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Real Estate Fight Club

26
Oct 2020

Episode 57: How Long is Your Listing Contract?

In Episode 57 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out  over how many months your listing contract should be. 30 days, 90 days, 6 months? This one might surprise you!

Episode Highlights: 

  • Monica is firm on her stance of a 90-day listing contract, regardless of the amount of inventory.
  • People’s opinions of the real estate agent changes based on how long the sign is in the yard.
  • Jenn’s preference is 30 days for the same reasons that Monica’s preference is 90 days.
  • There was a time when Jenn first started that she assumed all contracts were a year long.
  • Agents should take the average days on market into consideration when proposing a listing contract.
  • 90 days in a buyers’ market and 30 days in a sellers’ market sounds good to Monica.
  • Sellers like the confidence of a short listing contract as compared to an agent that needs a long time to sell their house.
  • Jenn thinks it’s important to look at the average days on market and take what makes sense.
  • Monica believes that limiting the listing contract offers confidence and a break from a possibly mismatched relationship.
  • Jenn and Monica actually agree with each other on this one.
  • Tiebreaker, Rachael Real, believes that listing contracts should be no more than 6 months long.
  • It’s important to have an extension that takes you through the closing and a longer contract helps with that.
  • Auditing by the state will make your life a living hell, so, you are better off making sure you have room for an extension.
  • Stay completely transparent with the client about what’s going on at that point of the process.
  • Rachael thinks, in theory, 90 days is enough time to sell the house.

3 Key Points:

  1. If an agent can’t sell a house in 90 days, then it’s probably a bad match with the client.
  2. People tend to not show their true colors until after the contract is signed, so in order to be careful, the contract should be limited.
  3. Shorter contracts show confidence from the agent in their ability to sell the house in a shorter amount of time.

Resources Mentioned:

 

19
Oct 2020

Episode 56: Should You Use a Script?

On this episode of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether or not, as an agent, you should use scripts in your business. While both Jenn and Monica believe scripts can and should be used, they differ on how to use those scripts. This one gets heated!

Episode Highlights: 

  • There are so many types of scripts that can be used depending on what stage of the process the agent is in.
  • Jenn thinks everyone already uses scripts in life anyway so agents should memorize the stuff that works.
  • Using scripts can help agents avoid saying detrimental responses.
  • People worry more about what they are going to say rather than paying attention to what the other person says.
  • Scripts inadvertently cause agents to be much better listeners.
  • Monica believes in scripts as well but thinks that the scripts should be the words of the agent.
  • You can make one up and use trial-and-error with your own words, or you can take an already-effective script and make it your own.
  • Scripts give agents the comfort of knowing which questions they need to ask.
  • Inevitably, you are going to mess up a bunch of times, but that is the best way to learn.
  • Focusing too much on the script can trip agents up because it distracts them from the actual purpose of helping the client.
  • Agents don’t call for-sale-by-owners because they become attached to the outcome.
  • Jenn believes scripts provide comfort while Monica believes scripts give anxiety.
  • Jenn believes you can memorize the script, use it over and over, and then come back and make it your own.
  • Monica believes you should focus on what your purpose is and ask great questions to see if you can help them.
  • Buyers don’t know what usually comes out of their agent’s mouth, so it will all be new language to them anyway.
  • Both Monica and Jenn believe you should use scripts but they differ on the details of those scripts.
  • Greg McDaniel has been the co-host of the Real Estate Uncensored podcast for over 5 years and 500 episodes.
  • 21 years into the real estate game, Greg uses a skeleton script which utilizes the backbone of a conversation to learn as much as possible.
  • Use a script to set up the client to continue talking and give you the information that you need to accomplish your goal.
  • Build a relationship on the personal questions that have nothing to do with real estate.
  • Know how to bring them back from the personal stuff to the main point of the conversation.
  • Everything does not have to be exact when using a script.
  • Greg’s new course, Listen Sell Like Crazy, involves 10 hours of video training from a top real estate trainer.

3 Key Points:

  1. Everyone uses scripts throughout their lives, that being, we all say the same things to our family and friends.
  2. Scripts are necessary, but how you arrive at those scripts is where Jenn and Monica differ.
  3. Agents should use scripts as a tool to listen to what their client is saying, let them speak, and find out their motivations.

Resources Mentioned:

 

12
Oct 2020

Episode 55: When Should You Put the Sold Sign in the Yard?

In Episode 55 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley are feeling feisty about the right time to put the sold, or pending, sign in the yard of your listing. Jenn and Monica actually agree on this one. The truth is, there is no one, right time to put one of these signs up, so see what works best for you!

Episode Highlights: 

  • When she first started, Jenn put way too much thought and energy into her signs.
  • Depending on when the inspection takes place and where the listing is, Jenn varies on when she puts up the sign.
  • Because nobody but the buyer knows the house has been sold, you can put up the sold sign after the fact.
  • Monica believes in waiting until the house has officially been sold before putting the sign up in case something falls through.
  • Waiting and allowing more calls to come in on the property even after it has been sold has its benefits.
  • You don’t want to put too much thought into your signage because you are only human and have only so much brain power.
  • Jenn and Monica actually agree that there is more than one way to go about this.
  • While some agents do have a process, most do not have a set-in-stone deal.
  • Tiebreaker, Jason Stricevich, is from HomeSmart RE Associates in the Seattle area.
  • Once the inspection contingency is signed off on, Jason puts a sold sign on the listing’s post.
  • Sometimes, agents don’t put up a sold sign because they don’t want to sell a house in the same area.
  • Jason skips the pending sign and goes straight for the sold one, a common practice in Seattle.
  • The public doesn’t know if you are the buyer’s agent or the listing agent, so it’s just an opportunity to market yourself.
  • Unless you can bring in new leads, you’ll never get any sales, so consider yourself a lead generator.

3 Key Points:

  1. There are a plethora of factors that go into your sign timing, including but not limited to, location, time of inspection, and who is aware of the sold status.
  2. There is no one right time to put up the sign, but more of an if-then-when situation.
  3. It is a common practice in Seattle to put a sold sign on the property, even if it is pending.

Resources Mentioned:

 

5
Oct 2020

Episode 54: When Should You Fire a Client?

On this episode of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley take the gloves off over the appropriate amount of houses that an agent should show before firing the client. While they are both hesitant about letting someone go, Monica focuses on the motivation of a buyer, while Jenn limits it to 3 times out with the clients. Who do you agree with?

Episode Highlights: 

  • Monica makes sure to set expectations that her clients will see 10 houses at the most, but it could take only 1.
  • Jenn thinks that clients have to narrow it down to 4 houses at the most at one time.
  • Conversations need to be had with the client about what was learned and missed if the top 4 houses did not work.
  • There’s something off if they still don’t find the house after the second time out.
  • It’s necessary to do the consultation because clients are very likely to change their minds on what they think they want.
  • Agents are nervous to ask questions because they fear the possibility of losing the client.
  • Not asking enough questions will lead to missing on too many houses and you will lose the client anyway.
  • Missing on a house and placing a losing offer are completely different things.
  • Monica has no problem having hard conversations if she feels that they don’t know what they want.
  • Jenn believes that it begins with challenging what they want by bringing different scenarios to the table.
  • You might have to push them in the right direction so they can see your vision first-hand.
  • Monica and Jenn both agree that not enough agents pre-qualify their clients and end up wasting a lot of time.
  • Monica cuts it off when she begins to question whether they are going to buy or not.
  • It’s not going to work out if both spouses don’t agree on what they are looking for.
  • Jenn recognizes that agents who are unwilling to fire clients just aren’t good at math.
  • Monica focuses on the motivation of the clients rather than capping it at a number.
  • This show is all about learning to do business in the most efficient way possible.
  • Tiebreaker Cindy Enderle would show way too many houses when she first started as a real estate agent.
  • When she finally learned to recognize client motivations, Cindy was able to bring her number down to 3-5 houses.
  • Clients are able to see a photo gallery of listings before Cindy has even seen them.
  • Newer agents should sit down with a client to get to know who they are, but as an experienced agent, Cindy mostly works with referrals.
  • It’s vitally important to set the expectation of what they are looking for upfront.
  • There are a plethora of factors that go into determining the length of time an agent should spend on a client.

3 Key Points:

  1. Clients will change their minds on what they think they want during the consultation based on scenarios that the agent can bring them.
  2. You as an agent have to be able to recognize when clients don’t actually know what they want and to be confident in asking the tough questions.
  3. Agents need to pre-qualify or they risk being led around by the clients when it should be the other way around.

Resources Mentioned:

 

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