Real Estate Fight Club header image 1

Real Estate Fight Club

27
Jul 2020

Episode 44: Should You Have Your Buyers Submit a Letter With Their Offer?

In Episode 44 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley invite guest Aaron Wittenstein to duke it out over whether you should have your buyers submit a letter with their offer. Hear why Aaron considers this a legal question, how Jenn handles letters with sellers, and how Monica has seen this issue play out with successful offers. 

 

Episode Highlights: 

  • Should you have your buyers submit a letter with their offer?
  • Guest Aaron Wittenstein asks if submitting a letter with your client's offer is legal.
  • Aaron is risk-averse. His biggest concern is following the law.
  • Jenn thinks submitting a letter is dumb. On the legal issue, she asks whether you're liable if the letter is sealed and you don't know what it says.
  • Aaron says it’s all about the math, but is it? 
  • Jenn says that it does matter who the seller is because you can pull on their heartstrings.
  • Monica says it would be nice if it really was about math. There are emotions and attachments.
  • Aaron sees that people get tied up in the emotion. He feels that it’s our job to pull them out of the emotions.
  • Jenn brings up the point that when people move, it is tied to something emotional.
  • Aaron has all offers come in a particular format. He forwards everything to the seller.
  • When Jenn receives a letter, she asks sellers if they want it. 
  • Monica says that as a buyer's agent, you can submit the letter because you're not doing anything wrong.
  • Most agents surveyed were pro-letter.
  • Monica says that she has had only two buyers ask to write a letter. In both cases, they got the house.
  • Jenn says a letter adds no value.
  • Aaron tells sellers to run with the money.
  • Monica says if you’re representing a buyer, it won’t hurt to submit a letter.  

3 Key Points:

  1. Including a letter with your offer may bring up legal questions.
  2. We can focus on the numbers, but real estate is also emotional. 
  3. A letter may not add any value, but it also may not hurt. 

Resources Mentioned:

20
Jul 2020

Episode 43: Should You List Your Own House FSBO as an Agent?

In Episode 43 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should list your own house as an agent. Hear why Jenn thinks you’ll get much more money if you put your home on the MLS and why Monica doesn’t necessarily agree. Then stay tuned for a special tiebreaker segment. 

Episode Highlights: 

  • Should you list your own house as an agent?
  • Jenn thinks it's stupid to sell your house as a FSBO if you're an agent.
  • If you do this, you’re going against what you tell clients to do.
  • Monica thinks it depends on the situation. She thinks agents should be able to do it.
  • If you put your house on the MLS you are going to get more money because your pool of buyers is bigger.
  • Most real estate agents don't call FSBOs, so their buyers don't see them.
  • Monica feels that in this market an agent that understands pricing can use this strategy.
  • Jenn is assuming that all agents that try to sell their homes on their own are getting less than they could. Monica doesn't buy into that.
  • Jenn feels that if you have a larger pool of buyers, you are more likely to get everything you want.
  • Jenn feels you're doing yourself a disservice if you're an agent and you don't put your own home on the MLS.
  • Monica agrees that it's more professional to use the system you say works so well.
  • Your brokerage may or may not allow you to sell your own home without paying company dollar.
  • The safety factor is a consideration when you put your home up as a FSBO.
  • For the most part, agents they surveyed agreed that agents should not sell their own homes as a FSBO.
  • Rachel Walkowicz is today’s tiebreaker. She says agents should not list their own homes as FSBOs and doesn’t understand why they would.
  • Rachel reminds us that our actions speak louder than words and that going this route could undermine how we've presented ourselves as professionals.

3 Key Points:

  1. When you list your home on the MLS, you have a larger pool of buyers. You are more likely to get more money for your home.
  2. It is more professional to use the system and strategy you recommend to your own clients.
  3. Consider your brokerage’s policies and procedures before selling your own home.

 

Resources Mentioned:

13
Jul 2020

Episode 42: How Often Should You Update Your Client?

In Episode 42 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over how often you should update your client. Hear Jenn’s system for eliminating unnecessary calls and Monica’s vision for concierge service. Then stay tuned for a special tiebreaker segment about the importance of weekly communication.

Episode Highlights: 

  • How often should you update your client?
  • Jenn feels that when you first take a listing, the first 72 hours are critical. After that, check in 1-2 times per week.
  • Jenn feels that if her clients are calling her, she hasn’t done her job.
  • Jenn is generally an over-communicator. She answers questions before they're asked.
  • Monica believes the frequency of communication should be dictated by your expectation setting with the clients.
  • Monica thinks setting expectations is letting people know how you operate.
  • Proper communication involves setting expectations.
  • Jenn rarely gets client calls because she has already proactively called them.
  • Jenn knows when she's dealing with different types of people who may need more or less communication.
  • If we don't follow up with people to tell them what we've done, they'll have no way of knowing we did it.
  • Talking to clients frequently the first three days stops anxiety in its tracks for Jenn's clients.
  • Tell clients what happened, what will happen next, and ask them for their questions.
  • Leave a voicemail at least once a week in addition to your texts and emails.
  • To your clients, every part of the process is a big deal.
  • Monica wants to understand how her clients want to communicate with her. Jenn does not change the process for the person.
  • Monica offers concierge-style service. Jenn thinks there's a limitation to the number of clients someone can serve that way.
  • Experienced professionals anticipate their clients' questions.
  • Monica is looking for the thing she might be missing if she took a guess at how clients want to communicate.
  • Jenn doesn't get mad when people call or text after hours. She just doesn't answer.
  • Monica emphasizes the importance of understanding your client.
  • Jenn feels that in order to do volume you need to be less accommodating.
  • Tiebreaker Crystal Anderson says how frequently you should communicate with your clients depends on where they are in the process.
  • She sends house hunters listings daily. Once they're under contract she communicates with them once per week.
  • If you don't build a relationship it's hard to make adjustments based on feedback.
  • When people have a good experience with you, you'll get referrals.

3 Key Points:

  1. Communicating frequently within the first 72 hours of listing a home is critical to managing client anxiety. 
  2. Remember to tell clients what you’ve done for them to provide value. They won’t know unless you tell them. 
  3. You can set expectations from the outset about how you prefer to communicate with clients.

Resources Mentioned:

6
Jul 2020

Episode 41: Do You Want To Go First Or Last on a Listing Presentation?

In Episode 41 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should go first or last when competing for a listing. Hear why Jenn convinced Monica that her strategy for handling this situation is brilliant. Then stay tuned for a special tiebreaker segment about how to change your presentation to accommodate different personalities.

Episode Highlights: 

  • Do you want to go first or last on a listing presentation?
  • Jenn wants to go first. Monica wants to go last.
  • Jenn says you can directly ask them if they find it necessary to interview other agents after your successful presentation.
  • If they want to see other agents ask if it's because of the price you set for their home, the commission, or the marketing plan.
  • If they interview others, set up an appointment for after those appointments.
  • You can be the one they're measuring everyone against.
  • At first, Monica thinks that Jenn's plan works for a certain kind of agent.
  • Monica wants to be there when they can make the decision, which is at the end.
  • Jenn has a frank conversation when they can see there's a mutual fit and she's going first. She suggests that they could save the other agents time by canceling and then offering those agents the first right to bring any buyers they have.
  • Jenn’s strategy works if you've done all the steps with pre-qualification, you dropped off the pre-listing packet, and built rapport.
  • Monica thinks Jenn's strategy is brilliant.
  • Monica has won listings in both positions.
  • Monica shares examples of when she went last and won against two very strong agents.
  • People will list with people they get along with.
  • Agents surveyed had many opinions about this subject but the consensus was that it depends on who you are working with.
  • If you're a strong agent you can position yourself differently. Confidence matters.
  • Monica suggests trusting yourself enough to know you are the right person for that job.
  • If you're enthusiastic and confident you will usually win.
  • Chelsea Goodwin of The Agent Accelerator weighs in as the tiebreaker. 
  • Chelsea says going first or last can work.
  • Tweak your listing presentation based on the client's behavioral style.
  • D’s want you to save their time. They hate wasting time. With D’s, you want to go first.
  • A listing presentation for an I-type will involve building rapport. With I’s, Chelsea recommends going first.
  • Offer to cancel the other appointments for the I-type because that will be a relief to them.
  • With an S-type you want to go last. They want stability and security.
  • With C-type clients you want to go last. They want all of the details and all of the options.
  • You can find out the data points ahead of time with a C. Plan on spending more time on this listing presentation.
  • Chelsea shares more about services provided by The Agent Accelerator. 

3 Key Points:

  1. When you go first, you set the standard for everyone that follows you. 
  2. When you go first and the presentation goes well, you can be in the position to ask them if you can cancel their other appointments and move forward. 
  3. Consider your client’s personality profile as you adjust your listing presentation to suit them. 

Resources Mentioned:

Podbean App

Play this podcast on Podbean App