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Real Estate Fight Club

29
Apr 2020

Episode 31: EXTRA ROUNDS - Repair Requests: Get It Fixed or Ask for the Cash?

In Episode 31 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if repairs are required, should you get it fixed or ask for cash.

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

Resources Mentioned:

27
Apr 2020

Episode 31: Repair Requests: Get It Fixed or Ask for the Cash?

In Episode 31 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should get things fixed or just ask for cash when you run into repair requests during a transaction. Hear why Jenn almost always asks for cash and why Monica follows her client’s lead on this decision. 

Episode Highlights: 

  • When repair requests are an issue, should you get something fixed or just ask for the cash?
  • Jenn asks for the cash, coming at it from the perspective of the listing side. She doesn’t want to deal with complaints about how the work is done.
  • She feels that the buyer should take care of the repair with the vendor of their choice.
  • Monica makes this call based on what the clients want.
  • For instance, if the buyer is your client and wants to do the work themselves, that makes sense.
  • Jenn points out that this also depends on the house and how well it has been maintained.
  • If the seller has done a lot of DIY, she doesn't want them touching anything.
  • Monica reiterates that it is our job to ask what the client wants.
  • Monica explores what should be done when people are not 100% sure about the scope of the repairs.
  • Jenn suggests that in that instance, it can be a good opportunity to extend the inspection period or to open up a larger escrow.
  • Jenn describes how using escrow for repair funds can work.
  • Monica generally agrees with Jenn but feels open to what her clients want to do.
  • Most agents surveyed said they would ask for repairs over the cash.
  • Monica reminds us to be in tune with our clients.
  • Jenn recommends getting the cash.

3 Key Points:

  1. Some agents will ask for the cash because they want the buyer to be responsible for taking care of the repair. 
  2. Sometimes your client will want the repair done. Listen to them and understand where they are coming from.  
  3. When you don’t know the potential scope of repairs, consider using escrow to manage that aspect of the transaction.

Resources Mentioned:

22
Apr 2020

Episode 30: EXTRA ROUNDS - As the Listing Agent, Should You Call the Buyer’s Lender?

In Episode 30 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss, as a listing agent, if you should contact the buyer's lender.

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

Resources Mentioned:

20
Apr 2020

Episode 30: As the Listing Agent, Should You Call the Buyer’s Lender?

In Episode 30 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should call the buyer’s lender as the listing agent. Hear why this is a short and sweet duel because Monica and Jenn agree that if you’re the listing agent, reaching out the buyer’s lender is a part of your job. Listen to hear the major epiphany our hosts have during this conversation. 

Episode Highlights: 

  • As the listing agent, should you call the buyer’s lender?
  • Jenn and Monica agree that yes, you should.
  • An agent might disagree with them on this issue if they lack confidence or are worried about ruffling feathers.
  • It’s your duty to make sure these people get qualified.
  • Lenders can update you on where they are in the process without giving up personal information.
  • Jenn calls because she wants to know that the lender is capable.
  • As the listing agent, you should be steering the transaction. 
  • Setting expectations with the lender is important.
  • Coordinating an initial strategy call for the deal with both agents and the lenders could be a smart strategy for the listing agent.
  • It’s most efficient to get everyone on the phone.
  • Use this call to increase accountability.
  • Jenn suggests bringing the transaction coordinator into the call as well. Her transaction coordinator often ends up answering questions.
  • Monica tells the story of clients who wanted to use a big box bank that she had strong reservations about. When she spoke with that lender, she gave them feedback about her past experiences and the loan officer exceeded her expectations.
  • There are big benefits to having the accountability associated with regular multi-person meetings.
  • Most people surveyed agreed with Jenn and Monica on this topic.

3 Key Points:

  1. If you are the listing agent, you should call the buyer’s lender. 
  2. Calling the lender early can help you establish expectations early.  
  3. Consider having an initial strategy call with both agents, the lender, and perhaps a title rep and a transaction coordinator to keep everyone accountable and on the same page.

Resources Mentioned:

 

17
Apr 2020

Toe-2-Toe 1-on-1: The Reality of Real Estate with Linda Piazza

On this special episode of the Toe-2-Toe Podcast, Jenn speaks with Linda Piazza about the realities of what's required of real estate agents.

15
Apr 2020

Episode 29: EXTRA ROUNDS - What Should You Do If Your Client Makes a Bad Choice in the 11th Hour?

In Episode 29 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss what to do if your client makes mistakes.

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

Resources Mentioned:

13
Apr 2020

Episode 29: What Should You Do If Your Client Makes a Bad Choice in the 11th Hour?

In Episode 29 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over what you should do if your client makes a bad choice in the eleventh hour. Hear why Monica thinks you should be careful before rolling over and giving away your commission and why Jenn thinks you should not be afraid to get your hands dirty to make things right. 

Episode Highlights: 

  • What should you do if your client makes a bad choice in the eleventh hour?
  • Jenn says that the more deals you do, the more frequently you’ll be in this situation.
  • Most often agents give up part of their commission, which makes Jenn’s skin crawl.
  • At one point, Jenn had a seller that took a mirror from the bathroom. She told him to put it back and he agreed to.
  • In one deal, a client removed every single light fixture in the house and replaced each of them with junk thinking no one would notice.
  • Jenn recommends having a heart-to-heart with your client. You can also speak to the other agent to see if there’s common ground.
  • Jenn feels that they know they're being a jerk when they make these decisions. Don't work with them again.
  • Monica doesn't think most people are trying to be rude. She tries to judge the action based on the character of the client.
  • Monica isn't going to give up her commission without questioning it.
  • She will give it up rather than go back on the market or waste more time. She values her time more than winning.
  • Jenn invokes the written agreement. You can't change the game after someone has seen it.
  • Monica wonders if agents should go out of the way to state the obvious.
  • You can help manage expectations around these issues.
  • Jenn seems to have a hard line on having the client fix the issue.
  • Jenn thinks that in general fighting over this stuff is silly.
  • Monica feels that agents are too quick to give away their own money.
  • In general, agents don't ask enough questions.
  • When they surveyed other agents, they found that in other states, attorneys handle it.
  • Jenn feels that we can get our hands dirty and push our clients to do the right thing.
  • We need to have higher expectations for ourselves and for others.
  • Monica reminds us not to give up our income too quickly.
  • Monica once had a buyer purchase a house with a pool and the seller took the pool equipment. They sat at the closing table in a standoff. Monica wrote a check at the table.
  • Be nice to each other as agents.
  • Jenn tells us to get in there and fix it. 

3 Key Points:

  1. You don’t have to give away your commission. Have a heart-to-heart with your client and fix it. Ask questions before giving your money away. 
  2. Sometimes you may decide to write the check because it isn’t worth your time to fight.
  3. Go out of your way to manage expectations and state the obvious around these issues.

Resources Mentioned:

10
Apr 2020

Episode 28: EXTRA ROUNDS - Should You Suggest That Your Clients Use a Home Warranty?

In Episode 28 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if agents should specialize as a buyer or listing agent, or if they can do both.

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
Apr 2020

Episode 28: Should You Suggest That Your Clients Use a Home Warranty?

In Episode 28 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should suggest that your clients use a home warranty. Hear why Monica is very careful about never pushing in one direction and why Jenn thinks the home warranty should be used as a negotiation tool. 

Episode Highlights: 

  • Should you suggest that your clients use a home warranty?
  • Monica presents the home warranty as an option, presenting the pros and cons.
  • On the listing side, Monica says that if they decide to offer it you're covered during the listing but if the buyer doesn't happen to ask you've thrown away $500.
  • Jenn says the average home in Ohio goes quickly and for those homes, she recommends warranties.
  • She uses the warranty as a negotiation tool.
  • Jenn says that if something does come up during inspection and they don't have someone that can do the work, the warranty can come into play.
  • Monica asserts that once you fill out that form to have them covered during the listing process then you are obligated if the house sells to pay for the warranty.
  • Monica believes you have to pay for the warranty once you've signed up.
  • Jenn points out that with newer homes, some warranties will already be in place.
  • Jenn thinks her vendors are often better than the vendors associated with the warranty.
  • Monica points out that some people will rave about how great a warranty is and others will trash it, having used the same product and company. This can be tricky.
  • Jenn provides an example of how she used a home warranty with a condo to manage issues and repairs.
  • Whether a warranty makes sense depends on the house and the client.
  • Monica feels that agents should have good familiarity with the home warranty product they’re offering. 
  • Jenn disagrees and says that the home warranty company can provide that education. 
  • Jenn says most buyers will ask for a home warranty.
  • Monica and Jenn compare their different scripts for managing questions from clients.
  • Monica ultimately recommends presenting a home warranty as a neutral option.
  • The last thing you want to do is recommend it in some way and be wrong.
  • Jenn reminds us to use the home warranty as a negotiation tool. 

3 Key Points:

  1. Home warranties can be offered to clients as an option. You may wish to be careful about pushing them one way or another.
  2. Home warranties will make sense for some homes and some clients, but not others.
  3. Home warranties can be used in the negotiation process as a tool. 

Resources Mentioned:

6
Apr 2020

Toe-2-Toe 1-on-1: Grow Your Business Without Sacrificing Your Family with Alisia Krastel

On this special episode of the Toe-2-Toe Podcast, Jenn speaks with Alisia Krastel on how to grow your business without sacrificing your life or family.

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