Real Estate Fight Club
 

Real Estate Fight Club

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Real Estate Fight Club is a podcast for realtors, hosted by Jenn Murtland from Team Synergi Real Estate and Monica Weakley from My Coach Monica. Tune in to hear two different viewpoints about topics agents face every single day! Jenn’s direct, ‘no holds barred’ approach is in opposition to Monica’s softer, 'more relationship-based' approach, and when the two get together… it is a battle for the ages! No matter who you align with, you will walk away with solutions for today's real estate challenges from experienced real estate professionals.

Episodes

Episode 58: The Top 3 Financial Mistakes That Agents Make

Monday Nov 02, 2020

Monday Nov 02, 2020

In Episode 58 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley hit you, the listener, between the eyes about the top three financial mistakes that agents make. Here’s the twist: they’re not fighting with each other, they’re coming after you!

Episode Highlights: 

  • Real estate agents tend to be bad with their numbers and don’t even know their PNL.
  • A PNL, Profit and Loss Statement, is the only way a business owner can know if they are making money.
  • Agents need to look at their PNL every week, especially if they are trying a new tactic.
  • You can either use software like Quickbooks or YNAB, or you can hire an accountant to track your money.
  • It’s fine to be an LLC while you are just learning the business for the first few years, but taxes will come to get you when you start to grow.
  • Save roughly 30% of each check to put toward your taxes or when the bill comes, it’s going to hurt.
  • The state wants its money and will follow-up on that collection 100% of the time.
  • Think of yourself as your company’s manager of its assets and money; would you fire yourself?
  • Stay focused on what’s real rather than spending your commission before you even have it.
  • Re-examine the relationship that you have with your broker from a financial standpoint.
  • Determine what the ROI, return-on-investment, should be whenever purchasing anything.
  • Jenn believes that earning 8x on any deal is ideal, though she will settle for 5x.
  • Agents need to look at the whole picture and factor in the hours spent chasing leads.
  • Agents are far too quick to give up their commission to make a deal work when they should just find another buyer.
  • When you give up commission, you are taking money away from those that are financially dependent on you.
  • What is the first step that an agent should be taking to fix their financials?
  • Jenn thinks the most important thing for agents to do is track their numbers and hold themselves accountable.
  • Tiebreaker Eric Steinhoff, from Steinhoff Properties Group, serves Maryland and does 85% of his business in one neighborhood.
  • Both Eric and Jenn got hit with a massive tax bill when their businesses started to take off.
  • Eric believes that most agents make the mistake of not taking their accounting seriously.
  • Over-saving into a tax account can lead to overspending from that account, therefore, it should be kept realistic.
  • Whether you are good at what you do or bad at what you do, you get paid what you’re worth.
  • Stop spending money on services that you do not need; cut out unnecessary expenses.
  • Many agents make the mistake of not learning and adjusting to the changing times.
  • Agents get too caught up with their ego and the perception that others have of them.

3 Key Points:

  1. A PNL, Profit and Loss Statement, allows agents and business owners everywhere to track their expenses and make more money.
  2. Agents make the mistake of not paying their taxes correctly, whether it be per deal, month, or quarter.
  3. Stop reducing your commission. If the buyer and seller are too far apart, find another buyer.

Resources Mentioned:

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Episode 57: How Long is Your Listing Contract?

Monday Oct 26, 2020

Monday Oct 26, 2020

In Episode 57 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out  over how many months your listing contract should be. 30 days, 90 days, 6 months? This one might surprise you!

Episode Highlights: 

  • Monica is firm on her stance of a 90-day listing contract, regardless of the amount of inventory.
  • People’s opinions of the real estate agent changes based on how long the sign is in the yard.
  • Jenn’s preference is 30 days for the same reasons that Monica’s preference is 90 days.
  • There was a time when Jenn first started that she assumed all contracts were a year long.
  • Agents should take the average days on market into consideration when proposing a listing contract.
  • 90 days in a buyers’ market and 30 days in a sellers’ market sounds good to Monica.
  • Sellers like the confidence of a short listing contract as compared to an agent that needs a long time to sell their house.
  • Jenn thinks it’s important to look at the average days on market and take what makes sense.
  • Monica believes that limiting the listing contract offers confidence and a break from a possibly mismatched relationship.
  • Jenn and Monica actually agree with each other on this one.
  • Tiebreaker, Rachael Real, believes that listing contracts should be no more than 6 months long.
  • It’s important to have an extension that takes you through the closing and a longer contract helps with that.
  • Auditing by the state will make your life a living hell, so, you are better off making sure you have room for an extension.
  • Stay completely transparent with the client about what’s going on at that point of the process.
  • Rachael thinks, in theory, 90 days is enough time to sell the house.

3 Key Points:

  1. If an agent can’t sell a house in 90 days, then it’s probably a bad match with the client.
  2. People tend to not show their true colors until after the contract is signed, so in order to be careful, the contract should be limited.
  3. Shorter contracts show confidence from the agent in their ability to sell the house in a shorter amount of time.

Resources Mentioned:

 

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Episode 56: Should You Use a Script?

Monday Oct 19, 2020

Monday Oct 19, 2020

On this episode of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether or not, as an agent, you should use scripts in your business. While both Jenn and Monica believe scripts can and should be used, they differ on how to use those scripts. This one gets heated!

Episode Highlights: 

  • There are so many types of scripts that can be used depending on what stage of the process the agent is in.
  • Jenn thinks everyone already uses scripts in life anyway so agents should memorize the stuff that works.
  • Using scripts can help agents avoid saying detrimental responses.
  • People worry more about what they are going to say rather than paying attention to what the other person says.
  • Scripts inadvertently cause agents to be much better listeners.
  • Monica believes in scripts as well but thinks that the scripts should be the words of the agent.
  • You can make one up and use trial-and-error with your own words, or you can take an already-effective script and make it your own.
  • Scripts give agents the comfort of knowing which questions they need to ask.
  • Inevitably, you are going to mess up a bunch of times, but that is the best way to learn.
  • Focusing too much on the script can trip agents up because it distracts them from the actual purpose of helping the client.
  • Agents don’t call for-sale-by-owners because they become attached to the outcome.
  • Jenn believes scripts provide comfort while Monica believes scripts give anxiety.
  • Jenn believes you can memorize the script, use it over and over, and then come back and make it your own.
  • Monica believes you should focus on what your purpose is and ask great questions to see if you can help them.
  • Buyers don’t know what usually comes out of their agent’s mouth, so it will all be new language to them anyway.
  • Both Monica and Jenn believe you should use scripts but they differ on the details of those scripts.
  • Greg McDaniel has been the co-host of the Real Estate Uncensored podcast for over 5 years and 500 episodes.
  • 21 years into the real estate game, Greg uses a skeleton script which utilizes the backbone of a conversation to learn as much as possible.
  • Use a script to set up the client to continue talking and give you the information that you need to accomplish your goal.
  • Build a relationship on the personal questions that have nothing to do with real estate.
  • Know how to bring them back from the personal stuff to the main point of the conversation.
  • Everything does not have to be exact when using a script.
  • Greg’s new course, Listen Sell Like Crazy, involves 10 hours of video training from a top real estate trainer.

3 Key Points:

  1. Everyone uses scripts throughout their lives, that being, we all say the same things to our family and friends.
  2. Scripts are necessary, but how you arrive at those scripts is where Jenn and Monica differ.
  3. Agents should use scripts as a tool to listen to what their client is saying, let them speak, and find out their motivations.

Resources Mentioned:

 

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Episode 55: When Should You Put the Sold Sign in the Yard?

Monday Oct 12, 2020

Monday Oct 12, 2020

In Episode 55 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley are feeling feisty about the right time to put the sold, or pending, sign in the yard of your listing. Jenn and Monica actually agree on this one. The truth is, there is no one, right time to put one of these signs up, so see what works best for you!

Episode Highlights: 

  • When she first started, Jenn put way too much thought and energy into her signs.
  • Depending on when the inspection takes place and where the listing is, Jenn varies on when she puts up the sign.
  • Because nobody but the buyer knows the house has been sold, you can put up the sold sign after the fact.
  • Monica believes in waiting until the house has officially been sold before putting the sign up in case something falls through.
  • Waiting and allowing more calls to come in on the property even after it has been sold has its benefits.
  • You don’t want to put too much thought into your signage because you are only human and have only so much brain power.
  • Jenn and Monica actually agree that there is more than one way to go about this.
  • While some agents do have a process, most do not have a set-in-stone deal.
  • Tiebreaker, Jason Stricevich, is from HomeSmart RE Associates in the Seattle area.
  • Once the inspection contingency is signed off on, Jason puts a sold sign on the listing’s post.
  • Sometimes, agents don’t put up a sold sign because they don’t want to sell a house in the same area.
  • Jason skips the pending sign and goes straight for the sold one, a common practice in Seattle.
  • The public doesn’t know if you are the buyer’s agent or the listing agent, so it’s just an opportunity to market yourself.
  • Unless you can bring in new leads, you’ll never get any sales, so consider yourself a lead generator.

3 Key Points:

  1. There are a plethora of factors that go into your sign timing, including but not limited to, location, time of inspection, and who is aware of the sold status.
  2. There is no one right time to put up the sign, but more of an if-then-when situation.
  3. It is a common practice in Seattle to put a sold sign on the property, even if it is pending.

Resources Mentioned:

 

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Episode 54: When Should You Fire a Client?

Monday Oct 05, 2020

Monday Oct 05, 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:

 

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Episode 53: Who Should You Hire First?

Monday Sep 28, 2020

Monday Sep 28, 2020

In Episode 53 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley drop the gloves over who should be your first hire when you no longer have enough time to run your business by yourself. Crazy enough, Monica and Jenn are in agreement that agents should take on a contracted Transaction Coordinator instead of hiring someone in sales or a part-time admin.

Episode Highlights: 

  • Jenn hired an assistant to do all the paperwork because she knew she did not want to do that part.
  • Monica discourages agents from bringing on an expense so quickly.
  • Both Monica and Jenn agree that bringing on a Transaction Coordinator is the way to go.
  • You will have control issues if you do not hire a Transaction Coordinator first.
  • Calculate the opportunity cost of hiring someone compared to contracting a Transaction Coordinator.
  • Don’t trade your incredibly expensive time for much less expensive time.
  • Hiring a Transaction Coordinator will actually help you learn how to coordinate those transactions.
  • Having more salespeople brings on more admin problems.
  • You really don’t need all these people on your team.
  • Everyone involved in the process does not have to represent your team.
  • Some brokerages, like eXp, allow agents to build teams without including themselves in said team.
  • Offering experience to newer agents will get the people you need in the process without adding someone to your team.
  • Recognize the tasks that you don’t need to have on your plate and contract that stuff out.
  • The Transaction Coordinator will be an extension of your team, so spend time with them to establish what you are looking for.
  • Jenn meets with her Transaction Coordinator once a week so both sides can provide their side of the update.
  • You are paying $300/hr for your admin work if you are doing it yourself.
  • Alan Whisman, Jenn’s business partner at Team Synergi, thinks admin should be hired before sales.
  • When you’re just starting out, hiring someone per-contract will free up your time without being too expensive.
  • It’s not necessary to spend a lot of money by bringing someone onto your payroll.

3 Key Points:

  1. Bringing on a contracted Transaction Coordinator is the way to go, as compared to hiring someone to do part-time work.
  2. There lies a learning opportunity when hiring a Transaction Coordinator. Watching them do their job can teach you how to coordinate these transactions.
  3. Who is involved in the process and who represents your team aren’t necessarily the same people. You can leverage people from outside of your team to save your time.

Resources Mentioned:

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Episode 52: Should the Entire Inspection Report Be Shared?

Monday Sep 21, 2020

Monday Sep 21, 2020

On this episode of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley take no prisoners when they duke it out over whether or not the buyers agent should send the entire inspection report, or just pieces of it. Jenn thinks the entire thing should be sent with all the repairs while Monica just wants to see what she needs to see!

Episode Highlights: 

  • Monica believes it’s rude to send the whole thing and only wants to see what she needs to see.
  • Jenn believes the entire report should be sent in order to understand what the requests are.
  • Sellers can feel relief when only a few things are requested.
  • Inspectors may or may not have everyone’s best interests in mind.
  • Some inspectors look to blow up deals so they can double their income.
  • Communication with the other agent is incredibly important when negotiating a deal.
  • If someone doesn’t want the full report, then they don’t need to get it.
  • There is no standard in the business on whether the entire thing should be sent or just pieces of it.
  • Inspectors need to be licensed in order to ensure proper inspection.
  • There are as many good inspectors as realtors.
  • Not everyone needs everything that is broken to be fixed.
  • Staying aware of why you are doing what you are doing is a great way to be successful.
  • TJ Gausman is out of Cincinnati and works with Keller Williams.
  • TJ is team Murtland on this issue and believes that the entire inspection report should be sent.
  • Getting the whole thing is easier because you don’t have to piece the picture together.
  • Most inspectors are good enough that you are not going to slip anything past them.

3 Key Points:

  1. Getting all of the information helps the listing agent understand everything that the buyers actually want.
  2. If the inspection is going to completely blow up, ask your sellers if they really want to see it.
  3. The inspection is subject to the level of expertise of the inspector.

Resources Mentioned:

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Episode 51: When Is An Offer Actually Considered Received?

Monday Sep 14, 2020

Monday Sep 14, 2020

In Episode 51 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley throw down over when an offer is actually considered received. Monica believes that it has been received once it is acknowledged and logged into her computer, while Jenn believes that as soon as it is given it is received. Hear why!

Episode Highlights: 

  • When is an offer officially considered received?
  • The word “received” has a different definition for everyone.
  • Monica believes that once she has acknowledged and logged the offer into her computer, it has been received.
  • Jenn believes that once it has been delivered, the offer has been received.
  • Best practice would say that you ask for acknowledgment of receipt.
  • Should an offer that goes straight into spam and is seen in the middle of negotiation be considered received?
  • Living in a world defined by technology has created a much larger gap between being sent and being received.
  • Head over to the Toe-2-Toe Facebook page for the best tiebreakers
  • “Executed” and “delivered” serve as better words than “received”.
  • Kevin Vaught throws in his take about the word “received” after landing his first deal as a real estate agent.
  • Within 2 minutes of receiving an offer, Kevin received a counteroffer.
  • Offer 2 is always way better than offer 1.
  • The electronic age has allowed for lightning speed offers and counteroffers, making the receiving process easy when used right.
  • Legalities vary on whether an offer has been received when you move from state to state.
  • There is a disconnect from the human element of the offer process because of the abundance of technology.
  • Buyers have leverage down the road to make changes, whereas sellers make sure to have a nice backup offer ready.
  • The offer arrived signed rather than communicating between offers in Kevin’s first sale.
  • It’s a bad idea to put your deadlines on nights that will disrupt everyone’s lives.
  • Things get lost when both sides see numbers on paper.
  • Keeping the lines of communication open throughout the process will always make things easier.
  • Every deal is different, so realtors must approach each one with open eyes and ears.

3 Key Points:

  1. The best practice when sending an offer is to require an acknowledgment of receipt before considering the offer officially received.
  2. Contracts should say “executed” and “delivered” rather than “received.”
  3. There is no prior legal precedent to look back on in these cases, but technology timestamps can be used.

Resources Mentioned:

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Episode 50: What Should You Name Your Team?

Monday Sep 07, 2020

Monday Sep 07, 2020

In Episode 50 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley debate whether you should name your team after yourself. Hear them duke it out over businesses with your name in them, generic names, and whether the name of your business even matters! 

Episode Highlights: 

  • Jenn’s team is called Team Synergi, so she thinks the name should have to do with the culture of your team or where you’re located because if you ever want to sell, it won’t be tied to you.
  • Monica believes it should have your name in it because of the branding in a business where relationships are everything.
  • If buyers often don’t even know what brokerage they’re working with, then on one hand, your team name doesn’t matter, but on the other hand it may help to keep it as simple as your name.
  • You should have your end goal in mind when you create your team name, although that end goal may change.
  • Even though your end goal may change, you shouldn’t change your branding often.
  • Don’t let your ego get out of control when naming your business.
  • Tiebreaker Aaron Smith suggests thinking about whether your business is more relationship-based or more transactional.
  • He adds that most people don’t ever expand their business beyond themselves into a team, so a personal brand makes sense.
  • There are a lot of businesses where if the individual you’ve worked with moves to another company, you follow the individual you have a relationship with, not the brand.
  • It also depends on your role in the team—are you the actual agent going on listing appointments, or is your role more behind the scenes?
  • Another tiebreaker, Aaron Sims, doesn’t think the name matters.

3 Key Points:

  • Having your name in your brand may be important because real estate is so relationship-based.
  • Consider your end goal in naming your business, for example, might you want to sell it eventually?
  • You can always rebrand, just be careful not to do it often.

Resources Mentioned:

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Episode 49: Should You Disclose If a Murder Happened in a Home?

Monday Aug 31, 2020

Monday Aug 31, 2020

In Episode 49 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley debate the ethical obligation realtors have to disclose to buyers if a home they’re looking at has had a murder, suicide, death or other disturbing incident happen there. Listen to Monica’s reasons why you should, Jenn’s reasons why she’s hesitant to make a definitive statement, and find out where the tie-breaker falls on the issue! 

Episode Highlights: 

  • Do you need to disclose a murder/suicide/meth lab/etc, that happened in a property?
  • Each state has legal guidelines about this, but Jenn and Monica are referring not to legal obligations but ethical ones.
  • Jenn’s initial response is that information is generally not applicable to the sale.
  • She doesn’t believe it’s unethical to not disclose.
  • Jenn also believes that she doesn’t need to disclose because most of the time if a murder or suicide happened recently, chances are a neighbor will be outside during showings offering that information for you.
  • Monica believes disclosing this information is important context about the history of the house.
  • If you disclose, and the buyers care about it, they won’t buy it; if you disclose and they don’t care, then it won’t matter.
  • Monica makes the distinction between unusual and disturbing situations like murder/suicide, and a natural death occurring in the home.
  • Monica also would disclose a meth lab because of the toxicity, and it’s along the same lines as disclosing lead-based paint.
  • Jenn and Monica discuss what they would do if a murder didn’t necessarily occur in the home but a convicted murderer or other criminal lived there.
  • Ultimately, Monica believes anything that might be important to the buyer should be disclosed.
  • Tie-breaker Maryann Ries comes on and uses the golden rule as her benchmark: “Would I want someone to disclose this to me?”
  • Particularly if something affects the value of the house, like a murder, it should definitely be disclosed to buyers.
  • Another question to ask is how long ago the incident happened—the longer ago, the less likely it is to affect the value.

3 Key Points:

  1. Some buyers won’t care about the history of the home.
  2. The context of the event that happened is important. For example: was it a long time ago? Did it involve someone who lived in the home but the event didn’t happen there?
  3. Consider whether it’s something you would want disclosed to you as a home buyer.

Resources Mentioned:



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