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Real Estate Fight Club

31
Jan 2020

Episode 18: EXTRA ROUNDS - How Do You Provide Feedback to the Listing Agent?

In Episode 18 BONUS EPISODE, join us as real estate heavyweights have a chance to go into the extra rounds to discuss how to provide feedback to the listing agent.

If you are interested in becoming a featured heavyweight, please reach out to us through the Toe-2-Toe Podcast Facebook page.

Resources Mentioned:

29
Jan 2020

Episode 18: How Do You Provide Feedback to the Listing Agent?

In Episode 18 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over how to provide feedback to the listing agent after a showing. Hear why Monica feels it is  your professional duty to provide detailed feedback after a showing. Then hear why Jenn feels you should simply tell them your client is not interested unless you have already been in communication.

Episode Highlights: 

  • How do you provide feedback to the listing agent?
  • Monica believes that it is our job and our ethical duty to provide very detailed, very specific qualified feedback.
  • A showing is the single most important evidence that a seller has to make an adjustment or to see what's real about their house.
  • Lazy feedback or no feedback gives zero assistance to that agent and the seller.
  • Monica has been thanked for her detailed feedback.
  • You can be really honest with the seller because you have no skin in the game.
  • Monica thinks providing feedback is critical.
  • Jenn simply tells the listing agent her clients are not interested.
  • If an agent calls her, she is more than willing to be more specific about feedback.
  • Jenn feels that many agents don't read the comments.
  • She feels that communication between agents is broken because of the low barrier to entry in this industry.
  • Does it matter what someone doesn't like about a house?
  • Jenn wonders if maybe the questions should change.
  • The real question is what would prompt them to make an offer.
  • Jenn would absolutely answer if she and the other agent had been in communication.
  • Jenn is saying show her that she cares as a listing agent and she'll care too.
  • We can raise the standard of how we show up.
  • Jenn asks why she should care more than they do when it's their listing.
  • In the poll they sent out, agents said you should provide detailed feedback. 
  • But Jenn and Monica feel the agents are lying because many don't provide feedback in reality.
  • Jenn kind of likes the idea of providing verbatim feedback from buyers.
  • Monica reiterates that she feels it a professional duty to provide detailed feedback to listing agents.
  • Monica feels that it is her job to say to the sellers something they may not be able to hear from their own agent.
  • Jenn doesn’t think that all agents are professional.
  • Jenn suggests that if you're a listing agent that isn't getting through to your sellers, you can call the buyer's agent ahead of time and ask them to help you with feedback.
  • Jenn feels we should ask buyers tougher questions. Ask them what it would take for them to buy the house.

3 Key Points:

  1. Some agents see providing detailed feedback to listing agent as a professional duty.
  2. Unfortunately, many agents don’t read feedback, so other agents feel that providing very minimal feedback is fine and realistic.
  3. Providing detailed feedback can help the listing agent get through to their sellers when the home has issues that are largely being ignored.

Resources Mentioned:

24
Jan 2020

Episode 17: EXTRA ROUNDS - Do Holiday Decorations Hurt, or Help, the Sale of a Home?

In Episode 17 BONUS EPISODE, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if decorating for the holidays hurts, or helps, the sale of a home.

If you are interested in becoming a featured heavyweight, please reach out to us through the Toe-2-Toe Podcast Facebook page.

Resources Mentioned:

22
Jan 2020

Episode 17: Does Decorating for the Holidays Help or Hurt the Sale of Your Home?

In Episode 17 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether decorating your home for the holidays helps or hurts the sale of your home. Hear why Jenn feels you should keep your holiday decorations packed and out of the way. Then hear why Monica feels tasteful decorations can add warmth and coziness to a home. 

Episode Highlights: 

  • Does decorating for the holidays help or hurt the sale of your home?
  • Jenn doesn’t think you should decorate.
  • Holidays are fine. Jenn thinks there are too many holidays. The problem is if you decorate for the holidays and take pictures, then you have to retake them.
  • Monica acknowledges that one of the challenges is balancing selling your house with living how you would normally be living in the house.
  • You don't sell a house the way you live in a house.
  • Monica feels that decorating is OK if it is tastefully done.
  • Severely edit your holiday decor, just as you would severely edit your home outside of a holiday.
  • People tend to go wild on decorating for Christmas and that has to be edited.
  • Some people say decorating for the holidays makes a home more inviting.
  • Jenn feels that you do not need holiday decor to make a home inviting.
  • Monica suggests that tasteful holiday decor may help some buyers to imagine themselves living in the home.
  • Jenn says you’re moving anyway, keep it all packed and focus on selling the house.
  • The way to sell the house is to neutralize the home and make it homey but decorations are not included.
  • Holiday decor is more for you than for the buyer.
  • What if a seller has kids and tells you they must have a tree?
  • Jenn does not think your whole life should revolve around your kids.
  • In that situation, Monica would suggest putting the house on the market in January.
  • Agents surveyed said that they think holiday decorating adds warmth and joy. For the most part, tasteful decorations are good.
  • Monica reiterates that holiday decorations can actually help the buyer picture themselves inside the house. They can convey comfort and coziness.
  • Jenn reasserts that you should not decorate for the holidays when you are selling your home. 

3 Key Points:

  1. Decorating for the holidays when selling your home may not make sense. Some realtors feel that those decorations are more for you than for the buyer. 
  2. Decorating for the holidays may make your home feel more inviting and warm to certain buyers. 
  3. If you choose to decorate for the holidays while selling your home, do so minimally and tastefully. 

Resources Mentioned:

17
Jan 2020

Episode 16 EXTRA ROUNDS - Should You Attend Your Closings?

In Episode 16 BONUS EPISODE, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if you should attend your closings.

If you are interested in becoming a featured heavyweight, please reach out to us through the Toe-2-Toe Podcast Facebook page.

Resources Mentioned:

15
Jan 2020

Episode 16: Should You Attend Your Closings?

In Episode 16 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should attend your closings. Hear why Monica feels closings are an opportunity to connect with your clients at an emotional time. Then hear why Jenn doesn’t attend closings and her proposal for an alternative way to transfer the keys. Listen to learn why realtors across the country find this question so controversial. 

Episode Highlights: 

  • Do you attend your closings?
  • Monica attends her closings because she is a people person.
  • Closings present an opportunity to connect with your clients.
  • Monica does not pretend that she needs to be there. She likes interaction with her clients and looks for opportunities to get face-to-face.
  • Jenn says no to attending closings, though sometimes she attends.
  • In Ohio, it can be customary for there to be roundtable closings. Jenn feels that people need to stop doing that immediately because it's a waste of time and most people hate it.
  • Jenn would love to see a system where people close differently.
  • The closing is all about the loan and Jenn doesn't speak to their loan.
  • Jenn suggests the keys could stay on the property.
  • The key transfer at a roundtable meeting takes 20-30 minutes. It truly is an annoying, painful process.
  • Many agents in California do an escrow closing.
  • In several states, agents do not customarily attend closings.
  • Jenn argues that the sellers don’t want to stand there watching the buyers sign paperwork.
  • Jenn will connect with her clients before and after. They may celebrate later.
  • If Jenn represents the buyer, she throws them a housewarming party because she wants to know all of their friends.
  • Monica argues that relationships are strengthened in the presence of emotion.
  • Generally speaking the closing is a moment of relief, and in most cases happiness. Monica wants to be there in that moment.
  • If you don't have a follow-up system, don't go. There's no point.
  • We attract the people that are like us. Many of Jenn's clients are sellers and they are high Ds that just prefer to work.
  • Agents from around the country weighed in. There were 335 comments.
  • The far majority of people said they attend the closings where that is normal in their market.
  • Jenn agrees that if it is customary in your market that everyone attends, then you should go.
  • Monica reiterates that she attends closings to strengthen relationships.
  • Jenn emphasizes that the closing table could be eliminated and everyone could do their part separately. 
  • If you’ve done your job correctly, there shouldn’t be any problems at the closing table.
  • If you have a client that wants to read everything, make sure the title company sends them everything beforehand.

3 Key Points:

  1. Attending closings can be an opportunity to connect with your client at an emotional time in the transaction. 
  2. Attending closings may be inefficient and unnecessary for agents, especially on the listing side.
  3. You can connect with your clients post-closing. The closing should not be the end of your relationship. Have a plan for follow-up. 

Resources Mentioned:

10
Jan 2020

Episode 15: EXTRA ROUNDS - How Do You Say Thank You for a Referral?

In Episode 15 BONUS EPISODE, join us as real estate heavyweights have a chance to go into the extra rounds to discuss different ideas on how to say thank you for a referral. If you are interested in becoming a featured heavyweight, please reach out to us through the Toe-2-Toe Podcast Facebook page.

Resources Mentioned:

8
Jan 2020

Episode 15: How Do You Say Thank You for a Referral?

In Episode 15 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over how to say thank you for a referral. Hear why Jenn thinks a simple thank you call is enough and why Monica feels you should go above and beyond to demonstrate your gratitude. This episode is a great reminder that there are many ways to succeed in this business, just make sure the strategies you’re using really work for you. 

Episode Highlights: 

  • How do you say thank you for a referral?
  • Jenn simply says thank you. 
  • Monica balks at that. Someone gives you a lead for $10k paycheck and all you do is say thank you?
  • Jenn refers people because they did a great job and she wants her friends to get great service. She is not expecting anything in return from people she does business with.
  • Monica says this is not about expectations. If you treat your clients who are likely to refer to you in an exceptional way, you will likely get more than just that one referral.
  • Monica suggests that when you connect with clients on a higher and deeper level they can become raving fans.
  • Monica shows appreciation in a way that will mean something to them.
  • Her go-to was a card with a picture of the client on the card with the option of a small gift like gourmet brownies. They'll get a card with their picture. It will say thank you but the card will be all about them.
  • Jenn asks why she includes brownies and Monica says they just show extra thought.
  • Monica relates reinforcing positive behavior to successful dog training.
  • A lot of people wait until the sale happens to thank the referring client, but you want to make sure you are rewarding the behavior right then and there.
  • Monica wants to create a special moment for the client. She calls right away and then sends out the card.
  • Jenn doesn’t think a gift is required or expected.
  • Monica thinks of it as a client appreciation marketing technique.
  • Monica feels that if you want to build your business on referral then you have to show up differently.
  • Simply saying thank you is a bare minimum average way to respond.
  • If they each had 40 A clients and treated their referrals based on their distinct methods, Monica predicts that she would receive more referrals than Jenn would.
  • According to Jenn, delivering on what was expected to be delivered on is why people refer their friends.
  • Monica talks about the Law of Reciprocity. When you do something a little bit nicer than what they perceive they did for you, they will feel like they want to do more.
  • Jenn feels good that she gives her clients referrals for their businesses.
  • Monica asks what she does if they don't have a business.
  • When polled, most agents say they do a thank you phone call and then a thank you card that sometimes includes a small gift certificate.
  • Jenn invites them to client appreciation events, parties, etc.
  • Make sure gift certificates are customized to something they enjoy. If you're going to do something, it should at least be something they like.
  • Ann Hawkins in Cincinnati says she gives a shout out on Facebook.
  • Just be careful on Facebook to be sure they are comfortable with that shout out.
  • Monica feels that if referrals are an important component of your business and you want more of them, then you have to allow your clients to know in no uncertain terms how incredibly special it is to receive a referral from them.
  • If you want to receive referrals, show up in a way that is above average, bigger, better, brighter than anything else.
  • You need to make the phone call right away and just say thank you. The reason that they gave you the referral was because you demonstrated for them what they believe was great customer service.
  • Be focused on demonstrating great customer service.
  • There is always more than one way to achieve success in this business.

3 Key Points:

  1. One way to say thank you for referrals is to simply call and say thank you. 
  2. Another way to say thank you is to go above and beyond. Call and send a customized card and a small gift.
  3. The goal is to demonstrate great customer service throughout your relationship with any client. 

Resources Mentioned:

3
Jan 2020

Episode 14: EXTRA ROUNDS - Should You Offer a Buyer Agent Incentive on a Listing?

In Episode 14 BONUS EPISODE, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if you should offer a buyers agent incentive. If you are interested in becoming a featured heavyweight, please reach out to us through the Toe2Toe Podcast Facebook page.

 

Resources Mentioned:

2
Jan 2020

Episode 14: Should You Offer a Buyer Agent Incentive on a Listing?

In Episode 14 of the Toe-2-Toe podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should offer a buyer agent incentive on a listing. Hear why both hosts think this is an ill-advised idea. Then hear some great tips on how to handle condition issues and why the real target is the buyer, not the buyer’s agent.

Episode Highlights: 

  • Should you offer a buyer agent incentive on a listing?
  • Jenn thinks that is stupid. She doesn’t think you should even offer buyers incentives.
  • An incentive is the value of the house which is the price and the condition.
  • What if someone added a luxury vehicle like a Ferrari?
  • Jenn says that's just weird.
  • It's not a marketing field online.
  • Instead of offering a buyer incentive, adjust the price of the home.
  • A Ferrari is not really going to entice someone to buy the home.
  • Monica asks Jenn if she looks at the buyer’s agent percentage.
  • Monica doesn't look. Jenn looks.
  • If the percentage is lower than 3%, Jenn wants her clients to know they are on the hook for the rest.
  • Monica doesn’t look because she doesn’t want it to persuade her either way.
  • Monica also does not hold her clients to the full 3% in those circumstances.
  • Jenn feels that this situation is similar to when carpet allowances are put into listings. Just replace the old carpet.
  • We have cookie-cutter homes because the majority of people like the majority of the same things. This is a reason to install neutral carpet.
  • Dirty carpet can be a condition issue that you can offset with price.
  • If you paint a house you can paint it for a few thousand dollars. If a buyer sees your house and sees it needs to be painted, they're going to take off five times more.
  • Sometimes people have different motivations for selling. That's where agents come in.
  • You're doing a disservice if you don't know all the ways that you can sell a home.
  • Offering a buyer's agent incentive is not a way to sell a home in their market.
  • Monica thinks that what they're trying to do is make their house be appealing in some way.
  • Many people don't read all the comments and they should.
  • The target is the buyer, not the buyer’s agent.
  • If you're offering something like a carpet allowance, remember that it's hard for retail buyers to imagine the new carpet. Consider including carpet samples at the house.
  • When Monica was selling her house, she had a room for her dogs and the carpet needed to be replaced.
  • She offered an allowance for the carpet or offered to install new carpet in that room that they could choose.
  • Realtors they asked on Facebook felt this was not the best way to entice a sale.
  • Donna Drake provides excellent advice on this subject. When she sees this offered she writes in the contract that the bonus shall be applied to the buyer's closing cost paid by the seller.
  • It's really hard to try to figure out what people will want.
  • Jenn is always a proponent of more communication vs. less.

3 Key Points:

  1. The real incentive should be the value of the house, which is based on the price and condition.
  2. It’s often less expensive to fix a condition issue than to let condition influence price.
  3. When you consider offering incentives, remember that it can be difficult to predict what buyers actually want.

Resources Mentioned:

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