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Real Estate Fight Club

28
Dec 2020

Episode 66: Should You Let The Listing Agent Show The House?

In this episode of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley throw metaphorical fists over this question: should you let the listing agent show your buyer the house? As usual, this one is fiery!

Episode Highlights: 

  • As a listing agent herself, Jenn doesn’t mind, though she thinks it depends on the circumstances.
  • Monica thinks that you are not properly representing your client if you allow the listing agent to show the house.
  • If you can’t go to the showing, Monica believes you should send another agent that you trust.
  • Jenn believes that you must first determine if someone is a buyer or just a lead.
  • Showing the house gives you the opportunity to hear about the buyer’s financial situation.
  • The listing agents probably wouldn’t sell the house if they knew everything that was going on behind the scenes.
  • There are a plethora of options for replacements to show the house and Monica believes the listing agent should not be first on the list.
  • While Jenn wants an experienced agent, Monica thinks they can be inexperienced but still be able to do the job.
  • Depending on the market, listing agents might actually be present at all the showings.
  • Listing agents should take initiative to call the buyer’s agent to see what the buyer wants to see.
  • There are a plethora of factors that go into this situation that need to be considered.
  • This week’s tiebreaker, Joe McQuillan, has over 35 years of real estate experience and believes that there are 2 sides to this coin.
  • While every situation is different, Joe believes as a general rule you should not allow the listing agent to show the house.

3 Key Points:

  1. Just because someone is looking at a house doesn’t mean that they are a buyer. You must separate the buyers from the leads.
  2. Allowing the listing agent to show the house should not be your first go-to, rather, you should reach out to another agent that you trust.
  3. If agents do decide to have the listing agent show the house, they need to prepare the buyer and the listing agent to make sure there’s no funny business and the agent can focus on what the buyer wants to see.

Resources Mentioned:

21
Dec 2020

Episode 65: Should The Lender Have to Pay for an Extension?

In this episode of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley are taking off the gloves and duking it out over this question: Should the lender have to pay for an extension on the closing? They are both FIRED UP about this one!

Episode Highlights: 

  • Jenn thinks that if it’s the fault of the lender, for whatever reason, they should have to pay for the closing extension.
  • If lenders say it can be done and is going to be done, they have to remember the lives that they are affecting.
  • Monica suggests that there could be an agreed-upon fee in case the lender does not deliver on time.
  • Agents need to make it clear that if lenders blatantly screw up, they will never do business with them again.
  • A centralized system where agents can give testimonials on lenders would make lenders care more.
  • Be sure to share any previous poor experiences when a buyer brings a lender to you.
  • Having skin in the game would force lenders to communicate more effectively.
  • After talking to other agents, Jenn found that everyone was Switzerland on the subject.
  • Lenders should do their due diligence before pre-qualifying anyone; it would save everyone a lot of trouble.
  • Monica believes there should be consequences for the lender if they cannot deliver, but not from a financial standpoint.
  • Agents have the power to force lenders to keep their word if they can combine forces.
  • Jenn believes that it should be a financial punishment at risk of putting lenders out of business.
  • This week’s tiebreaker, Gino Herring, has been a real estate agent for 18 years and provides insurance services through Mass Mutual.
  • As long as agents make sure to educate their clients completely upfront, lenders should be punished for messing up.
  • Agents must make sure to provide a top-notch client experience or otherwise accept responsibility for a closing extension.
  • Overcommunication is suggested because under communication can dismantle a deal.

3 Key Points:

  1. When lenders ask for an extension, the effects go beyond money. People are moving their entire lives when changing houses.
  2. High ratings, paired with a large number of them, organically build trust with buyers and sellers alike.
  3. Problems that cause closing extensions can come from a variety of sources, including buyers, agents, and lenders.

Resources Mentioned:

14
Dec 2020

Episode 64: Do Attorneys Need To Be Involved in The Sale?

On this episode of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over this question: do you need attorneys involved in the sale? Do Monica and Jenn disagree or are they just bumping heads? Decide for yourself!

Episode Highlights: 

  • Neither Jenn nor Monica works in a state that requires attorneys to close a real estate deal.
  • In attorney states, attorneys handle the same tasks that agents handle in other states.
  • Both Jenn and Monica think it just complicates the entire process when attorneys handle those tasks.
  • There is no point for an attorney to re-review a contract that has already been reviewed.
  • Monica thinks that while it is annoying, you can never be too careful so having an attorney isn’t always useless.
  • One case that an attorney would be needed is if there is an addendum on the contract.
  • Agents cannot give legal advice but might be able to work through the problem.
  • These contracts have already been stamped, so going through that extra step wastes more time.
  • Monica likes to have additional trusted resources as she always airs on the side of caution.
  • Buyers and sellers can both bring their own attorney to the table.
  • Attorneys begin to become a problem when it becomes overkill and returns are diminished.
  • Contracts that become too long and complicated have been known to scare clients off.
  • This week’s tiebreaker, Rachel Real, is a broker of her own real estate company in the Chicago area.
  • Being in an attorney state, Rachel is not allowed to make addendums to the contract after it has been signed.
  • Outside of Chicago, there are many areas in Illinois where they don’t use attorneys.
  • Only a handful of states have statewide attorney mandates.
  • Rachel does not feel that it is necessary to have an attorney involved because the extra time gives clients the chance to shut it down.
  • Cities that are in an attorney state mandate a grace period to cancel for any reason after the contract is signed.
  • Attorneys don’t know what agents have gone through to get the contract signed, so they should not interfere.
  • Many inspectors allow the agent to create an addendum from the information on their report.

3 Key Points:

  1. Agents need to make sure when clients are seeking legal advice, in which case they need to be referred to an attorney.
  2. In non-attorney states, agents still have attorney connections that they can contact in case of any legal situation.
  3. There are pros and cons to having an attorney. A pro being an extra set of qualified eyes never hurts. A con being the time and possibly money wasted when including an extra step.

Resources Mentioned:

7
Dec 2020

Episode 63: Should You Do a Final Walkthrough?

In Episode 63 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley drop the gloves over this question: should you do a final walkthrough? Will they finally agree on something? Spoiler alert...no!

Episode Highlights: 

  • Jenn doesn’t think it’s necessary to do a final walkthrough if a house is already vacant.
  • Monica has seen some things in her day, like a flooded basement or smashed window the day before closing.
  • In Monica’s eyes, you absolutely do a final walkthrough because the money is on the line.
  • The final walkthrough is to make sure that everything has been completed.
  • Jenn prefers not to deal with buyers because of the high level of maintenance and nerves.
  • Unless there has been a big storm or unmitigable circumstances, Jenn just doesn’t think it is necessary.
  • As per usual, everyone agrees with Monica that it is better to be safe than sorry.
  • Use the reason for doing a final walkthrough to determine the best time to do so.
  • The only times that Monica has seen disaster is when she has not encouraged the buyers to do a final walkthrough.
  • Jenn thinks measuring in the final walkthrough is useless, if you like your furniture then bring it.
  • This week’s tiebreaker, Cassie Burns, serves the Cincinnati area with iHeart Real Estate.
  • With so many close calls, Cassie believes in final walkthroughs with a passion.
  • To clarify, Jenn is not team “no,” she is team “not always”.
  • It gets awkward if there is occupancy at closing, and that is just one thing that agents would like to avoid.

3 Key Points:

  1. Jenn believes that it’s not necessary to do a final walkthrough all the time, but that doesn’t mean she doesn’t encourage it. She sees the benefits of both sides.
  2. Monica always does a final walkthrough because throughout her career, she has seen last minute disasters that could have ruined their respective deals.
  3. Your reasons for doing the final walkthrough will decide when is the best time to get it done.

Resources Mentioned:

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