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Real Estate Fight Club

25
Jan 2021

What Do You Do When There Are No Instructions Left For the Lights and Doors? EP70

On this episode of Realtor Fight Club, hosts Jenn Murtland and Monica Weakley are fired up about today’s subject. What do you do when there are no instructions left for the lights or doors? Is there only one right answer?

Episode Highlights: 

  • Let’s all agree that you should not take the key out of the lockbox without telling anyone.
  • Listing agents should always call the buyer’s agent before a showing because they’ve never seen the house.
  • Monica texts the agent about what she should do before ultimately making a judgment call.
  • Unless there’s a line out the door for showings, Jenn turns the lights off.
  • If the key goes missing, the last one that showed it will be the one who gets blamed.
  • Jenn does not think the other agent is going to answer if you call while you are walking through the house.
  • Mistakes are always going to happen in the process but it is possible to minimize those to a certain degree.
  • Think about implementing a policy or form for the showing instructions, though if you don’t, it gives you a reason to communicate.
  • Proper communication can help you avoid the tire kickers and wasting time.
  • You can always ask sellers how they would like agents to leave the house after showing it.
  • Monica believes you should leave the house as you found it while Jenn thinks you should turn the lights off.
  • In the middle of winter, it’s important to contact the other agent before turning the heat on.
  • If someone needs to go to the bathroom in a vacant house and the water is not on, send them up the street.
  • Tell the agent what you did through a text after something has happened in the case that they don’t answer beforehand.
  • This week’s tiebreaker, Andrea Howe, is with Re/Max in Frederick, Maryland, not too far from Washington D.C.
  • It’s very obvious to Andrea that houses look better with the lights on, so leave them on.
  • Depending on the market and the house, you may turn the lights off for electric bill purposes.
  • If something feels off, like running water, Andrea makes sure to call the agent to check.

3 Key Points:

  1. At the end of the day, efficient communication between the agents is key to the successful sale of a house.
  2. There’s an argument for leaving the house as you found it when there are no instructions left.
  3. When no instructions are left, agents are presented with the opportunity to open a line of communication with the other agent involved.

Resources Mentioned:

 

18
Jan 2021

Do You Ask The Buyers to Make Up The Difference? EP69

On this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley are padded up for a battle today. If the sellers are offering below your accepted commission fee, do you ask the buyers to make up the difference? Warning, this one is a cage match!

Episode Highlights: 

  • Jenn is playing mind games by allowing Monica to go first.
  • There is no way that Monica is going to ask the buyers to make up the difference.
  • Monica doesn’t think that there’s any reason to pass the burden onto the buyer.
  • Respectfully, Jenn disagrees with Monica to a point, but the buyers don’t always pay for it.
  • Jenn makes sure to go draw up a buyer contract that includes the possibility that the buyer may have to pay.
  • Monica does not require her buyers to sign the contract but instead uses it as a talking point.
  • Though she doesn’t think that agents should let the contract go unsigned, Monica still does it.
  • Most agents make the mistake of skipping the consultation completely.
  • Jenn has dealt with multiple instances where her commission was higher than what the seller was offering.
  • Sometimes, it’s not even worth the trouble that you have to go through with the lender.
  • Agents may or may not be a party on the contract, depending on which contract it is you are talking about.
  • Jenn has no problem getting out of a contract if it represents enough trouble.
  • Every agent would benefit by having a buyer contract signed or at least having the conversation.
  • Jenn and Monica disagree and agree on this one in their views around the buying contract.
  • According to Jenn, the buyer is allowed to change their mind during the process as long as they sign the contract.
  • Send Jenn and Monica a message if you want to see some of their past buyer contracts.
  • This week’s tiebreaker, Alan Jacobson, has spent over 30 years in the sales coaching world and serves the Palm Beach area in Florida for REMAX.
  • Alan would never ask the buyer to make up the difference.
  • Alan always signs a contract with the seller but usually does not sign one with the buyers.
  • Camelot Management Services, Alan’s company, provides coaching and sales training to professionals from a variety of industries.
  • Almost everyone is in some sort of sales, regardless of their position, so sales training would behoove all professionals.
  • In his coaching services, Alan focuses on communication by drawing from his acting experience.

3 Key Points:

  1. By discussing the possibility of payment with the buyers in the buyer contract upfront, Jenn takes out the possibility of surprise.
  2. In certain situations, time is more important than money. Agents need to ask themselves if a week of debate is worth a couple of hundred bucks.
  3. If you are not going to make the buyer sign a contract, the least you can do is have a conversation about what could happen.

Resources Mentioned:

11
Jan 2021

How Do You Handle Two Buyers Who Want the Same Property? EP68

On this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley are duking it out over how to handle when two of your own buyers want the same property. This one gets ugly before it gets pretty!

Episode Highlights: 

  • Jenn has run into the problem of wanting the same house as her buyers but did not compete.
  • Unselfishly, Jenn has given up properties in the past that she wanted to invest in.
  • It happens quite often that agent investors are interested in the same properties as their buyers.
  • Monica chooses to hand off one of her buyers to another agent because she feels it’s the only way to be fair.
  • Jenn has written two offers to multiple buyers that have wanted the same property and she has no problem with that.
  • Monica thinks it’s hard to give your true opinion when you have other information in your brain about another buyer.
  • When one buyer asks about the buying price, Jenn thinks it does not matter if there is another buyer.
  • Due to the sheer amount of total offers on the house from all buyers, Jenn doesn’t see a conflict.
  • Buyers will always have different desires and needs when looking for a house.
  • Jenn believes it’s okay to disclose what you know that helps the buyer make the best offer possible.
  • In this situation, Monica thinks that she could ask the buyer how they would like to continue.
  • Jenn and Monica disagree on what dual agency looks like from the perspectives of the agents and buyers.
  • There is a difference when representing investors and buyers that are going to live in the house.
  • Agents don’t talk about this topic that much because it really doesn’t happen too often.
  • Monica’s final take is that you can only represent one side if you want to avoid splitting your loyalty.
  • Jenn is firm on her stance that you can represent both buyers, but that doesn’t mean it’s a good idea.
  • Figure out why you are uncomfortable with the situation and determine if it’s about you or the buyers.
  • This week’s tiebreaker, Frantz Benjamin, is a real estate agent in West Palm Beach, Florida with Century 21.
  • Taking into account all competencies and incompetencies, Frantz is able to decide which buyer to represent.
  • In the case that both buyers are qualified, Frantz would make sure to show them multiple properties.
  • While he would inform each buyer that there are other offers, Frantz makes sure not to spill any confidential information.
  • It’s important to have a like-kind property as a backup just to give the buyers choices.
  • Educate your buyers as much as possible, but it is their decision at the end of the day.

3 Key Points:

  1. When faced with multiple buyers that have an interest in the same property, Monica chooses to hand off one buyer to another agent while Jenn has no problem handling both.
  2. Each buyer is very different and it’s very rare that multiple buyers with the same agent have the same requirements and limits.
  3. This is more of a hypothetical situation because it does not happen very often. In fact, in some places, dual agency is illegal.

Resources Mentioned:

4
Jan 2021

Episode 67: What to Do When the Listing is About to Expire

In Episode 67 of the Realtor Fight Club Podcast, hosts Jenn Murtland and Monica Weakley discuss why they decided to change the podcast name, and duke it out over what to do when your listing is about to expire. Who would have thought that on such a special episode, Monica and Jenn would agree!

Episode Highlights: 

  • After receiving a ton of feedback, Monica and Jenn decided that it was time for a name change.
  • All three of the MLSs that Jenn uses give 2-week notices when the listing is going to expire.
  • It is the agent’s responsibility to be tracking the listing and to know when it is going to expire.
  • The last thing you should do when the listing is about to expire is to avoid talking to the client.
  • Refer an agent, or handful of agents, that you trust to bring new energy to the project.
  • Client motivations should play a large role in whatever direction the agent decides to turn.
  • Clear and consistent communications about marketing efforts throughout the process will make it easier to pivot.
  • Monica has had an agent reach out to her about partnering on a stalled listing before contacting the client.
  • Agents should be vulnerable and admit that they did not deliver, rather than blaming the seller.
  • Take ownership of your failure and find the person that can help solve the problem while staying involved.
  • It’s time to move on from the game if you dread reaching out to your clients about a problem.
  • Most people that Jenn spoke to aren’t able to find solutions to the problem and just move on.
  • Jenn, the agent, talks to Monica, the client, about the lack of results from the listing.
  • Don’t over-explain or apologize when talking to your client; focus on offering a solution.
  • This week’s tiebreaker, April Mack, is a high-level coach to executives, entrepreneurs, and realtors alike.
  • Though she is no longer an agent, April always hated making the call as the listing expired.
  • Everybody on the team has to take ownership of the problem and move forward with the solution.
  • There are many different factors that make a property challenging, but blaming those will not help.
  • It’s harder for a client to fire you if you meet with them face-to-face than over the phone.
  • If you know that it’s not going to work out because of a personality clash, it’s time to move on.
  • April will take on anyone at any point in their business because everyone should be growing at all times.
  • Having a coach gives you the benefit of saying your thoughts out loud with someone to hear you.

3 Key Points:

  1. Clear communication throughout the entire process, especially if the listing is about to expire, is absolutely essential to keep a good relationship with the client.
  2. Agents need to take ownership of their mistakes when they can’t solve a problem and bring in the person who can.
  3. There’s no need to over-explain or apologize if you did everything that you said you could do. Just solve the problem.

Resources Mentioned:

 

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