Real Estate Fight Club

Episode 29: What Should You Do If Your Client Makes a Bad Choice in the 11th Hour?

In Episode 29 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over what you should do if your client makes a bad choice in the eleventh hour. Hear why Monica thinks you should be careful before rolling over and giving away your commission and why Jenn thinks you should not be afraid to get your hands dirty to make things right. 

Episode Highlights: 

• What should you do if your client makes a bad choice in the eleventh hour?
• Jenn says that the more deals you do, the more frequently you’ll be in this situation.
• Most often agents give up part of their commission, which makes Jenn’s skin crawl.
• At one point, Jenn had a seller that took a mirror from the bathroom. She told him to put it back and he agreed to.
• In one deal, a client removed every single light fixture in the house and replaced each of them with junk thinking no one would notice.
• Jenn recommends having a heart-to-heart with your client. You can also speak to the other agent to see if there’s common ground.
• Jenn feels that they know they're being a jerk when they make these decisions. Don't work with them again.
• Monica doesn't think most people are trying to be rude. She tries to judge the action based on the character of the client.
• Monica isn't going to give up her commission without questioning it.
• She will give it up rather than go back on the market or waste more time. She values her time more than winning.
• Jenn invokes the written agreement. You can't change the game after someone has seen it.
• Monica wonders if agents should go out of the way to state the obvious.
• You can help manage expectations around these issues.
• Jenn seems to have a hard line on having the client fix the issue.
• Jenn thinks that in general fighting over this stuff is silly.
• Monica feels that agents are too quick to give away their own money.
• In general, agents don't ask enough questions.
• When they surveyed other agents, they found that in other states, attorneys handle it.
• Jenn feels that we can get our hands dirty and push our clients to do the right thing.
• We need to have higher expectations for ourselves and for others.
• Monica reminds us not to give up our income too quickly.
• Monica once had a buyer purchase a house with a pool and the seller took the pool equipment. They sat at the closing table in a standoff. Monica wrote a check at the table.
• Be nice to each other as agents.
• Jenn tells us to get in there and fix it. 

3 Key Points:

1. You don’t have to give away your commission. Have a heart-to-heart with your client and fix it. Ask questions before giving your money away. 
2. Sometimes you may decide to write the check because it isn’t worth your time to fight.
3. Go out of your way to manage expectations and state the obvious around these issues.

Resources Mentioned:

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

Episode 28: EXTRA ROUNDS - Should You Suggest That Your Clients Use a Home Warranty?

In Episode 28 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if agents should specialize as a buyer or listing agent, or if they can do both.

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 28: Should You Suggest That Your Clients Use a Home Warranty?

In Episode 28 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should suggest that your clients use a home warranty. Hear why Monica is very careful about never pushing in one direction and why Jenn thinks the home warranty should be used as a negotiation tool. 

Episode Highlights: 

• Should you suggest that your clients use a home warranty?
• Monica presents the home warranty as an option, presenting the pros and cons.
• On the listing side, Monica says that if they decide to offer it you're covered during the listing but if the buyer doesn't happen to ask you've thrown away $500.
• Jenn says the average home in Ohio goes quickly and for those homes, she recommends warranties.
• She uses the warranty as a negotiation tool.
• Jenn says that if something does come up during inspection and they don't have someone that can do the work, the warranty can come into play.
• Monica asserts that once you fill out that form to have them covered during the listing process then you are obligated if the house sells to pay for the warranty.
• Monica believes you have to pay for the warranty once you've signed up.
• Jenn points out that with newer homes, some warranties will already be in place.
• Jenn thinks her vendors are often better than the vendors associated with the warranty.
• Monica points out that some people will rave about how great a warranty is and others will trash it, having used the same product and company. This can be tricky.
• Jenn provides an example of how she used a home warranty with a condo to manage issues and repairs.
• Whether a warranty makes sense depends on the house and the client.
• Monica feels that agents should have good familiarity with the home warranty product they’re offering. 
• Jenn disagrees and says that the home warranty company can provide that education. 
• Jenn says most buyers will ask for a home warranty.
• Monica and Jenn compare their different scripts for managing questions from clients.
• Monica ultimately recommends presenting a home warranty as a neutral option.
• The last thing you want to do is recommend it in some way and be wrong.
• Jenn reminds us to use the home warranty as a negotiation tool. 

3 Key Points:

1. Home warranties can be offered to clients as an option. You may wish to be careful about pushing them one way or another.
2. Home warranties will make sense for some homes and some clients, but not others.
3. Home warranties can be used in the negotiation process as a tool. 

Resources Mentioned:

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

Toe-2-Toe 1-on-1: Grow Your Business Without Sacrificing Your Family with Alisia Krastel

On this special episode of the Toe-2-Toe Podcast, Jenn speaks with Alisia Krastel on how to grow your business without sacrificing your life or family.

Episode 27: EXTRA ROUNDS - Should You Specialize as a Buyer or Listing Agent, or Can You Do Both?

In Episode 27 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if agents should specialize as a buyer or listing agent, or if they can do both.

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 27: Should You Specialize as a Buyer or Listing Agent, or Can You Do Both?

In Episode 27 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should specialize as a buyer or listing agent, or offer both services. Hear why Jenn feels that you absolutely should specialize and why Monica thinks most agents can run a full-service business.

Episode Highlights: 

• Should you specialize as a buyer agent or a listing agent, or can you do both?
• Jenn says you should specialize because when you specialize in something, you become a master at it. 
• Monica feels perfectly capable of serving clients on both sides of the deal.
• Jenn thinks being a buyer's agent requires a different skill set than being a listing agent.
• Jenn says she would prefer not to work with buyers because they take more coddling. A listing is generally more of a business transaction.
• Jenn emphasizes knowing who you are. There are nuances to each of the roles.
• Monica argues that they are both consultative roles that aren’t that different.
• Newer agents typically start on the buy-side.
• Jenn describes what traits she thinks buyer's agents have vs. listing agents.
• Monica argues that most agents fall in the middle space.
• They discuss the time advantages of focusing on listings.
• Monica emphasizes the ability to morph your business when you can represent both sides of the deal.
• When they surveyed other agents, most people agreed with Monica.
• Monica reiterates that most people can act as full-service agents.
• Jenn thinks you should specialize, learn the nuances, and win. 

3 Key Points:

1. Some people feel that choosing to specialize can help you achieve mastery and better serve your clients.
2. Some people feel that agents can use their consultative skills in either role.
3. If you’re a new agent, know yourself before choosing a specialty.

Resources Mentioned:

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

Episode 26: EXTRA ROUNDS - Should Listing Agents Allow Multiple Showings at the Same Time?

In Episode 26 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if listing agents should allow multiple showings at the same time.

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 26: Should Listing Agents Allow Multiple Showings at the Same Time?

In Episode 26 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether listing agents should allow multiple showings at the same time. Hear why Jenn feels that they absolutely should, and why Monica emphasizes communication in these circumstances. 

Episode Highlights: 

• Should listing agents allow multiple showings at the same time?
• Jenn says absolutely.  
• Jenn says the number one benefit is that it can create an auction effect.
• Even if those are the only two showings you have all week, it creates the feeling that this is a hot property.
• Urgency has created a negative impact on buyers over time because they don't want to be in a bidding war.
• Monica finds that the sense of urgency can cause people to do things before they've thought it through.
• On one occasion, Jenn was representing a buyer in a multiple offer situation. They got it but then the seller didn't respond to any inspection requests and it voided the contract and they took another one.
• The obvious benefit of having multiple showings at the same time is to create competition.
• This is also efficient for the sellers.
• Watch out because buyers may act re-actively in these situations. 
• If you have a house that is small, it may feel smaller with lots of people there. This also applies if you have a driveway issue.
• Monica reminds us to talk through this issue with your sellers so they know how to respond.
• Ask your buyer how they feel about this situation in the consultation process.
• Ask if they want to avoid that time or maybe they don't care. Understand how your buyers feel.

3 Key Points:

1. Holding two showings at the same time can create a sense of urgency for buyers.
2. The obvious benefit of having multiple showings at the same time is to create competition. 
3. Remember the buyer’s perspective. Communicate with them and prepare them for this situation. 

Resources Mentioned:

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

 

Episode 25: EXTRA ROUNDS - Do You Need Earnest Money?

In Episode 25 EXTRA ROUNDS, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if earnest money is needed.

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 25: Do You Need Earnest Money?

In Episode 25 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether earnest money is a good idea. Hear why Jenn feels passionately that earnest money is stupid, then hear why Monica is in favor of earnest money. This was a hot topic with agents surveyed across the nation. 

Episode Highlights: 

• Do you need earnest money?
• Jenn says no. She thinks you don’t need it and that earnest money is stupid because it provides a false sense of security.
• In Ohio, the contract favors the buyer, and the buyer can get out for any reason.
• Jenn understands that some people feel that earnest money ensures that the buyer has skin in the game.
• In Ohio and Kentucky, if the buyer and seller can't agree on where the earnest money should go when a contract is canceled, then it eventually just reverts to the buyer.
• Monica feels that earnest money can demonstrate the buyer’s seriousness.
• Monica says that if she has two otherwise equal contracts and one has offered much more earnest money, that tells her something about that client's financial situation and level of interest.
• Jenn argues that it doesn't mean that the buyer is more serious.
• Jenn suggests that buyers could offer the entire down payment as earnest money.
• Jenn has had an earnest money dispute at the end of a deal. 
• Monica wonders if earnest money helps buyers pause before walking away from a transaction. 
• Monica reminds us that buyers are emotional. A buyer without earnest money will walk when they run into any kind of issue.
• Jenn argues that there must be a better way and better protection for the seller.
• Maybe if earnest money was non-refundable and always defaulted to the seller that would help.
• Jenn feels that only buyers like the idea of earnest money.
• Agents across the country had a lot to say about earnest money.
• In her final statement, Jenn reiterates that we don’t need earnest money.
• Monica concludes that earnest money can help you have a conversation with the seller about their level of seriousness.

3 Key Points:

1. Earnest money may provide a false sense of security.
2. Earnest money may help sellers differentiate between two otherwise similar offers in terms of their seriousness and ability to buy. 
3. Earnest money can function as “skin the game” that helps buyers stay the course.

Resources Mentioned:

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