Real Estate Fight Club

Episode 38: Should You Attend Inspections?

In Episode 38 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should attend inspections. Hear why Jenn thinks you should not attend inspections and why Monica thinks it can be a good idea when you’re focused on building relationships. Stay tuned for the tiebreaker at the end. 

Episode Highlights: 

• Should you attend your inspections?
• Jenn says you should not attend your inspections. She has no idea why people would.
• Monica asks if not attending the inspection limits Jenn's ability to interpret the inspection report.
• Jenn says she is not trying to be an expert in home construction. Whether she gets it or not doesn't matter. She asks what the buyer wants to ask for.
• Monica asks about the inspection as an opportunity to spend time with the buyer.
• Jenn says if one client represents 20% of your annual income, then you tend to baby them.
• Monica does not currently attend inspections, but did many times in the past.
• Monica did not attend the entire inspection because that's a waste of time. But she showed up to demonstrate commitment and to provide support.
• Monica does not think there's value in sitting in a house for three hours that's already sold.
• According to Monica, you can do harm by not showing up if you don't set the expectation with the buyer that you won't be there.
• Jenn doesn't see why buyers would expect her to attend inspections.
• Jenn always asks clients when they last sold a home.
• Jenn doesn't want to put her thought process on the inspection because it doesn't matter what she thinks. 
• Jenn reiterates that you should not attend inspections.
• Monica thinks it depends and she can see some value to attending inspections.
• Ask what could serve your business best. There's no one way to do this.
• Laura Wogen of Coldwell Banker in Cincinnati, Ohio provides the tiebreaker for this question.
• Laura says you should not attend your inspections. 
• If Laura has a question about the report, she's going to call the inspector.

3 Key Points:

1. There may be no good reason to attend inspections and your time as a realtor would be better spent elsewhere. 
2. It may be worthwhile in some instances to attend a portion of the inspection to demonstrate commitment and provide support.  
3. If you find you have questions about the inspection report, you can always call the inspector. 

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page
• Laura Wogen website

Episode 37: Should You Say Yes to Every Seller Opportunity?

In Episode 37 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should say yes to every seller opportunity. Hear why Jenn thinks you should say yes, even if you need to recruit some help, and why Monica thinks you should stay in your lane and focus on your area of expertise. Stay tuned for the tiebreaker at the end. 

Episode Highlights: 

• Should you say yes to every seller opportunity?
• Jenn says you should say yes to every seller opportunity, knowing that you may need to refer it out or seek help from another agent.
• You want to keep the client, but if you don't know how to do it, don't do it alone.
• Monica challenges Jenn by asking about the limits of expertise based on geographical areas. Cincinnati is split into the east and west side. For many agents, the other side of the city is like another land. Monica asks if Jenn would say yes to a listing in a part of town she didn't know.
• Jenn would take the listing. If she doesn't know the area well and the data isn't obvious, she would likely consult another agent.
• Monica provides the example of an area in Anderson that could be complex if you didn't know the nuances.
• If Jenn doesn't want to drive to a faraway listing, she would likely refer it out or co-list.
• Monica recommends staying in your lane. Having standards in your business will make a difference.
• A lot of agents say yes because they don't want to disappoint the client.
• Monica feels that if your way to help clients is to connect them with the right person, then you've done your job.
• Trying to be all things to all people will get you in trouble and will prevent you from being the one thing you want to be.
• Monica thinks agents say yes to everything out of scarcity. She says you'll do more business if you stay in your lane.
• Jenn reiterates that she will take the listing not because it's a cash grab, but because it's something she's interested in learning, and she'll bring in someone whose lane it is in.
• Jenn and Monica agree that if you aren't the expert, you should get someone else involved.
• Ryan Rice, a realtor in Northern Virginia, provides the tiebreaker.
• Ryan thinks you should take every seller opportunity.
• In Northern Virginia, listings don't last long. Ryan clearly communicates with sellers about revising prices at a certain point if they want to list higher than he would recommend.
• Ryan refers out his commercial leads but keeps them in his database.

3 Key Points:

1. If you say yes to every seller opportunity, you have the option to refer it out or enlist help. 
2. You may decide to stay in your lane and accept only opportunities that fall within your expertise. 
3. If you decide to step into a situation where you lack expertise, don’t do it on your own. 

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page
• Ryan Rice website

 

Episode 36: EXTRA ROUNDS - Should We Move to Net Listings?

In Episode 36 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss moving to net listings.

If you are interested in becoming a featured heavyweight, please reach out to us through the Toe-2-Toe Podcast Facebook page.

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page
• patreon.com/CREeducation

Episode 36: Should We Move to Net Listings?

In Episode 36 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether we should move to a new model for listings. Hear why Jenn thinks a sliding scale model for commission can be successful and why Monica thinks exclusive agency creates an emphasis on partnership. This episode will give you different models to think about and ways to evaluate how you are partnering with your sellers.

Episode Highlights: 

• Should we move to net listings?
• Jenn provides a quick overview of the differences between a net listing and an open listing.
• Jenn's understanding is that in the net listing model, if a home sells for anything above the set price, that money goes to the agent and the seller pays normal closing costs.
• Commercial agents use the open listing model more frequently. This may place more emphasis on relationships.
• Jenn shares her thoughts on how what happens in commercial real estate would translate into the residential real estate world.
• Jenn notes that they use open listings in Peru.
• Jenn likes the idea of a scale model. For instance, if an agent sells the home within a particular time frame, then they would get a certain commission.
• Monica thinks this new model would put a stop to agents competing with each other by promising sellers unreasonable prices.
• The scale model could also create an incentive for honesty from agents.
• Monica says that there’s not a perfect model.
• Jenn talks about agents who are using the sliding scale model. Monica notes that sometimes this leads to terrible listing pictures taken on phones.
• Monica's standard around price scaling is that she will not take less than $3k commission. She charges 7% if you're an out-of-town seller.
• Jenn doesn't think contracts are worth what they're written on, but that it’s good to have something in place.
• Monica likes the idea of the net listing but doesn’t know if we’re ready for that model.
• Monica likes giving the agent the ability to tier their pricing.
• Monica believes that exclusive agency probably creates the nicest partnership. Jenn disagrees.
• Jenn is in favor of experimenting with open listings.

3 Key Points:

1. The open listing model is used more frequently in commercial real estate circles where relationships are often emphasized more.
2. The sliding scale model also offers an alternative to the exclusive agency model and gives realtors some flexibility. 
3. Experiment with different listing models and see what works best for your business.

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page

Episode 35: EXTRA ROUNDS - How Many Listings Can a Single Agent Handle?

In Episode 35 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss how many listings a single agent can handle.

If you are interested in becoming a featured heavyweight, please reach out to us through the Toe-2-Toe Podcast Facebook page.

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page

Episode 35: How Many Listings Can a Single Agent Handle?

In Episode 35 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over how many listings a single agent can handle without help. Hear why Jenn thinks you could take on 10-15 listings without help, and why Monica thinks that number is much lower. Listen to hear why you may want to hire a transaction coordinator if you don’t use one already. 

Episode Highlights: 

• How many listings can a single agent handle?
• Jenn thinks that if you have zero support and you're in a hot market, the number of listings you can take on will be low. She estimates around ten. 
• Monica thinks handling 3-4 listings per month is a lot if you’re doing it right.
• Monica thinks 3-4 listings per month without support is manageable if you're leading your sellers.
• Working with a transaction coordinator may allow you to triple your numbers.
• Monica brings up the 80/20 rule, citing that 20% of your activities will bring in 80% of your income.
• On Jenn's best month ever, they closed twenty-two or twenty-three in one month and they had listings. Jenn had an assistant that got the job done.
• In Monica's best month, she closed eight transactions. She found she was very efficient because she had to be.
• A good transaction coordinator is worth what they charge.
• Jenn's transaction coordinator inputs her listings.
• Most transaction coordinators are paid by deal.
• Monica thinks of the transaction coordinator's services as part of the cost of sale.
• Jenn thinks that a lot of agents that don't do a lot of business handhold a little too much.
• When you have a listing, show up like a leader in the process.
• Jenn only likes to work with one buyer at a time. Monica can work with 3-4 buyers at a time.
• Monica thinks a solo agent can handle 3-4 listings every month if you have systems. 
• Jenn encourages you to stretch yourself to find your personal limit. 
• Ask yourself if you’re an overpaid administrative assistant.
• Some people have the mentality that they don't want to pay a transaction coordinator but don't see the time that they're trading.

3 Key Points:

1. Working as a single agent without assistance limits the number of deals you can take on each month. 
2. There’s a limit to the number of listings you can take on while still doing the job right. 
3. Transaction coordinators can save you time that you can then use for income-producing activities. 

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page

Episode 34: EXTRA ROUNDS - How Much Should an Agent Know About the Listing They're Representing?

In Episode 34 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss how much an agent should know about their listing.

If you are interested in becoming a featured heavyweight, please reach out to us through the Toe-2-Toe Podcast Facebook page.

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page

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

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:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page
• Rachael Real Pre-Sale Worksheet

Episode 33: EXTRA ROUNDS - How Long Should An Agent Try a New Technique Before Pivoting?

In Episode 33 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss how long agents should try a new technique before pivoting.

If you are interested in becoming a featured heavyweight, please reach out to us through the Toe-2-Toe Podcast Facebook page.

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page

Episode 33: How Long Should An Agent Try a New Technique Before Pivoting?

In Episode 33 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over how long an agent should try a new technique before pivoting. Hear why Jenn thinks a new technique takes six months or more to gain traction and why Monica thinks people need to stop committing to do things they don’t want to do. This episode has valuable advice for implementing new strategies successfully without falling for common pitfalls.  

Episode Highlights: 

• How long should an agent try a new technique before pivoting?
• Jenn thinks you should begin any implementation process by considering what it will take.
• Assess if you have time to implement the technique in its fullness.
• Define from the outset what success with implementation will look like.
• Anytime Jenn has tried a new technique it has taken 3-6 months to see results.
• Jenn argues that you have to add time upfront for figuring out the system and tweaking it to suit your business.
• Most people who try these techniques aren't giving it long enough or fully implementing.
• Monica wants people to assess why they’re trying something new.
• Are you doing it because you saw somebody doing it and you're comparing your business to the outside of another business?
• Talk to the person you are comparing yourself to and ask how long it took them to achieve those results.
• Ask if the approach is right for the type of business you want to have. Ask if it is in line with your overall plan.
• Monica tells us about an exercise used by coach Jacqui Bowman to assess activities you do in your business.
• Jenn describes a 4-5 month implementation of a Facebook strategy.
• The last technique Monica remembers implementing took three months to gain traction.
• Monica describes coach Hank Avink's red/green/yellow light process that gives you markers to judge the success of implementing a new strategy.
• Agent Ralph Lord does a debrief with himself assessing whether he took enough action to achieve the desired outcome.
• If you want the outcome, are you doing the work?
• Monica talks about people saying that open houses don't work for them when they haven't really given them a fair chance.
• Ask whether the quality of your actions was sufficient and what about them needs to change.
• Think of yourself as a scientist. Look for what isn’t working as well as what does work.
• If you're going to experiment with something, put the rules down for it.
• Ask what this is really going to take and where you will fit it in.
• Monica urges us to stop committing to things we don’t really want to do.
• When you don't like something, try to think of a different way to do it that interests you.
• Have a purpose behind what you're choosing.
• Have the budget in place to finish the project before beginning it.
• Most people that replied to this question said that full and effective implementation of new strategies took about a year.
• Monica doesn't think you have to try a new strategy for six months necessarily.
• Successful people pivot when they see something isn’t working.
• The problem is that people are inconsistent.
• Jenn reminds us to decide up front what kind of results you’re looking for, the budget you’ll need, and the steps you need to take.
• Collect evidence for six months.
• If there's any strategy that sounds like a miracle and you don't see a lot of people using it, ask yourself why before you invest.
• Remember, there’s no magic pill in this business.

3 Key Points:

1. When pursuing a new strategy, define your desired results, set a budget, and make an action plan. 
2. Before committing to a new strategy, really assess why it appeals to you and if it will work with the vision you have for your business.
3. Don’t just “try” things. Get them done. 

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page
• Coach Jacqui Bowman Facebook
• Coach Hank Avink Facebook
• Ralph Lord website