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Real Estate Fight Club

6
Dec 2021

When Should You Fire A Client?- EP 115

December 6, 2021

On this episode of the Real Estate Fight Club podcast, Jenn and Monica duke it out over should you fire a client and if so, how should you go about it? Monica and Jenn share their experiences and reasonings.

 

Episode Highlights:

  • Monica says you have to have standards in your business, including how you let clients treat you. That includes the way they show up, the way they conduct themselves legally and ethically. 
  • If you hired me to keep you safe and protected you are doing something very unethical, and you could be subject to some real issues, and I don’t want that for you, and I won’t have it for me, says Monica.
  • If it is not working for you, it is likely not working for others, and that is in every relationship like with your friends or with your colleagues, and it is a lot harder than it should be, says Jenn.
  • If you are saying yes to all the clients and you are feeling drained, you are probably doing that in a lot of other areas of your life, and that is something to take a look at, “What do you truly value?” and start with the end in mind.
  • When you are doing business and have that negative energy from a couple of clients, you will continue to attract that because all you are saying to yourself is “I hate this business.”
  • Who are your top clients? Who did you enjoy working with? Who are your friends and what do they have in common? When you write those down and start thinking about who your ideal clients are, it will be easier to recognize the people.
  • Jenn explains how part of firing the client or buyer starts at the beginning, and it starts during the initial consultation.
  • Have a tough conversation with the client to try to make it right, and that also means that you have to be willing to see things differently.
  • Tiebreaker Chris Jones, founder of Guerilla Realty, did a tip season for realtors with him and a video about all the free apps that he designed.
  • Chris came with a little resource that realtors can use to fire a client. The term ‘firing a client’ came from Tim Ferriss' 4-hour workweek.
  • Sometimes you have to apply the Pareto principle to your clients and people who are taking a disproportionate amount of your time and energy but who aren’t creating the same disproportionate profit for you, so you should fire them.
  • Jenn says many real estate agents are like solopreneurs. If you are doing 10 to 15 to 20 deals a year. How do you determine unemotionally the amount of time that is disproportionate?
  • Every realtor intuitively knows when they want to fire a client because most realtors if they constantly had multiple escrows and multiple deals in the pipeline, would have no problem firing their customer, says Chris.

 

3 Key Points:

  1. When meeting a client, do you get excited over the need and desire or do you get drained of all your energy?
  2. Monica explains that if you do any business level and you haven’t fired a client, you are probably camping yourself out in some way. 
  3. Chris suggests having a tough conversation with the client to try to make it right, which also means that you have to be willing to see things differently.

Resources Mentioned:

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Firing Clients: Sample Memo For Firing Clients