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Real Estate Fight Club

31
Mar 2021

WWYD: Issue When Presenting Multiple Offers-EP07

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 the code of ethics can be found at www.JenniferMurtland.com/Vault

29
Mar 2021

Grow Your Business with $1000 EP79

In this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley are throwing down over today’s topic. What’s the best way to spend $1000 in order to generate business? There’s more than one right answer!

Episode Highlights: 

  • Jenn believes that Monica would use her $1000 to throw a party and give each person individualized gifts.
  • Monica would use that $1000 on her A-list clients, those being the ones that are most important.
  • Just because someone is willing to send you tons of money doesn’t mean that they are the right client for you.
  • Monica has people that she loves but considers C-level clients because she does not spend time with them.
  • A and B-level clients are the ones that you are more involved with and know more about their lives.
  • Most agents would be happy with 20-36 deals per year and that can be done by keeping 30-40 A’s and 90-100 B’s.
  • Jenn has used that same money on her team by giving them an incredible experience.
  • Monica believes that Jenn would buy a service that would tell her who the prime leads are.
  • Jenn would spend her $1000 on a top-lead source like Vulcan, basically what Monica predicted.
  • Many of the agents that responded claimed they would use the money to hire someone
  • Those small-time agents that believe they need marketing need to get out and meet people.
  • For agents that are looking to do around 20 deals, pick 2 ways to generate business and focus on those.
  • John Kitchens is actually Jenn’s real estate coach and coaches people in life and business at all different levels.
  • Investing in tools to get seller data and analyzing predictive indicators are the first things that John would do.
  • Many people lack confidence because they have not developed the correct skills yet.
  • For more seasoned agents, John would pour some of the money into his A-level clients.
  • It’s incredibly important to stay relevant and top-of-mind with your clients because mindshare equals market share.
  • New agents should focus on joining a team with a culture that facilitates growth and provides support.
  • Create content that answers the questions that sellers are bringing to you or that you are hearing on the streets.

3 Key Points:

  1. A-level clients are the ones that you spend the most time with and are the most important to you.
  2. Monica would spend the money on her A-level clients while Jenn would spend the money on Vulcan to get great leads.
  3. For agents that are only doing 10-15 deals per year, there is no need for marketing because there is no brand to market.

Resources Mentioned:

24
Mar 2021

WWYD: Can Realtors Take Video In Homes?- EP06

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
Mar 2021

Dealing With A Difficult Co-op Agent EP78

In this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley aren’t so much fighting today as they are sitting down for tea. How do you handle a difficult co-op agent? Every agent is going to deal with one, so make sure you are prepared!

Episode Highlights: 

  • Jenn may or may not be the difficult agent in this situation sometimes.
  • Agents that are being difficult make the mistake of thinking that they are being super representative of their client.
  • It wouldn’t be a bad idea for realtors to have a psychology degree so that they understand how to lead their clients.
  • Depending on the agent, Jenn either comes to an agreement on response time or ignores them.
  • Only one time has Jenn had to call an agent’s manager because she knows most of them will not take action.
  • Sometimes, waiting to reach out to the brokerage until after the transaction can be a useful tactic.
  • The agent that drives Monica nuts is the one that is so easy to work with as long as nothing goes wrong.
  • Jenn has learned how to recognize the clients that will flip on her over the phone on the cold call.
  • Monica does her best to set the standards and re-enforce the other agent’s good behavior upfront.
  • Jenn has been part of a deal where things went sideways with an agent who was a friend.
  • Setting deadlines in your messages may help you get a little bit more out of the other agent.
  • Dealing with agents that don’t know what they’re doing can be made more difficult if they aren’t willing to listen.
  • Jenn has dealt with unknowing agents by making suggestions and teaching them how to best move forward.
  • Most agents that Jenn surveyed claimed that the best way to move forward is to find some common ground.
  • Putting everything in writing would be a great secondary strategy if you can’t find common ground.
  • When dealing with a combative agent, Jenn takes a breath and formulates a held-together email.
  • Monica prefers to do the work up front in the relationship and establish what behaviors you like.
  • Real estate used to have a vibe of going into battle with the other agent, but that’s not how it is now.
  • There are 3 parties in each transaction, so there need to be 3 relationships to make the deal work.
  • Corina Tello is with Kale Real Estate and also does international real estate,  speaking events, investing, and triathlons.
  • As an investor, Corina cannot stand when agents add more steps than are necessary to the process.
  • When an agent complains about negotiations rather than attempting to adjust terms, Corina gets annoyed.
  • Things have become more difficult for Corina when agents have brought a lawyer into the situation.
  • When there is a problem with an agent, Corina goes straight to the brokerage to complete the transaction.
  • Things are different in states that do not protect their agents with regulation.

3 Key Points:

  1. Difficult agents are the ones who are combative and non-responsive because real estate usually is not their full-time job.
  2. Chances are, you’re not going to teach the combative agent anything during the process, so handling the situation at the beginning of or after the transaction is ideal.
  3. Sometimes, you have to deal with an agent that just doesn’t know what they’re doing. If they are willing to learn, the process can be a learning one.

Resources Mentioned:

17
Mar 2021

WWYD:Disclosure of Latent Defects-EP05

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

15
Mar 2021

Do You Use Buyer Agreements? EP77

In this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley are ready to throw down over today's topic. Should you sign a buyer agreement? Monica gets under Jenn’s skin on this one!

 

Episode Highlights: 

  • Jenn thinks that there’s no excuse not to sign a buyer’s rep agreement because contracts are part of a business transaction.
  • While she’s not against people signing a buyer’s rep agreement, Monica does not think it’s always necessary.
  • When Monica was asked to teach her entire office how to use buyer agreements, she stopped using them herself.
  • Monica has seen no difference between the time that she used buyer’s rep agreements and when she hasn’t.
  • Contracts aren’t really worth anything if one of the parties is not of sound mind.
  • Jenn believes that contracts, while worthless, give you options if the agreement is not honored.
  • People expect to sign a contract when engaging with any business regardless if it is a contractor or an accountant.
  • Monica finds an issue with agents that do not set any sort of expectation or some sort of agreement.
  • Jenn fears that buyers who employ agents without a contract are susceptible to being scammed.
  • It’s hard for Monica to argue the benefits of having a contract, but she hasn’t had any troubles without one.
  • By not using a contract, Monica risks the possibility of getting burned by a buyer using another agent.
  • People aren’t intentionally looking to screw over agents, but they don’t know what they don’t know.
  • Jenn is a fan of having more choices with everything in life, but she does have  a problem with the number of different chips available at the grocery store.
  • To the surprise of everyone involved, most people agreed with Monica’s stance.
  • If you are choosing not to have the buyer sign a contract, ensure to set the expectations at the buyer consultation.
  • Erin Fay acts as mostly a buyer agent in Cincinnati and Northern Kentucky with Comey & Shepherd.
  • Never in her career has Erin ever had a buyer sign a buyer’s rep agreement, nor does she know any in her area that uses them.
  • Erin has only been ghosted 10-15 times in her 10-year career without using an agreement.
  • When getting a listing, Erin has her sellers sign a contract because she sees the relationship as different.
  • For first-time home buyers and those that haven’t bought a home for many years, Erin always ensures to do a buyer consultation.

 

3 Key Points:

  1. By not setting a date and pre-signing the cancellation agreement, Jenn gives both parties the option to cancel if the contract is not upheld.
  2. Whether or not you use a buyer’s rep contract, Monica and Jenn agree that there must be a buyer consultation in which expectations are set.
  3. When engaging with most businesses, including real estate agents, people expect to sign some sort of agreement. Make sure you protect yourself and the client.

Resources Mentioned:

10
Mar 2021

WWYD: Procuring Cause Without Buyer Contract EP 04

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

8
Mar 2021

Is Geographic Farming Dead? EP76

On this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley are fired up about today’s topic. Is geographic farming dead? Today’s topic is a controversial one!

 

Episode Highlights: 

  • In shocking fashion, Monica believes that geo-farming is dead while Jenn sees the use.
  • Most people don’t know how to do it in the first place, so they end up doing it wrong.
  • Mail, door-knocking, and events are all different ways that are still important to connect with a community.
  • Don’t make the mistake of picking some random neighborhood out of a hat and sticking to just mail.
  • A realistic expectation of success when geo-farming a neighborhood is at least 2 years.
  • There are a variety of factors that go into how long it will take geo-farming to work.
  • Monica thinks it can work, but just doesn’t believe that most agents will do the necessary work.
  • Most agents don’t understand how to convert people from one step to another in the correct way.
  • One way that Jenn advises to help with door-knocking efforts is to carry a gift bag with you.
  • Monica thinks that instead of using money to geo-farm, it can be used to create a smaller amount of strong relationships.
  • To figure out the attrition rate, look over the past 5 years and take the number of sales divided by the number of houses.
  • Jenn likes the aspect of intentionally focusing her marketing efforts on a certain neighborhood.
  • Monica thinks that agents could create some sort of shared resource for the neighborhood that could help them get to know people quickly.
  • Even if you do move to a new area, you can still get referrals from your sphere.
  • Maryann Ries is a high-profile agent in Cincinnati that focuses on geo-farming.
  • When it comes to advertising, it all comes down to reach and frequency.
  • In order to be successful in geo-farming, agents need to update their thinking on geographic marketing.
  • Maryann has gone from door knocking to targeted Facebook ad campaigns as an adjustment to COVID.
  • There are a plethora of benefits that come with focusing on a certain geographic area.
  • Ideally, agents that are geo-farming should be marketing to their area on a daily basis.
  • Agents could use the buyers’ current location as a way to expand the geographic reach.
  • Maryann knows that you have to commit to a campaign to make direct mail worthwhile.
  • The more signs that Maryann has up in a certain area, the more calls she receives.
  • Project yourself as always working with how you dress whenever you are out of your house.
  • Stay updated on your market activity and preview every house that comes on the market in your farm.

3 Key Points:

  1. It’s important to pick a neighborhood with which you have some sort of connection.
  2. In order to successfully geo-farm, agents must be willing to allocate the necessary money and time, at least 2 years, or it’s a waste of time.
  3. While both Monica and Jenn agree that geo-farming can work, Monica believes that most agents won’t stick it out for the necessary time.

Resources Mentioned:

 

3
Mar 2021

WWYD:Disclosure of Existing Offers EP 03

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

1
Mar 2021

Should Your Administrator Be Licensed? EP75

On this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley take off the gloves for this one. Should your assistant or transaction coordinator be licensed? They both look pretty beat up after this one!

Episode Highlights: 

  • Monica believes that many opportunities will be missed if assistants or transaction coordinators (TCs) are not licensed.
  • When Jenn thought about getting her first assistant, she might have agreed with Monica.
  • Administrative assistants and TCs don’t have an inherent desire to do sales.
  • Over the span of a year, Monica believes that she will convert more leads if her administrator is licensed.
  • Jenn would never start someone as an admin that she was grooming for a sales position.
  • The motivations and skill sets differ between salespeople and administrators.
  • People might be better off focusing on their 20% of the business because that’s what they’re good at.
  • Though Jenn delivered a beating to Monica in the first round, most agents agreed with her.
  • While everyone works for money, not everyone is necessarily motivated by money.
  • An agent who is invested in their admin assistant or TC might be interested in changing their path for the better.
  • It depends on the person, but not all admin want to be salespeople.
  • Monica believes it would bring an advantage to the lead agent if the administrator can accent their sales.
  • This week’s tiebreaker, Steve Lunsford, is an agent from Indianapolis with Plat Collective and is currently thinking about licensing his assistant.
  • Depending on your expectations for the administrator, Steve believes you can swing either way.
  • Steve believes that you run a higher risk of losing your administrator if they have their license.
  • It’s preferable to Steve to have someone that takes a lot of the mental bandwidth out of his process.
  • Steve feels that his time is best spent invested in procuring new business.
  • In the long run, Steve feels that it is best that the administrator gets licensed, a bill that he is willing to foot.
  • Jenn and Steve think it would be a great idea to have a license specific to an administrator.
  • It’s important to determine what you want an assistant for before you hire one, which allows you to decide if they need to be licensed or not.

3 Key Points:

  1. Monica believes that more opportunities can be taken advantage of if the administrator is licensed, while Jenn doesn’t think admins have any interest in sales.
  2. Salespeople are motivated by money and use their skill sets to achieve their sales goals, while administrators tend to have different motivators and skill sets.
  3. While Monica doesn’t think administrators would take on a full-on sales role, she does think that being licensed would give them the ability to accent the sales of the lead agent.

Resources Mentioned:

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