Real Estate Fight Club

Episode 09: What Are the Top Reasons Agents Fail?

In Episode 9 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over what they each think are top reasons agents fail. Learn Jenn’s ideas about why the industry needs to increase its barrier to entry, and hear why Monica thinks many agents are looking at everything all wrong. This episode will help you identify roadblocks to your success to ensure that you don’t fall into common pitfalls in the industry. 

 

Episode Highlights: 

• What are the two biggest reasons agents fail?
• On the internet you'll often see the stat that 75-85% of agents will get out of the business within their first five years.
• Jenn thinks the biggest reason people fail is because there’s not a training program in real estate.
• We need an apprentice program where you cannot be an agent until you understand business.
• This could look like spending 2-3 years under a high producing agent where prospective agents get training and in exchange they have to share part of their commission on the leads that they find.
• Monica wonders how that would work in terms of finding top lead agents willing to participate in such a program.
• Jenn argues that what the industry has been doing isn’t working.
• Monica asks how much the local MLS might shrink with new barriers to entry.
• Jenn imagines it would be about 1-5% its current size.
• As a profession they need to learn how to run a business, how to do math, and how to sell.
• The other reason Jenn thinks many people fail is because they don’t start on time.
• When you have a job you have to get there on time because it sets the tone for the rest of the day. Start at the same time every day.
• When you wake up to your alarm and don't press snooze, don't you always feel better? 
• Monica mentions a popular video about a military leader who encouraged graduates to make their beds first thing in the morning.
• Monica believes that real estate agents have the wrong notion of exactly what it is they're doing in real estate as a realtor.
• The language of real estate is so inward-facing and it sets a really negative mindset.
• Monica describes the difference between a transactional mindset and a relational mindset.
• Jenn thinks the apprenticeship program could address some of this mindset problem.
• The other reason Monica thinks people fail is because they’re not 100% attached to the reason they want to succeed.
• In any goal, if you don't have emotional clarity on what your business will do for your family, your future, and your life, then every single day when you don't feel like doing it, you don't.
• Many people don’t care enough and they are too comfortable.
• Jenn and Monica discuss how they perform when something absolutely has to happen.
• When surveyed, many respondents said agents fail because of fear, especially fear of success.
• Another reason commonly cited in the survey is that people fail because they don’t have a plan.
• Jenn strongly feels an apprentice program would help the industry.
• Monica believes people fail in this business because they’re looking at it wrong.
• Most of the time people are buying or selling a home because something else happened. We are lucky enough to be able to help them with their transition.
• They want to do business with you because you know what you're doing and you actually care about them.

3 Key Points:

1. Many agents fail because there’s no real training program in real estate.
2. Many agents fail because they have the wrong mindset and focus more on transactions than relationships.
3. Show up as a human and fly your real estate flag.

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page
• Navy SEAL encourages graduates to make their beds (video)

Episode 08: Should You Price Your Listing at a Flat, Even Number?

In Episode 8 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether realtors should price their listings at a flat, even number. Learn Jenn’s ideas about the psychology behind pricing with nines and hear why Monica insists on using a flat, even number. This episode will help you rethink your pricing strategy for your next listing.

 

Episode Highlights: 

• When talking about pricing strategies, do you go with the 299,900 or do you go with the 300,000 even? Is the hundred dollar difference important?
• Monica believes firmly in using the flat number.
• What we know when we study search engines is that most of them have searches that start and stop on even numbers. 
• When you price your house on that number, on 400 even, you're actually doubling your exposure for the house.
• Monica will price it where scientifically, and digitally, it makes the most sense to get the most eyes on it.
• At 399,900 buyers will miss the house in search results and it could have been perfect for them.
• Jenn argues that McDonald’s sells everything on the 99 mark. There must be something there.
• She’s sure there’s science around people thinking they’re getting a deal at the 99 mark.
• Jenn argues that she’s priced at a flat number before and that when they reduced it to the 9, they received higher traffic. But she’s also seen it go the other way.
• If you’ve got the house priced inaccurately, it doesn’t matter.
• Buyer’s perceived value is price + condition. 
• If within 10-12 showings you haven’t received an offer, you’ve probably priced it too high.
• It’s more about actually getting the price right.
• Jenn says that in their market, if you price a house right you'll get around 95-97% of the asking price. If priced wrong you'll only get 88%.
• Jenn and Monica roleplay a pricing discussion with a seller who wants to overprice their home.
• Jenn would tell them that she's aware that they're saying you can always come down and it's more difficult to come up.
• Monica says she tells them she wants to bring them something to say no to.
• Jenn would rather say no to an offer than not have anyone to work with.
• Price the home where the buyer will see it as a great value.
• Jenn would explain how the seller can get more money for their home if it is priced accurately. 
• Monica identifies that agents don't have the confidence to have these conversations with their clients. 
• It's fear that keeps you from being honest. That's not fair to your clients.
• When it’s not right, just walk away.
• In the survey Jenn and Monica conducted, 85% of realtors said they choose flat numbers for home prices.
• Monica reiterates the importance of getting people to see the listing in search results.
• Jenn still feels people have a psychological response to the 99 mark.

3 Key Points:

1. Pricing your client’s home on a flat number increases its likelihood to show up in online search results.
2. Pricing with nines may have a psychological effect.
3. The most important thing in pricing strategy is to price the home accurately. 

Resources Mentioned:

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

Episode 07: Should Realtors Stock up on Designations?

In Episode 7 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether realtors should stock up on designations. Learn Jenn’s alternative vision for how to learn what you need to know to run a successful real estate business and hear Monica’s advice about how to use your time in a way that will best serve you. This episode will help you ask the right questions before signing up for another course.

 

Episode Highlights: 

• Should realtors stock up on designations?
• Jenn doesn’t like it. She thinks some realtors stock up on designations instead of doing work.
• Jenn has never lost a deal because she didn’t have a designation.
• We learn that Jenn has an MBA.
• Our hosts discuss the Certified Residential Specialist designation.
• Monica encourages you to ask yourself why you’re seeking a designation.
• She feels that if you are interested in a specific skill set or marketing approach, then fine, go for it.
• Monica feels that homeowners don’t really care about extra designations.
• Jenn feels realtors would be better off taking business classes or getting an MBA.
• Get into a class that actually teaches sales skills and selling scripts.
• Monica feels that most agents don’t have a plan for what they want to do with designations.
• Jenn published an article on an apprenticeship program for realtors.
• Jenn feels you’d be better off learning how to run a business.
• Could you be using your time in a better way?
• Realtors polled on this question were split 50/50.
• One realtor expressed that receiving designations helped her become a better realtor in her first three years on the job.
• Another realtor said that the general public does not care about designations.
• Monica gives designations a soft no.
• She asks you not to proceed without analyzing why you want the designation.
• Don’t hide in the classroom or behind the computer. Get out there and sell.
• Jenn is much more aligned with doing training before practicing real estate. Take a business course or a sales course.
• Another alternative to obtaining a designation is to hire a coach for a short period.

3 Key Points:

1. Before acquiring a designation, ask yourself why you’re doing it and have a plan.
2. Consider business classes or an apprenticeship as an alternative to receiving a designation. 
3. The general public likely does not care about the alphabet soup after your name.

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page
• Why Realtors Need a Legit Apprentice Program (article)

Episode 06: When is the Best Time to Ask Your Clients for a Referral?

In Episode 6 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over when to ask your clients for a referral. Learn Monica’s smart system for making commitments that will earn referrals and hear how Jenn leverages excitement. This episode will help you set your standards on when to ask for client referrals that will help you build your business.

 

Episode Highlights: 

• When is the best time to ask your clients for a referral?
• Monica thinks you should ask for a referral when you’re establishing your expectations for the relationship.
• She makes three commitments in terms of service and asks clients to commit to referring business to her if she meets those commitments.
• Check in with your clients throughout the process about the promises you made them.
• You get their agreement to offer a referral upfront.
• Jenn asks what to do if you know they’re upset during an update.
• Monica suggests approaching problems directly.
• Making things right can only improve your credibility.
• Monica’s expectation is that her clients will send her referrals and she will do all she can to earn them.
• Jenn feels that the best time to ask for referrals is when clients are excited.
• Generally this is when they sign a listing agreement or a buyer’s agreement.
• Jenn prefers talking to people she doesn’t know.
• Her referral rate is 40%, but it could improve if she became more direct about asking for referrals and following up on that request.
• Jenn also consistently asks for referrals at the end of the transaction.
• She lets clients know that she needs them to replace themselves.
• Checking in about referrals could become a part of every update call.
• Monica reminds us that we are business owners that need to cultivate new business.
• Ask your clients if they would feel comfortable recommending you if they heard someone talking about real estate.
• In today’s poll, many agents responded that they ask for a referral somewhere in the middle of the process.
• Lauren Taylor said "I ask at the superhero moment. There's always a moment when you are viewed as a superhero." That's what she goes in for the referral.
• Monica reminds us that a real estate transaction involves a mutually beneficial relationship.
• Deliver results and then ask for a referral.
• Find language that matches your personality and don’t be afraid.

 

3 Key Points:

1. One good time to ask for a referral is when you outline expectations with clients at the beginning of your relationship. 
2. Another good time to ask for a referral is when you know the client is excited.
3. Meet your clients’ expectations throughout the process and then don’t be afraid to ask for their referral. 

 

Resources Mentioned:

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

Episode 05: Are Pre-listing Inspections Critical?

In Episode 5 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether pre-listing inspections are critical. This conversation will help you understand how pre-listing inspections can affect a transaction. Will this strategy be another great way to help your clients sell their homes for the most amount of money possible? 

 

Episode Highlights: 

• Is it critical that you encourage your seller to do a pre-listing inspection?
• Jenn says yes, you should encourage your seller to do a pre-listing inspection.
• Not a lot of agents require a pre-listing inspection.
• 50% of the time the buyer does waive the inspection contingency. 
• Jenn includes the inspection report along with the receipts and a list of the items that were fixed.
• A lot of buyers are looking for safety concerns. If those are fixed, half the time they're good to go.
• Monica does not do pre-listing inspections.
• She waits for buyers to say what’s important to them.
• If you have a willing seller that's motivated, then you can get through an inspection no matter what.
• Jenn compares a pre-listing inspection to a nice tuneup.
• There's so many houses where there are just little things for them to do that can impress buyers. 
• Jenn does not pose pre-listing inspection as a question. It is a given.
• She thinks this is the best way for you to get the most amount of money for your house.
• Monica commends Jenn for taking the lead as the agent.
• The house has to be ready for the buyer to buy and move in.
• Jenn has sellers pay for pre-inspection in a variety of ways.
• 75% of agents they surveyed said they did not require a pre-listing inspection.
• Monica concedes that pre-listing inspections are a great idea.
• Jenn’s inspector gives her clients a special price.
• If you use pre-listing inspections, how many of your buyers release the inspection? 

 

3 Key Points:

1. Some realtors require clients to do a pre-listing inspection. 
2. Some realtors prefer to wait to address issues that are important to the specific buyer. 
3. Pre-listing inspections cut down on surprises in the transaction and help your client get the most money possible for their home.

 

Resources Mentioned:

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

Episode 04: To Give a Closing Gift or Not Give a Closing Gift?

In Episode 4 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether agents should give their clients gifts at closing. Listening to their conversation will help you find clarity on your gift-giving standards and policies. You’ll also gain valuable insight into meaningful ways to incorporate gift-giving in your most valuable client relationships.

Episode Highlights: 

• Should you give clients a gift at closing?
• Jenn does not give clients gifts at closing.
• Jenn doesn’t get gifts from her accountant, her dentist, or other service providers.
• Buying or selling a home is a business transaction.
• Jenn feels that the excellent service she provides is itself the greater gift.
• Gift giving at closing just doesn’t feel right to her.
• Monica does not give gifts at closing either.
• However, she does give her clients gifts strategically to build relationships.
• She will take a client that can send her referrals that is also someone she can help.
• She will demonstrate thoughtfulness to that client through gift-giving.
• She incorporates a one-year post-close plan to stay in touch with clients.
• Jenn asks how many people Monica thinks she can handle.
• Monica says she can handle 36 “A” relationships.
• Jenn maintains relationships with her clients through time spent.
• They discuss the value of knowing someone’s love language.
• When you know how someone receives love, then you can choose to show them love in that way.
• What if someone does not receive love through gifts?
• Monica distributes an All About You form to get to know clients’ preferences.
• Monica provides examples of how to listen to clients differently throughout the transaction to maintain the relationship beyond the transaction.
• For example, she asks thoughtful questions that generate specific responses.
• Jenn and Monica sent out a survey asking realtors if they provide closing gifts.
• 80% of respondents answered that yes, they give closing gifts at least sometimes.
• Agent Lorrie Hayes says she often provides gifts for buyers. 
• Hayes suggests buying personal gifts. Find out if they have collections. Pay attention to what they ooh and ahh over.
• In Monica’s closing statement, she reiterates that thoughtful gift giving will enable you to strengthen and deepen relationships.
• These relationships should be with people you know you can help too.
• In her closing argument Jenn repeats that while she doesn’t give closing gifts, she agrees that purposeful giving can have a positive impact.

 

3 Key Points:

1. Some realtors do not give closing gifts because they feel they’ve already provided great service in a business transaction. 
2. Some realtors want to use gift-giving as a way to deepen and strengthen relationships.
3. Consider developing a thoughtful gifting strategy that will help you maintain client relationships across time.

 

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page
• All About You template
• 5 Love Languages

Episode 03: How Do You Deliver Honest Feedback About Your Seller’s Home?

In Episode 3 of the Toe 2 Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over how to deliver bad news or honest feedback about the condition of your seller’s home. Heavyweight realtor Sandy Jewell weighs in with her advice on how to handle these tricky conversations.

 

Episode Highlights: 

 

• How do you deliver bad news or honest feedback about your seller's home?
• Jenn thinks you should leverage your stager. 
• If the house has an unpleasant odor, that will stop it from selling. 
• Jenn finds it to be a slippery slope. When she begins to offer any feedback, she wants to tell them all the reasons why their house isn't going to sell.
• She thinks you can let the stager be the bad guy.
• Monica understands the importance of stagers and uses stagers.
• She finds it essential to discuss the home’s perceived value with sellers.
• The buyer’s perceived value is the condition plus the price.
• Realtors must discuss condition issues with their clients.
• Jenn will discuss some condition issues, such as the presence of a powerline.
• Monica asks what Jenn does if the stager delivers bad news and then the sellers confront her with that news.
• Jenn says she preps the stager and preps the client to avoid that scenario.
• We have to be honest with sellers.
• You are doing your clients a disservice by not figuring out a way to get comfortable with hard messages.
• Sandy Jewell, a heavyweight agent, weighs in.
• Sandy says you need to be authentic with your client.
• The biggest struggle is letting clients know how cluttered their homes are.
• She encourages sellers to turn their home back into a house.
• What does Sandy do if a home has a distinct odor?
• Sandy walks us through her sensitive procedure for giving the seller major hints about pet smells.
• Most owners are noseblind to odors because they live with them.
• There’s no gentle way to tell someone their home smells unpleasant.
• Monica argues that we have to be willing to talk to sellers about the things buyers care about.
• Ask permission. Ask if you can be honest with them, then deliver the news.
• Jenn would rather focus on selling the house and leave this conversation to a stager.
• Jenn almost always uses a stager unless someone has an incredibly beautiful home.
• A staged home is much better for the seller.

 

3 Key Points:

1. Some realtors want to leave sensitive feedback about the home’s condition to the stagers so they can focus on selling the house.
2. Some realtors want to find a sensitive way to have uncomfortable conversations about the condition of the home because they want to be very honest with sellers.
3. Find a way to deliver sensitive information about the home’s condition to the seller so they can receive a better financial reward than they would otherwise.

 

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page
• Sandy Jewell  website, LinkedIn

Episode 02: Should Agents Use Pre-Listing Packets?

In Episode 2 of the Toe 2 Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should provide pre-listing packets and deliver them prior to listing appointments. Heavyweight realtor Brian Kelly weighs in with his take on this issue. 

 

Episode Highlights: 

• Should agents use pre-listing packets and should they deliver them prior to going on the listing appointment?
• Monica has never used a pre-listing packet.
• Her rigorous pre-qualification process makes a pre-listing packet unnecessary.
• A pre-listing packet is not necessary to earn and win business.
• Jenn asks about Monica’s pre-qualification questions.
• Jenn feels that the pre-listing packet is important because it contains her marketing plan.
• Clients want to know what you’re going to do for them, how long it is going to take, and how much money they are going to get.
• Jenn even includes the price she thinks they should list the house for.
• The pricing piece helps them understand that they may not be able to get the amount they were hoping to get for the house.
• Monica asks what happens if another agent comes by while the client is still in the grief process about the price Jenn has suggested.
• Jenn says that never happens.
• Monica shares more about her pricing strategy meetings.
• In her presentations, Monica does a deep dive into supply and demand.
• These strategy appointments help Monica stand out because she’s offering something different.
• Jenn says the packets help her stand out.
• Jenn includes the contract in the packet and often she’ll walk into the appointment and the contract has been signed.
• The point is to stand out. Figure out a professional way to stand out from other agents.
• Realtor Brian Kelly weighs in.
• Brian does not use listing packets. He feels they might distract from his focus, which is talking with clients one-on-one and building the relationship face-to-face.
• Brian uses Facebook as his digital resume.
• He highly recommends using video.
• In the past two years, he has dramatically increased his number of listings.
• As a top-producing agent, Monica never used pre-listing packets. Therefore, they are not necessary for success.
• Jenn feels you definitely need the packet so you can answer your client’s important questions.

 

3 Key Points:

1. Some realtors do not use pre-listing packets because they feel their listing presentations and pre-qualification questions make packets unnecessary.
2. Some realtors insist that a pre-listing packet is necessary for answering important questions and setting expectations in a professional way.
3. Find a way to stand out from other realtors, whether it’s through your amazing listing presentation, a pre-listing packet, or something entirely different.

 

 

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook
• Monica Weakley LinkedIn | Facebook
• Toe 2 Toe Podcast Facebook Page
• Brian Kelly website, Facebook

Episode 01: Should You Always Pre-qualify a Buyer Before Showing Them a House?

In Episode 1 of the Toe 2 Toe Podcast, meet hosts Jenn Murtland and Monica Weakley. Their goal is to help the fearless realtor find a path that feels authentic to them. During today's throw-down, Jenn and Monica duke it out over whether you need to pre-qualify a buyer 100% of the time, before you take them out to see a house.

 

Episode Highlights: 

• Should you pre-qualify a buyer 100% of the time before you take them out to see a house?
• Monica believes in the power of connection, face-to-face at the house. 
• If you take them out when they’re not pre-qualified, you show them in good faith you're ready to step up and serve them.
• Jenn thinks they need to show you that they’re ready to buy a house.
• Monica’s main point is the connection with them.
• Jenn believes a professional should treat the whole process as a professional.
• Jenn thinks realtors should own the home buying process.
• Monica believes you have to sometimes give a little to create the relationship.
• Jenn feels that people who aren’t willing to speak to the lender first are generally lookie-loos.
• Monica says that a lot of agents fail because they don’t have a system to put the clients into.
• What are a few pre-qualifying questions you could ask the buyer?
• Monica feels that if she can show up and create a real estate connection, that’s a win.
• Guest Andy Scherer weighs in.
• Andy would never leave the chair if the buyers are not pre-qualified.
• Monica agrees that systems are critical, but feels that sometimes you just need to show up.
• Jenn argues that you can’t help clients if you don’t understand the details.

 

3 Key Points:

1. Some realtors will take clients out who are not pre-qualified in good faith to build the relationship. 
2. Some realtors will never show a home to someone who is not pre-qualified.
3. Both approaches have advantages and disadvantages. Your approach may depend on whether you care more about wasting time or potentially wasting an opportunity.

 

Resources Mentioned:

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