Real Estate Fight Club

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Episodes

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

Friday Feb 07, 2020

Episode 19: EXTRA ROUNDS - Should Agents Cap Their Commission on Higher Priced Homes?

Friday Feb 07, 2020

In Episode 19 BONUS EPISODE, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if agents should cap their commission on higher priced homes.

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

Resources Mentioned:

Wednesday Feb 05, 2020

Episode 19: Should Agents Cap Their Commission on Higher Priced Homes?

Wednesday Feb 05, 2020

In Episode 19 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether agents should cap their commissions on higher priced homes. Hear why Jenn feels the majority of agents are overpaid and why she sees reasons to cap your commission in some instances. Then hear why Monica feels capping commissions is detrimental to the industry at large. This episode will help you think about how you run your business and the value of your personal brand.

Episode Highlights:

Should agents cap their commission on higher priced homes?
Jenn says yes. She feels that the majority of agents are overpaid.
Jenn feels that the barrier to entry to their business is very low. There are many great agents out there, but Jenn thinks they're in the minority.
The majority of agents don’t have a real marketing plan and don’t know how much it costs to advertise a listing.
It is ok to adjust your commission based on your marketing plan and also based on the home.
Jenn’s marketing plan doesn’t change drastically from home to home.
Your judgment should be based on actual numbers of what you spend with a profit margin that makes sense.
Monica thinks that when we start capping out commissions, we are in essence saying to the public that agents are not worth the 3%.
Jenn argues that agents charge whatever they want anyway.
Monica sees capping commission or reducing commission as a problem because it encourages the seller to go find the lowest bid.
If your main goal is to elevate the level of service, Monica feels this strategy doesn't align with that goal.
She believes that capping commission harms the industry as a whole.
Monica feels we need to teach agents how to bring value and how not to sell themselves short.
Jenn agrees when you're talking about an average priced home. When you get into high luxury, she's not doing something different for an $800,000 home than she is for a one million dollar home.
Jenn wonders if it makes sense for the seller to pay more if they're not really getting more.
Jenn feels there should also be a minimum. There is a cost to list the home that agents incur.
Monica also does a minimum and calls it the best standard she ever put in her business. She will not sell a house for less than $3k.
There's a cost to doing business as a business owner and there's also something that makes sense for the customer.
If you're an agent that brings a brand, then that might be something a seller wants to pay for.
Your brand isn't something that's itemized out in a P&L. It's an intangible good.
Monica wonders about a cafeteria-style approach to listing a house.
Jenn is also not going to take a listing where she's doing it for free.
Monica feels that if we all had confidence then we wouldn't have these hesitations on price.
Agents polled on this subject felt heated.
One agent said he never caps his commission but offers tiered options.
Monica has never capped commission based on price.
They're paying for her expertise and her strategy. You can't put a line item on that.
Jenn thinks you should look at your business and profit margins and look at what it costs you to be in business. Then decide what is the minimum you would charge and what is the maximum.

3 Key Points:

Some agents cap their commission on higher priced homes because they feel they are not actually providing more service past a certain price point.
Some agents feel that you should never cap commission because it motivates sellers to find whomever is offering the lowest price.
Your brand and your expertise are intangible goods that should bring you confidence that you are worth the commission price.

Resources Mentioned:

Friday Jan 31, 2020

Episode 18: EXTRA ROUNDS - How Do You Provide Feedback to the Listing Agent?

Friday Jan 31, 2020

In Episode 18 BONUS EPISODE, join us as real estate heavyweights have a chance to go into the extra rounds to discuss how to provide feedback to the listing agent.

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
Alisia Krastel: https://www.facebook.com/alisia.krastel
Ryan Rowley: https://www.facebook.com/ryan.rowley1
Jeff Kelly: https://www.facebook.com/JEFFCKELLY
Gavin Frater: https://www.facebook.com/njmackem

Wednesday Jan 29, 2020

Episode 18: How Do You Provide Feedback to the Listing Agent?

Wednesday Jan 29, 2020

In Episode 18 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over how to provide feedback to the listing agent after a showing. Hear why Monica feels it is your professional duty to provide detailed feedback after a showing. Then hear why Jenn feels you should simply tell them your client is not interested unless you have already been in communication.

Episode Highlights:

How do you provide feedback to the listing agent?
Monica believes that it is our job and our ethical duty to provide very detailed, very specific qualified feedback.
A showing is the single most important evidence that a seller has to make an adjustment or to see what's real about their house.
Lazy feedback or no feedback gives zero assistance to that agent and the seller.
Monica has been thanked for her detailed feedback.
You can be really honest with the seller because you have no skin in the game.
Monica thinks providing feedback is critical.
Jenn simply tells the listing agent her clients are not interested.
If an agent calls her, she is more than willing to be more specific about feedback.
Jenn feels that many agents don't read the comments.
She feels that communication between agents is broken because of the low barrier to entry in this industry.
Does it matter what someone doesn't like about a house?
Jenn wonders if maybe the questions should change.
The real question is what would prompt them to make an offer.
Jenn would absolutely answer if she and the other agent had been in communication.
Jenn is saying show her that she cares as a listing agent and she'll care too.
We can raise the standard of how we show up.
Jenn asks why she should care more than they do when it's their listing.
In the poll they sent out, agents said you should provide detailed feedback.
But Jenn and Monica feel the agents are lying because many don't provide feedback in reality.
Jenn kind of likes the idea of providing verbatim feedback from buyers.
Monica reiterates that she feels it a professional duty to provide detailed feedback to listing agents.
Monica feels that it is her job to say to the sellers something they may not be able to hear from their own agent.
Jenn doesn’t think that all agents are professional.
Jenn suggests that if you're a listing agent that isn't getting through to your sellers, you can call the buyer's agent ahead of time and ask them to help you with feedback.
Jenn feels we should ask buyers tougher questions. Ask them what it would take for them to buy the house.

3 Key Points:

Some agents see providing detailed feedback to listing agent as a professional duty.
Unfortunately, many agents don’t read feedback, so other agents feel that providing very minimal feedback is fine and realistic.
Providing detailed feedback can help the listing agent get through to their sellers when the home has issues that are largely being ignored.

Resources Mentioned:

Friday Jan 24, 2020

Episode 17: EXTRA ROUNDS - Do Holiday Decorations Hurt, or Help, the Sale of a Home?

Friday Jan 24, 2020

In Episode 17 BONUS EPISODE, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if decorating for the holidays hurts, or helps, the sale of a home.

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

Resources Mentioned:

Wednesday Jan 22, 2020

Episode 17: Does Decorating for the Holidays Help or Hurt the Sale of Your Home?

Wednesday Jan 22, 2020

In Episode 17 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether decorating your home for the holidays helps or hurts the sale of your home. Hear why Jenn feels you should keep your holiday decorations packed and out of the way. Then hear why Monica feels tasteful decorations can add warmth and coziness to a home.

Episode Highlights:

Does decorating for the holidays help or hurt the sale of your home?
Jenn doesn’t think you should decorate.
Holidays are fine. Jenn thinks there are too many holidays. The problem is if you decorate for the holidays and take pictures, then you have to retake them.
Monica acknowledges that one of the challenges is balancing selling your house with living how you would normally be living in the house.
You don't sell a house the way you live in a house.
Monica feels that decorating is OK if it is tastefully done.
Severely edit your holiday decor, just as you would severely edit your home outside of a holiday.
People tend to go wild on decorating for Christmas and that has to be edited.
Some people say decorating for the holidays makes a home more inviting.
Jenn feels that you do not need holiday decor to make a home inviting.
Monica suggests that tasteful holiday decor may help some buyers to imagine themselves living in the home.
Jenn says you’re moving anyway, keep it all packed and focus on selling the house.
The way to sell the house is to neutralize the home and make it homey but decorations are not included.
Holiday decor is more for you than for the buyer.
What if a seller has kids and tells you they must have a tree?
Jenn does not think your whole life should revolve around your kids.
In that situation, Monica would suggest putting the house on the market in January.
Agents surveyed said that they think holiday decorating adds warmth and joy. For the most part, tasteful decorations are good.
Monica reiterates that holiday decorations can actually help the buyer picture themselves inside the house. They can convey comfort and coziness.
Jenn reasserts that you should not decorate for the holidays when you are selling your home.

3 Key Points:

Decorating for the holidays when selling your home may not make sense. Some realtors feel that those decorations are more for you than for the buyer.
Decorating for the holidays may make your home feel more inviting and warm to certain buyers.
If you choose to decorate for the holidays while selling your home, do so minimally and tastefully.

Resources Mentioned:

Friday Jan 17, 2020

Episode 16 EXTRA ROUNDS - Should You Attend Your Closings?

Friday Jan 17, 2020

In Episode 16 BONUS EPISODE, join us as real estate heavyweights have a chance to go into the extra rounds to discuss if you should attend your closings.

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

Resources Mentioned:

Wednesday Jan 15, 2020

Episode 16: Should You Attend Your Closings?

Wednesday Jan 15, 2020

In Episode 16 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should attend your closings. Hear why Monica feels closings are an opportunity to connect with your clients at an emotional time. Then hear why Jenn doesn’t attend closings and her proposal for an alternative way to transfer the keys. Listen to learn why realtors across the country find this question so controversial.

Episode Highlights:

Do you attend your closings?
Monica attends her closings because she is a people person.
Closings present an opportunity to connect with your clients.
Monica does not pretend that she needs to be there. She likes interaction with her clients and looks for opportunities to get face-to-face.
Jenn says no to attending closings, though sometimes she attends.
In Ohio, it can be customary for there to be roundtable closings. Jenn feels that people need to stop doing that immediately because it's a waste of time and most people hate it.
Jenn would love to see a system where people close differently.
The closing is all about the loan and Jenn doesn't speak to their loan.
Jenn suggests the keys could stay on the property.
The key transfer at a roundtable meeting takes 20-30 minutes. It truly is an annoying, painful process.
Many agents in California do an escrow closing.
In several states, agents do not customarily attend closings.
Jenn argues that the sellers don’t want to stand there watching the buyers sign paperwork.
Jenn will connect with her clients before and after. They may celebrate later.
If Jenn represents the buyer, she throws them a housewarming party because she wants to know all of their friends.
Monica argues that relationships are strengthened in the presence of emotion.
Generally speaking the closing is a moment of relief, and in most cases happiness. Monica wants to be there in that moment.
If you don't have a follow-up system, don't go. There's no point.
We attract the people that are like us. Many of Jenn's clients are sellers and they are high Ds that just prefer to work.
Agents from around the country weighed in. There were 335 comments.
The far majority of people said they attend the closings where that is normal in their market.
Jenn agrees that if it is customary in your market that everyone attends, then you should go.
Monica reiterates that she attends closings to strengthen relationships.
Jenn emphasizes that the closing table could be eliminated and everyone could do their part separately.
If you’ve done your job correctly, there shouldn’t be any problems at the closing table.
If you have a client that wants to read everything, make sure the title company sends them everything beforehand.

3 Key Points:

Attending closings can be an opportunity to connect with your client at an emotional time in the transaction.
Attending closings may be inefficient and unnecessary for agents, especially on the listing side.
You can connect with your clients post-closing. The closing should not be the end of your relationship. Have a plan for follow-up.

Resources Mentioned:

Friday Jan 10, 2020

Episode 15: EXTRA ROUNDS - How Do You Say Thank You for a Referral?

Friday Jan 10, 2020

In Episode 15 BONUS EPISODE, join us as real estate heavyweights have a chance to go into the extra rounds to discuss different ideas on how to say thank you for a referral. If you are interested in becoming a featured heavyweight, please reach out to us through the Toe-2-Toe Podcast Facebook page.

Resources Mentioned:

Wednesday Jan 08, 2020

Episode 15: How Do You Say Thank You for a Referral?

Wednesday Jan 08, 2020

In Episode 15 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over how to say thank you for a referral. Hear why Jenn thinks a simple thank you call is enough and why Monica feels you should go above and beyond to demonstrate your gratitude. This episode is a great reminder that there are many ways to succeed in this business, just make sure the strategies you’re using really work for you.

Episode Highlights:

How do you say thank you for a referral?
Jenn simply says thank you.
Monica balks at that. Someone gives you a lead for $10k paycheck and all you do is say thank you?
Jenn refers people because they did a great job and she wants her friends to get great service. She is not expecting anything in return from people she does business with.
Monica says this is not about expectations. If you treat your clients who are likely to refer to you in an exceptional way, you will likely get more than just that one referral.
Monica suggests that when you connect with clients on a higher and deeper level they can become raving fans.
Monica shows appreciation in a way that will mean something to them.
Her go-to was a card with a picture of the client on the card with the option of a small gift like gourmet brownies. They'll get a card with their picture. It will say thank you but the card will be all about them.
Jenn asks why she includes brownies and Monica says they just show extra thought.
Monica relates reinforcing positive behavior to successful dog training.
A lot of people wait until the sale happens to thank the referring client, but you want to make sure you are rewarding the behavior right then and there.
Monica wants to create a special moment for the client. She calls right away and then sends out the card.
Jenn doesn’t think a gift is required or expected.
Monica thinks of it as a client appreciation marketing technique.
Monica feels that if you want to build your business on referral then you have to show up differently.
Simply saying thank you is a bare minimum average way to respond.
If they each had 40 A clients and treated their referrals based on their distinct methods, Monica predicts that she would receive more referrals than Jenn would.
According to Jenn, delivering on what was expected to be delivered on is why people refer their friends.
Monica talks about the Law of Reciprocity. When you do something a little bit nicer than what they perceive they did for you, they will feel like they want to do more.
Jenn feels good that she gives her clients referrals for their businesses.
Monica asks what she does if they don't have a business.
When polled, most agents say they do a thank you phone call and then a thank you card that sometimes includes a small gift certificate.
Jenn invites them to client appreciation events, parties, etc.
Make sure gift certificates are customized to something they enjoy. If you're going to do something, it should at least be something they like.
Ann Hawkins in Cincinnati says she gives a shout out on Facebook.
Just be careful on Facebook to be sure they are comfortable with that shout out.
Monica feels that if referrals are an important component of your business and you want more of them, then you have to allow your clients to know in no uncertain terms how incredibly special it is to receive a referral from them.
If you want to receive referrals, show up in a way that is above average, bigger, better, brighter than anything else.
You need to make the phone call right away and just say thank you. The reason that they gave you the referral was because you demonstrated for them what they believe was great customer service.
Be focused on demonstrating great customer service.
There is always more than one way to achieve success in this business.

3 Key Points:

One way to say thank you for referrals is to simply call and say thank you.
Another way to say thank you is to go above and beyond. Call and send a customized card and a small gift.
The goal is to demonstrate great customer service throughout your relationship with any client.

Resources Mentioned: