelmed. As per Jenn this begins before you show houses. This is during the buyer consultation and when you sign the buyer agreement where they have asked you and committed to you working for them, they have agreed to that.
  • Monica thinks as an agent you take the first barrier down because if they are trying to tell you, they want out, and you are pushing back on that, you are going to create a sense of resistance. So the first thing she says is - We can get 100% out of this contract. No problem. You have to let them know you are good with that, which lowers their resistance.
  • Monica had a client she worked with for probably two years. She freaked out and Monica woke up on a Saturday morning to a dissertation in an email that was her trying to do a comparative analysis through the auditor site.
  • It’s very hard to detach yourself and help somebody else when that person is maybe 50% of your income.
  • When it comes to buyer’s remorse Monica is going to just offer up listening, because when you truly listen, you can guide the conversation towards what is best for your client, and take the emotion out of the decision. 
  • In her 20 year career, nobody has called Monica with regret after the sale. 
  • Monica did have somebody back out in the last month of a contract due to freaking out and they gave up their earnest money, and as an agent she had to guide the buyers through the potential consequences. 
  • As an agent no matter how much you prepare yourself for buyer’s remorse, you are always going to have it. It’s devastating, says Peter.
  • One of the things that Peter likes talking about is what they are going to feel, what it is going to look like and what are the early signs of potential remorse?
  • Peter always likes to have the spouses or whoever is going to be involved in the buying process together all at the same time because they are going to also hold each other accountable.
  • Nine out of 10 times Peter does a buyer agency agreement . He looks at the buyer agency agreement as a way to protect his income, but also another micro commitment in the process from whoever you are working with to make sure that they are allocating the time that is required and they have a buy-in from the other side.
  • If you are regretting putting in an offer in this house, I need to know why. Let’s go back to why you started looking in the first place. If we we’re blessed as a buyer in this market to get a property that was accepted and we do not want to go through this emotional rollercoaster of frustration, says Peter.
  • For most agents, they’re doing 5 or 10 deals a year. So if you’re only doing 5 deals a year, this client represents 20% of your annual income. It’s very difficult not to be emotionally attached to that. So what can you offer by way of getting people over the hurdle and moving ahead by pushing through and asking great questions?
  • There is never a shortage of clients. It just comes to your mindset and whether you have a scar. So your mindset can move to an abundance mindset, and you can go out and get business tomorrow. The question is, will you put in the work and take the action that’s required to do it? 

 

3 Key Points

  1. Tiebreaker Peter Michael Blicharz, will also be contributing to the topic by telling us how he deals with buyer’s remorse and what an agent can do when buyer’s remorse happens.
  2. Monica shares her viewpoints on - what would she do if a client closed on a house and had buyer’s remorse? 
  3. If you are working with somebody, understand if the individual is more logical? Or are they more emotional? And which side do you need to appeal to more? That way you are able to help them through the process.

 

Tweetable Quotes

  • “You have to be on the same side of the table with your client and know your client. You have to know them well enough to know what will help them.” – Jenn
  • “When you said you have to know your client, I knew she was just in analytic freak out mode.” – Monica
  • “If it’s between you and your client, you’re gonna choose you.” – Jenn
  • “We say you are in a contract. You should call your attorney. When they call their attorney, their attorneys are like this is dumb you  are in a contract. And then I let the attorney do the thing.” – Jenn
  • “If they have to take less money, if they lose their deposit on their new house, like you are opening yourself up because, you are in a contract right now. We shortened it.” – Jenn
  • “Hold the other person accountable and let them know that they’re not going to be in it alone.” – Peter 

Resources Mentioned:

 

Thank You To Our Incredible Sponsor Partners (Get Great Discounts with these links)

 

Coach John Kitchens - Go To trial.coachcode.com and put Coach Code sponsor FightClub

Ghostpostr - https://www.ghostpostr.com/ (Get It For FREE!) 

Cyberbacker - https://cyberbacker.com/ (Get a FREE gift by simply saying you heard it on Real Estate Fight Club)

Pipeline Pro Tools - https://pipelineprotools.com/fightclub/

4
May 2022

WWYD: This Episode About Fidelity To Your Clients Interest Has Rachel And Jennifer Fighting.- Ep 64

This is a special series of The Realtor Fight Club Podcast where we talk about situations that are potential ethics and professional standards violations. What Would You Do in these situations? All cases mentioned and the code of ethics can be found at www.JenniferMurtland.com/Vault 

 

Resources: 

Thank You To Our Incredible Sponsor Partners (Get Great Discounts with these links)

Coach John Kitchens - Go To trial.coachcode.com and put Coach Code sponsor FightClub

Ghostpostr - https://www.ghostpostr.com/ (Get Facebook daily posts for FREE!)

 

Cyberbacker - https://cyberbacker.com/ (Get a special gift simply by saying you heard it on Real Estate Fight Club)

Pipeline Pro Tools - https://pipelineprotools.com/fightclub/

2
May 2022

Should You Increase List Price After You Go Under Contract?- EP 136

On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going to talk about whether you should increase the list price to reflect the offer after you go under the contract. When you use the statistics, for a new listing for information as an agent, hopefully you do look at the property history of other comps that you are using, but some agents might not think of that, and they might not do that. So, then you are kind of skewing the information that has to do with how much you were asking over? Tune in now.

 

Episode Highlights:

  • Jenn says that in the beginning we didn't really know the appraisal process. But the part of the process is answering the question - what is the list price? 
  • As per Monica it can be expressed in a different way other than going back and falsifying the list price because that wasn't the list price. 
  • Monica thinks it is her job as the listing agent to say - hey we had multiple offers around this price, and one was higher, and we just didn't accept it because of something. But the agent needs to know what the demand on the product is, which is helpful.
  • Jenn wants to talk about what is the package that you give an appraiser? Jenn’s process came from when she started her career. She was a wholesaler and they processed short sales and part of the thing about processing short sales is most of these people had to fill out a form and it was checking boxes. Their goal was to give them what they needed.
  • If six buyers wanted to pay the price but it's totally not justified from the comparable and maybe even not completely justified with the trends, then it kind of doesn't matter.
  • Before Jenn was a licensed agent, she was an ambassador. They did the short sales and at the bank they would send out a BPO agent, which was usually a licensed real estate agent. They paid him 50 bucks or 100 bucks to go and evaluate the property.
  • If you approach in the right way, they appreciate you by saying - hey, I know you have got your process. I just thought this might help. I thought you might be interested in this information. And not Hey, here is how to do your job. I have to be really careful.
  • Jenn explains how they use showing time and a lot of times they are setting it up for agents to view it with their clients, they can use the app. But for the appraisal, they turn it off, so they have to call Jenn.
  • An inspection agent goes to the client but not for the purpose of sitting around the house. The agent goes an hour before and maybe an hour in and knocks the neighborhood and says, hey, - I brought the buyer to this house. I just wanted to let you know, there will be a strange car in the driveway. I just wanted to let you know what was going on. There is an inspection today. “
  • The appraiser is going to see the property history and they are going to go in there and see that you have changed the price of the property on the same day they were on the contract, says Madeline.
  • The market changes and as the market goes up and if one thing on their form is what is the list price, and it matches the offer then wouldn't that be a good thing?
  • From Madeline’s point of view one thing is who is going to tell that appraiser if it is ethical or correct or anything?

3 Key Points:

  1. Monica and Jenn share their views on - what is their role as a listing agent to provide information to the appraiser that helps the cause without wanting to influence the cause?
  2. Some appraisers, while they appraise, value is obviously different from the market value, it does help them evaluate the house if they know that six buyers also wanted to pay this price, they can justify that, says Monica.
  3. Tiebreaker, Madeline Jones explains why you should not increase the list price to reflect the offer after you go under the contract.

 

Resources Mentioned:

 

Thank You To Our Incredible Sponsor Partners (Get Great Discounts with these links)

Coach John Kitchens - Go To trial.coachcode.com and put Coach Code sponsor FightClub

Ghostpostr - https://www.ghostpostr.com/ (Get It For FREE!)

Cyberbacker - https://cyberbacker.com/ (Get a FREE gift by simply saying you heard it on Real Estate Fight Club)

Pipeline Pro Tools - https://pipelineprotools.com/fightclub/  

27
Apr 2022

WWYD: Is Canceling And Relisting Your Listing A Potential Ethics Violation? -EP 63

This is a special series of The Realtor Fight Club Podcast where we talk about situations that are potential ethics and professional standards violations. What Would You Do in these situations? All cases mentioned and the code of ethics can be found at www.JenniferMurtland.com/Vault 

Resources: 

Thank You To Our Incredible Sponsor Partners (Get Great Discounts with these links)

Coach John Kitchens - Go To trial.coachcode.com and put Coach Code sponsor FightClub

Ghostpostr - https://www.ghostpostr.com/ (Get Facebook daily posts for FREE!)

Cyberbacker - https://cyberbacker.com/ (Get a special gift simply by saying you heard it on Real Estate Fight Club)

Pipeline Pro Tools - https://pipelineprotools.com/fightclub/

 

 

25
Apr 2022

Should You Focus On Unit Count or Increasing Your Average Sale Price, In Order To Grow Your Real Estate Business? - EP 135

On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going to duke it out over this question: “Is it better to worry about increasing your sale price, or is it better to increase your unit count?” Tune in for all of the opinions and things to think about!

 

Episode Highlights:

  • When you do a lot of units, you can develop a process, develop your system, and become more efficient. When you do fewer units, you are just reinventing the wheel all the time. It also goes down to whether you are the type of person who likes instant gratification.
  • Once you get up to ~35 to 40 deals, it’s almost easier to do something like ~65 or 70. And then once you get to 80, it’s just easier to do over 100.
  • As per Jenn the unit count goes up until you get to some point at which you have too much and then there could be diminishing returns.
  • If you are starting up your business, you need to do deals because unit count matters the most in the beginning. You can be somebody who sells a million-dollar house, or you can be somebody else that sells four houses for a million.
  • In coaching, when you are creating clarity around your goal, the first thing we are talking about is how many deals you want to do because this business will fund your life.
  • If you are ramping up and running a business, unit count matters to get your processes in place in the fastest way, and the easiest way to get your process in place is to do a lot of units.
  • We have Javon Martin from the J Martin Real Estate Group out of eXp in Houston, TX, for the tiebreaker.
  • Jenn can understand from people’s point of view that if you want to make more money, you will get paid more when you increase your sales price, but it is still the unit count. 
  • How do you get better quality and provide better quality?

 

3 Key Points:

  1. Unit counts mean nothing to Monica as a business because her efficiency comes from profitability. If you could make the same amount of money and do 20 deals versus 60 deals, she would do 20 deals.
  2. Focusing on the money doesn’t always mean that the units will come.
  3. To increase your business, it is better to increase your unit count. Jenn always tells real estate people to chase the unit counts.

 

Resources Mentioned:

 

Thank You To Our Incredible Sponsor Partners (Get Great Discounts with these links)

Coach John Kitchens - Go To trial.coachcode.com and put Coach Code sponsor FightClub

Ghostpostr - https://www.ghostpostr.com/ (Get It For FREE!)

 

Cyberbacker - https://cyberbacker.com/ (Get a FREE gift by simply saying you heard it on Real Estate Fight Club)

Pipeline Pro Tools - https://pipelineprotools.com/fightclub/ 

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