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Real Estate Fight Club

27
Mar 2020

Episode 26: EXTRA ROUNDS - Should Listing Agents Allow Multiple Showings at the Same Time?

In Episode 26 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if listing agents should allow multiple showings at the same time.

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

Resources Mentioned:

25
Mar 2020

Episode 26: Should Listing Agents Allow Multiple Showings at the Same Time?

In Episode 26 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether listing agents should allow multiple showings at the same time. Hear why Jenn feels that they absolutely should, and why Monica emphasizes communication in these circumstances. 

Episode Highlights: 

  • Should listing agents allow multiple showings at the same time?
  • Jenn says absolutely.  
  • Jenn says the number one benefit is that it can create an auction effect.
  • Even if those are the only two showings you have all week, it creates the feeling that this is a hot property.
  • Urgency has created a negative impact on buyers over time because they don't want to be in a bidding war.
  • Monica finds that the sense of urgency can cause people to do things before they've thought it through.
  • On one occasion, Jenn was representing a buyer in a multiple offer situation. They got it but then the seller didn't respond to any inspection requests and it voided the contract and they took another one.
  • The obvious benefit of having multiple showings at the same time is to create competition.
  • This is also efficient for the sellers.
  • Watch out because buyers may act re-actively in these situations. 
  • If you have a house that is small, it may feel smaller with lots of people there. This also applies if you have a driveway issue.
  • Monica reminds us to talk through this issue with your sellers so they know how to respond.
  • Ask your buyer how they feel about this situation in the consultation process.
  • Ask if they want to avoid that time or maybe they don't care. Understand how your buyers feel.

3 Key Points:

  1. Holding two showings at the same time can create a sense of urgency for buyers.
  2. The obvious benefit of having multiple showings at the same time is to create competition. 
  3. Remember the buyer’s perspective. Communicate with them and prepare them for this situation. 

Resources Mentioned:

 

20
Mar 2020

Episode 25: EXTRA ROUNDS - Do You Need Earnest Money?

In Episode 25 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if earnest money is needed.

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

Resources Mentioned:

18
Mar 2020

Episode 25: Do You Need Earnest Money?

In Episode 25 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether earnest money is a good idea. Hear why Jenn feels passionately that earnest money is stupid, then hear why Monica is in favor of earnest money. This was a hot topic with agents surveyed across the nation. 

Episode Highlights: 

  • Do you need earnest money?
  • Jenn says no. She thinks you don’t need it and that earnest money is stupid because it provides a false sense of security.
  • In Ohio, the contract favors the buyer, and the buyer can get out for any reason.
  • Jenn understands that some people feel that earnest money ensures that the buyer has skin in the game.
  • In Ohio and Kentucky, if the buyer and seller can't agree on where the earnest money should go when a contract is canceled, then it eventually just reverts to the buyer.
  • Monica feels that earnest money can demonstrate the buyer’s seriousness.
  • Monica says that if she has two otherwise equal contracts and one has offered much more earnest money, that tells her something about that client's financial situation and level of interest.
  • Jenn argues that it doesn't mean that the buyer is more serious.
  • Jenn suggests that buyers could offer the entire down payment as earnest money.
  • Jenn has had an earnest money dispute at the end of a deal. 
  • Monica wonders if earnest money helps buyers pause before walking away from a transaction. 
  • Monica reminds us that buyers are emotional. A buyer without earnest money will walk when they run into any kind of issue.
  • Jenn argues that there must be a better way and better protection for the seller.
  • Maybe if earnest money was non-refundable and always defaulted to the seller that would help.
  • Jenn feels that only buyers like the idea of earnest money.
  • Agents across the country had a lot to say about earnest money.
  • In her final statement, Jenn reiterates that we don’t need earnest money.
  • Monica concludes that earnest money can help you have a conversation with the seller about their level of seriousness.

3 Key Points:

  1. Earnest money may provide a false sense of security.
  2. Earnest money may help sellers differentiate between two otherwise similar offers in terms of their seriousness and ability to buy. 
  3. Earnest money can function as “skin the game” that helps buyers stay the course.

Resources Mentioned:

 

13
Mar 2020

Episode 24: EXTRA ROUNDS - What Is the Best Way to Advise Clients on Multiple Offers?

In Episode 24 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss the best way to advise clients on multiple offers.

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

Resources Mentioned:

11
Mar 2020

Episode 24: What Is the Best Way to Advise Clients on Multiple Offers?

In Episode 24 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over the best way to advise clients in situations with multiple offers. Hear why Jenn thinks taking the emotion out of it is important when working with sellers. Then hear why Monica is a big fan of the escalation clause when working with buyers.

Episode Highlights: 

  • What is the best way to advise clients on multiple offers?
  • When working with sellers, Jenn suggests using a spreadsheet to take the emotion out of the situation.
  • Agents know that the top line offer is not the full story.
  • With buyers, you can always suggest doing a thousand dollars over highest, with best up to a certain amount.
  • Monica is a big fan of the escalation clause.
  • It’s ultimately the seller’s decision.
  • Monica suggests advising clients with their top motivator in mind. Make them aware of things they may not know.
  • Some may say the agent attached to the other offer is an interesting aspect of the deal.
  • If Monica has more than two offers she'll put it on a spreadsheet. Otherwise, they'll just talk about it.
  • Realtors play an important role in interpreting what the contract is saying.
  • Monica doesn't encourage buyers to write letters, but if they ask if they can, she will allow it.
  • Those letters can sometimes bring up legal questions and potential territory for disaster.
  • The escalation clause is where we can make a huge difference in advising buyers.
  • The role of agents is critical when you are trying to win a house for your buyer.
  • Jenn points out that communicating with the other agent can be important here. Find out what's important to that seller.
  • Is there anything that would just alleviate all the stress for a seller?
  • Monica states that the best way for agents to advise clients in multiple offers is understanding what is most important to them.
  • Monica reminds us that it's important to show up as a leader in the transaction.
  • When you show up as a leader you can advise in a higher way.
  • The value of a strong agent is critical.

3 Key Points:

  1. When working with sellers who have multiple offers, create a spreadsheet to compare the various deals and take away the emotion.
  2. When representing buyers, make good use of the escalation clause.
  3. Understand the dynamics of the deal. Know what’s most important to the buyers and sellers and you will win. 

Resources Mentioned:

6
Mar 2020

Episode 23: EXTRA ROUNDS- Should Agents Buy Leads?

In Episode 23 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if agents should buy leads.

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

Resources Mentioned:

4
Mar 2020

Episode 23: Should Agents Buy Leads?

In Episode 23 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether agents should buy leads. Hear why Jenn thinks buying certain kinds of leads can help you build a thriving business. Then hear why Monica thinks that you shouldn’t have to buy leads if you’re building a business based on relationships. 

Episode Highlights: 

  • Should agents buy leads?
  • Jenn says yes. There are certain types of leads you should buy. If you are doing expireds and FSBOs, or neighborhood calling, buy those numbers.
  • Monica suggests that if someone doesn't know how to put a system around those leads, it may not be a good use of their money.
  • Jenn agrees that spending money without putting a system around that investment isn’t a good idea.
  • Jenn says that Zillow leads are not worth your money.
  • Jenn doesn't know of many people who are having success with Zillow leads now.
  • Monica is not a fan of buying leads.
  • There are exceptions. If you are really trying to reach a high level of production, you may need to take additional steps. But most agents are happy doing 12-36 deals per year.
  • You can do 12-36 deals per year through relationships and referrals.
  • You can be doing things systematically to generate leads from your sphere, database, and network.
  • Instead of buying leads, spend that money on developing relationships.
  • Jenn reiterates that cold-calling and calling FISBOs/expireds can be a great way to build a referral base if you're in a new market.
  • Know how many people you need to have in your sphere to net 12-36 deals.
  • Monica has friends who have built thriving businesses using open houses.
  • Jenn's strategy is built on what is going on in the market.
  • Jenn emphasizes the value of calling expireds or FSBOS because you already know they want to sell their home.
  • Monica points out that a relationship-based style is market-proof.
  • Jenn's preference is to work with people she doesn't really know.
  • Know what you're expecting from your strategy and track and measure those results.
  • Monica is not a proponent of buying leads.
  • Monica thinks you should spend money on relationships and helping people get what they want.
  • Jenn advises that you need to know yourself. If you don't have a big sphere and want to add to it, call FSBOs, expireds, and do circle prospecting. Buy that contact information.
  • If you're the type of person that wants to deal with people that you do know, then you can participate in networking groups, but make sure that you're participating at a high level.
  • Message Jenn and Monica about their seventh level open house strategy.
  • Whatever you decide to do, do it the best. Do it with intention and with a system. 

3 Key Points:

  1. Buying leads can save you time if you’re working expireds and FSBOs. 
  2. If you’re building a sphere-based business, you should invest in relationships instead of investing in leads.
  3. When you choose a lead generation strategy, choose to implement that strategy at a high level. 

Resources Mentioned:

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