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Real Estate Fight Club

5
Oct 2020

Episode 54: When Should You Fire a Client?

October 5, 2020

On this episode of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley take the gloves off over the appropriate amount of houses that an agent should show before firing the client. While they are both hesitant about letting someone go, Monica focuses on the motivation of a buyer, while Jenn limits it to 3 times out with the clients. Who do you agree with?

Episode Highlights: 

  • Monica makes sure to set expectations that her clients will see 10 houses at the most, but it could take only 1.
  • Jenn thinks that clients have to narrow it down to 4 houses at the most at one time.
  • Conversations need to be had with the client about what was learned and missed if the top 4 houses did not work.
  • There’s something off if they still don’t find the house after the second time out.
  • It’s necessary to do the consultation because clients are very likely to change their minds on what they think they want.
  • Agents are nervous to ask questions because they fear the possibility of losing the client.
  • Not asking enough questions will lead to missing on too many houses and you will lose the client anyway.
  • Missing on a house and placing a losing offer are completely different things.
  • Monica has no problem having hard conversations if she feels that they don’t know what they want.
  • Jenn believes that it begins with challenging what they want by bringing different scenarios to the table.
  • You might have to push them in the right direction so they can see your vision first-hand.
  • Monica and Jenn both agree that not enough agents pre-qualify their clients and end up wasting a lot of time.
  • Monica cuts it off when she begins to question whether they are going to buy or not.
  • It’s not going to work out if both spouses don’t agree on what they are looking for.
  • Jenn recognizes that agents who are unwilling to fire clients just aren’t good at math.
  • Monica focuses on the motivation of the clients rather than capping it at a number.
  • This show is all about learning to do business in the most efficient way possible.
  • Tiebreaker Cindy Enderle would show way too many houses when she first started as a real estate agent.
  • When she finally learned to recognize client motivations, Cindy was able to bring her number down to 3-5 houses.
  • Clients are able to see a photo gallery of listings before Cindy has even seen them.
  • Newer agents should sit down with a client to get to know who they are, but as an experienced agent, Cindy mostly works with referrals.
  • It’s vitally important to set the expectation of what they are looking for upfront.
  • There are a plethora of factors that go into determining the length of time an agent should spend on a client.

3 Key Points:

  1. Clients will change their minds on what they think they want during the consultation based on scenarios that the agent can bring them.
  2. You as an agent have to be able to recognize when clients don’t actually know what they want and to be confident in asking the tough questions.
  3. Agents need to pre-qualify or they risk being led around by the clients when it should be the other way around.

Resources Mentioned: