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Real Estate Fight Club

18
May 2020

Episode 34: How Much Should an Agent Know About the Listing They’re Representing?

May 18, 2020

In Episode 34 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over how much agents should know about the listing they’re representing. Hear why Jenn thinks you need only a basic knowledge of the property and why Monica thinks it’s your job to go deeper when you’re representing a seller. 

Episode Highlights: 

  • How much should an agent know about the listing they’re representing?
  • Jenn thinks you should know the answers to basic questions, such as when the mechanics were installed.
  • If it's a special circumstance, such as a unique one-of-a-kind home, then it's important to know the story.
  • Jenn and Monica talk about how the process unfolds when buyers really love a home.
  • Monica feels agents should have more than a surface understanding of the home.
  • She wants to really show up for the product she is representing.
  • When Jenn talks to the buyer's agent, she wants to gather information about the buyer that will help the buyer's agent sell the house to their client.
  • Jenn argues that little details, such as when the furnace was installed, won’t make a difference.
  • Monica wants agents to ask more questions of their sellers.
  • Agents should ask sellers questions as if they are the buyers.
  • Monica thinks that listing agents sometimes forget to think like a buyer.
  • Jenn reminds Monica that agents can look up a lot of this information.
  • Monica suggests having a Google form that you can send out to gather basic information from your sellers.
  • Ask the sellers why they fell in love with the home. That can help with buyers.
  • If you have a particular buyer, work with the listing agent to get information ahead of time in anticipation of the questions that may be asked.
  • Jenn finds that she rarely gets asked questions about most of the houses they're selling.
  • Jenn says sometimes buyers are asking questions that don't get at the real question.
  • She doesn't have time for dumb questions that get the seller excited.
  • Most agents surveyed think you should know "everything" about the house.
  • Knowledge allows you to properly sell and position the house.
  • Remember that the buying decision is emotional.
  • Help the buyer's agent create an emotional response for their buyer.

3 Key Points:

  1. Listing agents need to know the answers to basic questions, but may not need to learn every little thing about the house. 
  2. As the listing agent, you need to think like a buyer and ask the right questions of your sellers.
  3. Knowledge allows you to properly sell and position the house, but the buying decision is also emotional. 

Resources Mentioned: