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Real Estate Fight Club

24
Feb 2021

WWYD: Multiple Offers and the Dual Agent Reduces Commission to Win - EP02

This is a special series of Realtor Fight Club Podcast where we talk about situations that are potential ethics and professional standards violations. What Would You Do in these situations? All cases mentioned and code of ethics can be found at www.JenniferMurtland.com/Vault

22
Feb 2021

Who’s Better At Sales, Introverts or Extroverts? EP74

On this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley have a short tiff about who is better at sales, introverts or extroverts. Then, Jenn interviews the great Jay Kinder about what has brought him success.

Episode Highlights: 

  • Monica considers herself an introverted extrovert, one that needs to get away from others to recharge.
  • Everyone has their own form of recharging depending on their home situation.
  • Jenn believes that for the most part, extroverts have an easier time in the sales game.
  • Alan, Jenn’s partner, is an introvert, but he is a monster at being a real estate agent.
  • Monica thinks that it doesn’t matter whether you are an introvert or an extrovert.
  • Extroverts aren’t necessarily better at sales, they are just more natural when it comes to finding sales.
  • The sales game is dependent on an agent’s ability to meet people and build relationships.
  • Introverts need to find a way to build the relationships they need to hit their quotas.
  • Sometimes, an extrovert’s need for someone to like them can get in the way when people tell them no.
  • There can be no attracting business without repelling as well; not everyone will love you.
  • You have to be willing to turn some people off because, at the end of the day, sales is a numbers game.
  • Extroverts are going to have different problems than introverts, a reality that Jenn concedes to.
  • This week’s tiebreaker, Jay Kinder, is an agent trainer with eXp, having coached thousands of different agents.
  • Great enthusiasm led Jay to a lot of the success that he achieved early in his career.
  • The best salesperson that Jay knows is his partner Michael, a natural introvert.
  • Jay believes that his partner is an anomaly and that extroverts make the better salespeople.
  • Introverts can be great at sales if they are willing to adapt to the situation at hand.
  • When Jay has failed, he has found that he was coming on too hot and was too enthusiastic.
  • As Jay became more skilled and experienced in sales, he naturally became more enthusiastic.
  • Both Jenn and Jay have noticed that their introverted partners give well thought out answers as compared to their knee-jerk reactions.
  • Though he was the #2 agent in the world for Coldwell Banker in his best year, Jay was still #2 in his own market.
  • As his career has progressed, Jay’s goals have progressed from being production-oriented to time-oriented.
  • It’s important to surround yourself with people that will show you how to reach your freedom goals.
  • eXp has created a business model that has never existed in the real estate industry before.
  • People’s natural tendency is to listen long enough to hear why something won’t work for them.
  • For agents that are stuck in that 30-40 sales a year zone, the problem lies in their marketing.
  • Get clear on what is important to your life and build a business that serves that vision.

3 Key Points:

  1. Both Monica and Jenn agree that extroverts have an easier time with the sales process because building relationships comes more naturally, but Monica doesn’t think that necessarily makes them better.
  2. However you find your leads, whether it’s open houses, coffee, social media content, get out there and do it. Consistency is vital.
  3. Extroverts are going to have problems with verbally vomiting all over people while introverts will have trouble bringing in the business.

Resources Mentioned:

17
Feb 2021

WWYD: Buyer Representation - EP01

This is a special series of Realtor Fight Club Podcast where we talk about real estate situations that are potential ethics and professional standards violations. What Would You Do in these situations? All cases mentioned and code of ethics can be found at www.JenniferMurtland.com/Vault

15
Feb 2021

Showing Assistant or Buyer’s Agent? EP 73

On this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley sometimes fight just to fight, but not on this one. This one gets ugly. Do you go with a showing assistant or buying agent when trying to expand and grow?

Episode Highlights: 

  • Monica is a thumbs-down on teams in general because 99% of agents don’t know how to execute one.
  • Showing assistants give agents more time without taking a chunk of the commission.
  • Though Jenn is not pro buyer agent, she does not think showing assistants provide the value that Monica believes they do.
  • Jenn would prefer another experienced agent to show a house in her place rather than a new showing assistant.
  • Monica believes that the person showing the house is there to show while Jenn believes they are there to sell.
  • A professional knows how to show up on time, ask questions, and translate information back to the agent.
  • Don’t look like you just came from a bar or a workout class when you show a house.
  • Jenn believes that peers provide more value to the agent and the clients than a showing assistant does.
  • Monica appreciates showing assistants’ desire to learn and eagerness to show a house.
  • By setting the expectation that the showing assistant isn’t a replacement, you take the pressure off the situation.
  • By having a group of agents who are there to help with showings, agents can assure an experienced agent at all showings.
  • Though Jenn does not think it could hurt to have a showing assistant, she does think there are better options.
  • People tend to build teams for the wrong reasons and often do not have the right systems in place.
  • Whoever shows the house needs to be adequately trained to provide the right information.
  • At one point, Jenn had roughly 70 people that she was coaching and training.
  • Because they are by themselves, most agents find it necessary to have a buyers agent.
  • Agents need to ask themselves where their business is and which method is easier.
  • While there are agents who run incredible teams, it’s very rare in the world of Monica and Jenn.
  • This week’s tiebreaker, Jim Black, has built a large team, but it took a few failures before he got it right.
  • Due to his experience with agents getting lost in the mix, Jim prefers to hire a showing assistant.
  • Initially, Jim paid someone to show properties and gave them a large piece of the pie.
  • Hire an admin, at first, when you are the one expanding the sales by yourself.
  • When bringing on an agent, they are solely focused on how to get a paycheck.
  • With a salary+bonus model, agents stay more hungry to learn and less hungry to eat.
  • Jim believes that the best way to train someone is to bring them with you to all your appointments.

3 Key Points:

  1. Most agents get into the business with the intent of handling all parts of their business which makes them bad at building and running teams.
  2. While Monica would rather have a showing assistant to show the house and translate the information back, Jenn would prefer an agent with a similar level of experience.
  3. Regardless, whoever shows the house needs to be trained in doing so, so at the end of the day, it comes down to who the agent trusts.

Resources Mentioned:

8
Feb 2021

Is Time Management Really Your Problem? EP 72

On this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley lay down their top time management hacks. When you think you have a time-management problem, you may need to look again!

Episode Highlights: 

  • The reason that Monica and Jenn started this podcast was that they both achieved success in their own ways.
  • One thing that real estate school doesn’t teach you is just how lonely the business can be.
  • At the end of the day, we all have the same amount of time available to us, so time is not an excuse.
  • Jenn’s biggest time hack is also her simplest, decide when you will start your day and start on time.
  • Monica believes that it’s not time, but priorities that you need to manage.
  • Make a list of your priorities in order and attack your most important priority first.
  • Lead generation should be an agent’s top priority, something that they should attack ferociously when the day begins.
  • People make the mistake of giving everything in their business equal priority, and that’s just not reality.
  • If a deal is falling apart, there is nothing you can do an hour before to make sure that it doesn’t.
  • Writing offers, showing houses, and negotiating deals are the results of being a real estate agent.
  • Monica uses Gmail to color-code her schedule to differentiate between times of making money and time leading to money.
  • Organizing your calendar will help you better monetize your hours and stay crystal clear on your goals.
  • Be sure to block off enough time for generating leads that matches your deal closing goals.
  • Keep it simple by deciding what you want to accomplish and narrow it down to how many leads you need to generate.
  • If you find that you have a priority problem, then you are saying yes to too many things.
  • Pick something productive in your business to fully commit to and say no to anything that does not align.
  • Managing your time and priorities is simple, but that doesn’t mean it’s going to be easy.
  • This week’s tiebreaker, Allison Gaddy, runs a real estate team in Austin, TX, where she coaches and trains them on how to manage time.
  • NET time, no extra time, is a concept that Allison took from Tony Robbins that accounts for all the time you could be learning something.
  • Plan your day the night before to tackle the things that will move the needle in the morning.
  • Even though she has a team now, Allison had to make a shift to focus on that 20% of the 80/20 rule.
  • Decide your priorities, tackle the most important ones, and delegate the other ones out.
  • Through her coaching and training company, Expert Partners, Allison and her partners are launching their Gateway to Mastery program.

3 Key Points:

  1. The biggest problem with agents who think they don’t have enough time is actually that they don’t know how to manage their priorities.
  2. No matter what’s on your calendar, you have a job to do every single day, that being, generate and follow up on leads.
  3. Showing houses, writing offers, and negotiating deals aren’t what being an agent is about, but are the results of the job.

Resources Mentioned:

1
Feb 2021

What Is Real Estate School Missing? EP71

On this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley discuss, what’s one thing that should have been taught in real estate school? There are so many answers to this question!

Episode Highlights: 

  • Though they do agree sometimes, Jenn and Monica have different views on almost every point they debate.
  • Jenn thinks there needs to be real estate apprenticeships for sales and math training.
  • Too many people don’t understand the concepts of cold calling and commissions sales.
  • Just like colleges, real estate school teaches in many different ways.
  • Many agents do not know what they are getting themselves into and end up failing.
  • Real estate schools do not even cover buying and listing presentations, along with a plethora of other steps in the process.
  • Monica and Jenn may or may not be opening a secret underground real estate school in Puerto Rico.
  • If schools did a better job of informing students about the realities of real estate, fewer people would go through with it.
  • Fewer agents in the system benefit the failure rate, current agents, and clients alike.
  • Everyone seems to agree that real estate school focuses more on the test than it does on actually being an agent.
  • Taking the real estate test is too stressful for something that doesn’t translate to being a successful agent.
  • Jenn thinks that brokers should eliminate zero-unit sellers at the end of the year.
  • This week’s tiebreaker, April Spaulding, is a real estate agent with Keller Williams out of Winterhaven, Florida.
  • Prospecting is how you get the business to make the money, yet, they don’t teach it in school.
  • April thinks that cold calling is both old-school and still part of the mix that real estate school doesn’t teach.
  • There are so many different ways to get business that need to be mixed and matched for your market.
  • Geo farming is something that you have to do consistently for 2 years before you can reap the rewards.

3 Key Points:

  1. Many agents fail in their first year because they don’t really know what it’s going to be like heading into the game.
  2. Jenn believes that real estate school should include more sales training while Monica believes schools should paint a better picture of what real estate agents actually need to do.
  3. Even admins have to get the same license as agents so they can show houses, but the problem is, they never actually sell houses. There should be a separate license.

Resources Mentioned:

 

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