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Real Estate Fight Club

27
May 2020

Episode 35: EXTRA ROUNDS - How Many Listings Can a Single Agent Handle?

In Episode 35 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss how many listings a single agent can handle.

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
May 2020

Episode 35: How Many Listings Can a Single Agent Handle?

In Episode 35 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over how many listings a single agent can handle without help. Hear why Jenn thinks you could take on 10-15 listings without help, and why Monica thinks that number is much lower. Listen to hear why you may want to hire a transaction coordinator if you don’t use one already. 

Episode Highlights: 

  • How many listings can a single agent handle?
  • Jenn thinks that if you have zero support and you're in a hot market, the number of listings you can take on will be low. She estimates around ten. 
  • Monica thinks handling 3-4 listings per month is a lot if you’re doing it right.
  • Monica thinks 3-4 listings per month without support is manageable if you're leading your sellers.
  • Working with a transaction coordinator may allow you to triple your numbers.
  • Monica brings up the 80/20 rule, citing that 20% of your activities will bring in 80% of your income.
  • On Jenn's best month ever, they closed twenty-two or twenty-three in one month and they had listings. Jenn had an assistant that got the job done.
  • In Monica's best month, she closed eight transactions. She found she was very efficient because she had to be.
  • A good transaction coordinator is worth what they charge.
  • Jenn's transaction coordinator inputs her listings.
  • Most transaction coordinators are paid by deal.
  • Monica thinks of the transaction coordinator's services as part of the cost of sale.
  • Jenn thinks that a lot of agents that don't do a lot of business handhold a little too much.
  • When you have a listing, show up like a leader in the process.
  • Jenn only likes to work with one buyer at a time. Monica can work with 3-4 buyers at a time.
  • Monica thinks a solo agent can handle 3-4 listings every month if you have systems. 
  • Jenn encourages you to stretch yourself to find your personal limit. 
  • Ask yourself if you’re an overpaid administrative assistant.
  • Some people have the mentality that they don't want to pay a transaction coordinator but don't see the time that they're trading.

3 Key Points:

  1. Working as a single agent without assistance limits the number of deals you can take on each month. 
  2. There’s a limit to the number of listings you can take on while still doing the job right. 
  3. Transaction coordinators can save you time that you can then use for income-producing activities. 

Resources Mentioned:

20
May 2020

Episode 34: EXTRA ROUNDS - How Much Should an Agent Know About the Listing They’re Representing?

In Episode 34 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss how much an agent should know about their listing.

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
May 2020

Episode 34: How Much Should an Agent Know About the Listing They’re Representing?

In Episode 34 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over how much agents should know about the listing they’re representing. Hear why Jenn thinks you need only a basic knowledge of the property and why Monica thinks it’s your job to go deeper when you’re representing a seller. 

Episode Highlights: 

  • How much should an agent know about the listing they’re representing?
  • Jenn thinks you should know the answers to basic questions, such as when the mechanics were installed.
  • If it's a special circumstance, such as a unique one-of-a-kind home, then it's important to know the story.
  • Jenn and Monica talk about how the process unfolds when buyers really love a home.
  • Monica feels agents should have more than a surface understanding of the home.
  • She wants to really show up for the product she is representing.
  • When Jenn talks to the buyer's agent, she wants to gather information about the buyer that will help the buyer's agent sell the house to their client.
  • Jenn argues that little details, such as when the furnace was installed, won’t make a difference.
  • Monica wants agents to ask more questions of their sellers.
  • Agents should ask sellers questions as if they are the buyers.
  • Monica thinks that listing agents sometimes forget to think like a buyer.
  • Jenn reminds Monica that agents can look up a lot of this information.
  • Monica suggests having a Google form that you can send out to gather basic information from your sellers.
  • Ask the sellers why they fell in love with the home. That can help with buyers.
  • If you have a particular buyer, work with the listing agent to get information ahead of time in anticipation of the questions that may be asked.
  • Jenn finds that she rarely gets asked questions about most of the houses they're selling.
  • Jenn says sometimes buyers are asking questions that don't get at the real question.
  • She doesn't have time for dumb questions that get the seller excited.
  • Most agents surveyed think you should know "everything" about the house.
  • Knowledge allows you to properly sell and position the house.
  • Remember that the buying decision is emotional.
  • Help the buyer's agent create an emotional response for their buyer.

3 Key Points:

  1. Listing agents need to know the answers to basic questions, but may not need to learn every little thing about the house. 
  2. As the listing agent, you need to think like a buyer and ask the right questions of your sellers.
  3. Knowledge allows you to properly sell and position the house, but the buying decision is also emotional. 

Resources Mentioned:

13
May 2020

Episode 33: EXTRA ROUNDS - How Long Should An Agent Try a New Technique Before Pivoting?

In Episode 33 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss how long agents should try a new technique before pivoting.

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
May 2020

Episode 33: How Long Should An Agent Try a New Technique Before Pivoting?

In Episode 33 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over how long an agent should try a new technique before pivoting. Hear why Jenn thinks a new technique takes six months or more to gain traction and why Monica thinks people need to stop committing to do things they don’t want to do. This episode has valuable advice for implementing new strategies successfully without falling for common pitfalls.  

Episode Highlights: 

  • How long should an agent try a new technique before pivoting?
  • Jenn thinks you should begin any implementation process by considering what it will take.
  • Assess if you have time to implement the technique in its fullness.
  • Define from the outset what success with implementation will look like.
  • Anytime Jenn has tried a new technique it has taken 3-6 months to see results.
  • Jenn argues that you have to add time upfront for figuring out the system and tweaking it to suit your business.
  • Most people who try these techniques aren't giving it long enough or fully implementing.
  • Monica wants people to assess why they’re trying something new.
  • Are you doing it because you saw somebody doing it and you're comparing your business to the outside of another business?
  • Talk to the person you are comparing yourself to and ask how long it took them to achieve those results.
  • Ask if the approach is right for the type of business you want to have. Ask if it is in line with your overall plan.
  • Monica tells us about an exercise used by coach Jacqui Bowman to assess activities you do in your business.
  • Jenn describes a 4-5 month implementation of a Facebook strategy.
  • The last technique Monica remembers implementing took three months to gain traction.
  • Monica describes coach Hank Avink's red/green/yellow light process that gives you markers to judge the success of implementing a new strategy.
  • Agent Ralph Lord does a debrief with himself assessing whether he took enough action to achieve the desired outcome.
  • If you want the outcome, are you doing the work?
  • Monica talks about people saying that open houses don't work for them when they haven't really given them a fair chance.
  • Ask whether the quality of your actions was sufficient and what about them needs to change.
  • Think of yourself as a scientist. Look for what isn’t working as well as what does work.
  • If you're going to experiment with something, put the rules down for it.
  • Ask what this is really going to take and where you will fit it in.
  • Monica urges us to stop committing to things we don’t really want to do.
  • When you don't like something, try to think of a different way to do it that interests you.
  • Have a purpose behind what you're choosing.
  • Have the budget in place to finish the project before beginning it.
  • Most people that replied to this question said that full and effective implementation of new strategies took about a year.
  • Monica doesn't think you have to try a new strategy for six months necessarily.
  • Successful people pivot when they see something isn’t working.
  • The problem is that people are inconsistent.
  • Jenn reminds us to decide up front what kind of results you’re looking for, the budget you’ll need, and the steps you need to take.
  • Collect evidence for six months.
  • If there's any strategy that sounds like a miracle and you don't see a lot of people using it, ask yourself why before you invest.
  • Remember, there’s no magic pill in this business.

3 Key Points:

  1. When pursuing a new strategy, define your desired results, set a budget, and make an action plan. 
  2. Before committing to a new strategy, really assess why it appeals to you and if it will work with the vision you have for your business.
  3. Don’t just “try” things. Get them done. 

Resources Mentioned:

8
May 2020

Toe-2-Toe 1-on-1: Strengthening the Relationship Between Lender and Realtor with Ted Lawler

On this special episode of the Toe-2-Toe Podcast, Jenn speaks with Ted Lawler about the need to strengthen the relationship between lenders and realtors.

 

Resources Mentioned:

Ted Lawler: (267) 337-2384; website

6
May 2020

Episode 32: EXTRA ROUNDS - What Should Agents Be Expecting From Their Brokerages?

In Episode 32 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss what agents should expect of their brokerages.

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
May 2020

Episode 32: What Should Agents Be Expecting From Their Brokerages?

In Episode 32 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over what agents should be expecting from their brokerages. Hear why Jenn thinks brokerages are unnecessary and why Monica thinks they can be a beneficial resource. Then hear their innovative ideas for solving some of the biggest problems with brokerages today.  

Episode Highlights: 

  • What should agents be expecting from their brokerages?
  • Jenn thinks the real question is whether we need brokerages in the first place. She doesn't think so.
  • When the leadership has different goals from the people doing the work that creates a problem.
  • Brokerages want bodies and Jenn doesn't like it.
  • Should it be the broker's responsibility to create a higher barrier of entry into the market, Monica asks?
  • Jenn thinks that brokerages need to find a way to help agents with their individual goals.
  • Monica speaks about the phenomenon that brokerages are always pressuring agents to do more and more.
  • Monica agrees that the challenge with brokerages is that there's a misalignment in goals.
  • Agents think they're going to work for the brokerage. Monica suggests that the agent is in front of the brokerage.
  • Jenn asserts that the agent is the brand.
  • Monica says that the brokerage is there to provide what she needs for her business.
  • Monica speaks about times she switched brokerages across her career.
  • According to Monica, the brokerage matters because it is, in essence, the circle you're surrounding yourself with.
  • Make sure you're getting what you need out of your brokerage.
  • Jenn shares that she no longer attends classes provided by the brokerage because they're really not for her or addressing her specific needs and problems.
  • Many people go to outside coaching to make up for what they don't get through their brokerage.
  • Jenn thinks brokerages should be helping agents advance their situation.
  • They speak about the limitations of brokerages as brick and mortar workplaces.
  • Monica says that brokerages should be a place to get systems and ideas, to be motivated, to be inspired, and to be assisted.
  • Monica reminds us that leadership doesn’t push.
  • Ultimately Jenn doesn't think we need brokerages.
  • Another possibility is to have another tier of licensure. What about a tiered system where realtors are ranked based on experience?

3 Key Points:

  1. There’s a problem when the goals of the brokerage are not aligned with the goals of their agents.
  2. Brokerages should strive to provide resources to help agents meet their goals. If they can’t provide certain services, they should bring in others who can. 
  3. There’s still a place for brokerages because there is a home for everybody. 

Resources Mentioned:

1
May 2020

Toe-2-Toe 1-on-1: Effect of COVID-19 on the Housing Market and Short-Sales with Rob Jacobs

On this special episode of the Toe-2-Toe Podcast, Jenn speaks with Rob Jacobs about the effect of COVID-19 on mortgage lending and the housing market.

 

Resources Mentioned:

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