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Real Estate Fight Club

28
Sep 2020

Episode 53: Who Should You Hire First?

In Episode 53 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley drop the gloves over who should be your first hire when you no longer have enough time to run your business by yourself. Crazy enough, Monica and Jenn are in agreement that agents should take on a contracted Transaction Coordinator instead of hiring someone in sales or a part-time admin.

Episode Highlights: 

  • Jenn hired an assistant to do all the paperwork because she knew she did not want to do that part.
  • Monica discourages agents from bringing on an expense so quickly.
  • Both Monica and Jenn agree that bringing on a Transaction Coordinator is the way to go.
  • You will have control issues if you do not hire a Transaction Coordinator first.
  • Calculate the opportunity cost of hiring someone compared to contracting a Transaction Coordinator.
  • Don’t trade your incredibly expensive time for much less expensive time.
  • Hiring a Transaction Coordinator will actually help you learn how to coordinate those transactions.
  • Having more salespeople brings on more admin problems.
  • You really don’t need all these people on your team.
  • Everyone involved in the process does not have to represent your team.
  • Some brokerages, like eXp, allow agents to build teams without including themselves in said team.
  • Offering experience to newer agents will get the people you need in the process without adding someone to your team.
  • Recognize the tasks that you don’t need to have on your plate and contract that stuff out.
  • The Transaction Coordinator will be an extension of your team, so spend time with them to establish what you are looking for.
  • Jenn meets with her Transaction Coordinator once a week so both sides can provide their side of the update.
  • You are paying $300/hr for your admin work if you are doing it yourself.
  • Alan Whisman, Jenn’s business partner at Team Synergi, thinks admin should be hired before sales.
  • When you’re just starting out, hiring someone per-contract will free up your time without being too expensive.
  • It’s not necessary to spend a lot of money by bringing someone onto your payroll.

3 Key Points:

  1. Bringing on a contracted Transaction Coordinator is the way to go, as compared to hiring someone to do part-time work.
  2. There lies a learning opportunity when hiring a Transaction Coordinator. Watching them do their job can teach you how to coordinate these transactions.
  3. Who is involved in the process and who represents your team aren’t necessarily the same people. You can leverage people from outside of your team to save your time.

Resources Mentioned:

21
Sep 2020

Episode 52: Should the Entire Inspection Report Be Shared?

On this episode of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley take no prisoners when they duke it out over whether or not the buyers agent should send the entire inspection report, or just pieces of it. Jenn thinks the entire thing should be sent with all the repairs while Monica just wants to see what she needs to see!

Episode Highlights: 

  • Monica believes it’s rude to send the whole thing and only wants to see what she needs to see.
  • Jenn believes the entire report should be sent in order to understand what the requests are.
  • Sellers can feel relief when only a few things are requested.
  • Inspectors may or may not have everyone’s best interests in mind.
  • Some inspectors look to blow up deals so they can double their income.
  • Communication with the other agent is incredibly important when negotiating a deal.
  • If someone doesn’t want the full report, then they don’t need to get it.
  • There is no standard in the business on whether the entire thing should be sent or just pieces of it.
  • Inspectors need to be licensed in order to ensure proper inspection.
  • There are as many good inspectors as realtors.
  • Not everyone needs everything that is broken to be fixed.
  • Staying aware of why you are doing what you are doing is a great way to be successful.
  • TJ Gausman is out of Cincinnati and works with Keller Williams.
  • TJ is team Murtland on this issue and believes that the entire inspection report should be sent.
  • Getting the whole thing is easier because you don’t have to piece the picture together.
  • Most inspectors are good enough that you are not going to slip anything past them.

3 Key Points:

  1. Getting all of the information helps the listing agent understand everything that the buyers actually want.
  2. If the inspection is going to completely blow up, ask your sellers if they really want to see it.
  3. The inspection is subject to the level of expertise of the inspector.

Resources Mentioned:

14
Sep 2020

Episode 51: When Is An Offer Actually Considered Received?

In Episode 51 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley throw down over when an offer is actually considered received. Monica believes that it has been received once it is acknowledged and logged into her computer, while Jenn believes that as soon as it is given it is received. Hear why!

Episode Highlights: 

  • When is an offer officially considered received?
  • The word “received” has a different definition for everyone.
  • Monica believes that once she has acknowledged and logged the offer into her computer, it has been received.
  • Jenn believes that once it has been delivered, the offer has been received.
  • Best practice would say that you ask for acknowledgment of receipt.
  • Should an offer that goes straight into spam and is seen in the middle of negotiation be considered received?
  • Living in a world defined by technology has created a much larger gap between being sent and being received.
  • Head over to the Toe-2-Toe Facebook page for the best tiebreakers
  • “Executed” and “delivered” serve as better words than “received”.
  • Kevin Vaught throws in his take about the word “received” after landing his first deal as a real estate agent.
  • Within 2 minutes of receiving an offer, Kevin received a counteroffer.
  • Offer 2 is always way better than offer 1.
  • The electronic age has allowed for lightning speed offers and counteroffers, making the receiving process easy when used right.
  • Legalities vary on whether an offer has been received when you move from state to state.
  • There is a disconnect from the human element of the offer process because of the abundance of technology.
  • Buyers have leverage down the road to make changes, whereas sellers make sure to have a nice backup offer ready.
  • The offer arrived signed rather than communicating between offers in Kevin’s first sale.
  • It’s a bad idea to put your deadlines on nights that will disrupt everyone’s lives.
  • Things get lost when both sides see numbers on paper.
  • Keeping the lines of communication open throughout the process will always make things easier.
  • Every deal is different, so realtors must approach each one with open eyes and ears.

3 Key Points:

  1. The best practice when sending an offer is to require an acknowledgment of receipt before considering the offer officially received.
  2. Contracts should say “executed” and “delivered” rather than “received.”
  3. There is no prior legal precedent to look back on in these cases, but technology timestamps can be used.

Resources Mentioned:

7
Sep 2020

Episode 50: What Should You Name Your Team?

In Episode 50 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley debate whether you should name your team after yourself. Hear them duke it out over businesses with your name in them, generic names, and whether the name of your business even matters! 

Episode Highlights: 

  • Jenn’s team is called Team Synergi, so she thinks the name should have to do with the culture of your team or where you’re located because if you ever want to sell, it won’t be tied to you.
  • Monica believes it should have your name in it because of the branding in a business where relationships are everything.
  • If buyers often don’t even know what brokerage they’re working with, then on one hand, your team name doesn’t matter, but on the other hand it may help to keep it as simple as your name.
  • You should have your end goal in mind when you create your team name, although that end goal may change.
  • Even though your end goal may change, you shouldn’t change your branding often.
  • Don’t let your ego get out of control when naming your business.
  • Tiebreaker Aaron Smith suggests thinking about whether your business is more relationship-based or more transactional.
  • He adds that most people don’t ever expand their business beyond themselves into a team, so a personal brand makes sense.
  • There are a lot of businesses where if the individual you’ve worked with moves to another company, you follow the individual you have a relationship with, not the brand.
  • It also depends on your role in the team—are you the actual agent going on listing appointments, or is your role more behind the scenes?
  • Another tiebreaker, Aaron Sims, doesn’t think the name matters.

3 Key Points:

  • Having your name in your brand may be important because real estate is so relationship-based.
  • Consider your end goal in naming your business, for example, might you want to sell it eventually?
  • You can always rebrand, just be careful not to do it often.

Resources Mentioned:

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