00:00:06:10 - 00:00:26:03
Speaker 1
All right. Welcome to our very first weekly round up. This is where all the coaches get together right after our weekly coaches meeting. And our goal here is to answer and talk more in-depth about all the great questions we get from our agents throughout the week, as well as add insight into some of those questions and what we're seeing going on in the industry.
00:00:26:03 - 00:00:45:22
Speaker 1
Right now. I'm Dylan Silber, and I go to my right over here is my wife, Jennifer Silber, and I go, we've got Mike Russo down below and we've got Mel, who leads the Melissa Taylor team. And so we're all very happy to be here with you today. And we're just going to have a quick little discussion about what we saw happening both in our coaching program.
00:00:45:22 - 00:01:04:11
Speaker 1
And in the market today. And so I want to start just by jumping right into it. And Mike, we were talking about some of the agents that reached out and said, look, I'm I'm just struggling a little bit on how to answer the question of what's going on in the market, what what what does it mean to me and all that kind of stuff.
00:01:04:11 - 00:01:38:14
Speaker 1
So I want to talk to you first and just kind of expand on some of the discussions that you're seeing on your morning calls and how you think that we can talk about that and hopefully help some people. Yeah. Yeah, 100%. So as you were kind of talking a little bit about it, what's kind of been coming up a lot with a lot of agents is how do we handle our clients expectations and how do we advise our clients in a market where interest rates literally are changing so often, so frequently, and price points are changing so rapidly because a lot of our agents, especially some of the newer guys, they don't know about this
00:01:38:14 - 00:01:56:11
Speaker 1
stuff and they lack confidence in that area. And so how do you, number one, build confidence? But number two, more importantly, convey that confidence to your clients. And I think that's where it becomes a bit of a challenge. And I would love to hear kind of where you guys have thought before I dove into what I kind of answered with Mel.
00:01:56:11 - 00:01:58:04
Speaker 1
What are your kind of thoughts when you you just.
00:01:58:04 - 00:01:59:14
Speaker 2
Want to make sure, was I right?
00:02:02:22 - 00:02:09:04
Speaker 1
Before I give my answer, I just want to hear what you might be thinking. I got to make sure I'm on line with you guys.
00:02:09:17 - 00:02:15:13
Speaker 2
That's what I do to my listing clients. Right? I'm like, I have the number, but I just want to hear what you want for them.
00:02:16:08 - 00:02:19:08
Speaker 1
Absolutely. I want their price before I give mine all the time.
00:02:19:08 - 00:02:44:17
Speaker 2
Yeah, exactly. OK, so so 100%. This is always an issue, really. But in times like this for me, for my people and what I do, I people know my people. I tell them that focus on the target, not the market. Like, what is their goal? You know, we get this so much where people ask a question about the market.
00:02:45:00 - 00:03:09:01
Speaker 2
And so we feel like we are expected to answer and our answer better be about the market. Some of the most impactful answers to me is when you hear the you hear the question, you step back and you create another question. You know, let me that's a great question. We're going to explore that. Let's get back to what your goals were like.
00:03:09:11 - 00:03:22:02
Speaker 2
You know, refresh my memory. Why did we even start this? Don't say why. Oh, my God, anyone's going to slap me. Don't say why. What was it that had us starting this in the first place and really guiding them back, if that makes sense?
00:03:23:02 - 00:03:36:03
Speaker 1
No, I love that. I think that is really great. And see, it's funny because as Jen will tell you, I'm very high key. So when it comes to this kind of stuff, I love the numbers. I love to get into it. What affects your home price? Why it affects that, you know, is it employment? Is it interest rates?
00:03:36:03 - 00:03:53:09
Speaker 1
Is it the location of your home? Why do all these factors contribute to that? But I think at the end of the day, I think you're right in the sense that asking the client what is your goal and how does this affect your goal is a great approach to it. And getting those right questions out of them at the same time.
00:03:53:09 - 00:04:01:16
Speaker 1
It's always great to know what's going on in the economy and knowing what's happening with interest rates and knowing why that's affecting your price point. But again, well, it comes back to your goal.
00:04:01:19 - 00:04:27:15
Speaker 2
That that's the thing that I wanted to add is that's like how you begin that conversation, but you better be packed with knowledge of, you know, you know, it takes X number of years for your house to double in equity. This is currently we've seen a 26% change you better come equipped with those numbers, but you need to have them starting thinking from the place that will they'll be able to actually connect with.
00:04:27:22 - 00:04:32:02
Speaker 2
But you need those numbers. That's where you come in 100%. You have to know your stuff.
00:04:32:13 - 00:04:39:04
Speaker 1
Yeah. Jenn, I'd like to get you into the conversation as well as you hear these two talking. Is there anything that comes to mind when you get asked that question?
00:04:40:07 - 00:05:08:20
Speaker 3
I'm just like, I'm so proud like, well, you guys are so good. No, honestly, I was thinking about it and it's funny, Mike mentioned he's a high a personality and so for people that aren't aware, that's referencing the disc profile, right? We all have like a dominant trait. And and I think part of it is, is making sure when you're asking that question or you're getting asked that question is knowing how to approach the conversation.
00:05:08:20 - 00:05:23:20
Speaker 3
So who are you talking to? Right. Because there are going to be people out there that want to know the nitty gritty stats and details. And there are going to be the people that want to know that they're being protected through the process. And then they're going to be the people that just need to know the bottom line.
00:05:23:20 - 00:05:42:22
Speaker 3
Right. There's there's all the variables. So I think the the best way to approach it is to actually combine what you're both saying. So, you know, you have to have the data and you have to be able to bird's eye view the entire situation to take people on the educational journey so they understand the market that they're currently in.
00:05:43:08 - 00:06:06:00
Speaker 3
And the reason for that is because that allows them to make the most educated decision. But you also have to understand why they're doing what they're doing or what their motivator is for the move. And so it's kind of educate and then give them a strategy. And I think if you can do both and do it in the right way, depending on who you're speaking to, then you're kind of covering all your bases a little bit, right?
00:06:06:00 - 00:06:17:02
Speaker 3
So you can you can make sure that that person feels that you gave them the information and the answer that they were ultimately asking. Right, without trying to be one or the other. Does that make sense?
00:06:17:02 - 00:06:40:09
Speaker 2
And that's a that's a super good point, Jenn, because you need you need it's important that those high people that are just connected to what they want, they want to live free. Also understand the stats. Right. But it's also important for the person it's just how do you present it? If I've got a personality in front of me, I'm going to be doing that stats first and then say, now that we know that, let me ask you a question.
00:06:40:14 - 00:06:58:08
Speaker 2
Whereas if you have someone else, then I'm going to start with, you know, let's just put the papers aside and let's get back to why we were again. Right. And then provide them the stats. But that do it more now than ever is so important, right? Like, yeah, having some idea of who you're talking to.
00:06:58:20 - 00:07:19:22
Speaker 3
Just a frame of reference and when in doubt cover all the bases, right? Like let them lead the conversation. We always go back to when you're at a listing presentation or a listing conversation, let's call it, as opposed to presentation you're not the one doing all the talking, right? You should be talking less than your clients. And if you find you're talking more, stop and ask more questions.
00:07:20:06 - 00:07:39:11
Speaker 3
And maybe it's as simple as do you know what's currently going on in your local market, right? Where are you getting your information from? What have you heard about the market? What is your expectation? Or it might be, you know, what's the reason you're thinking about selling? Do you have a timeline around that or is there any other factors we need to know kids, schools, budgets, anything like that?
00:07:39:11 - 00:08:00:18
Speaker 3
Are you going to be buying something on the other end because then we have a whole other conversation to tack on, right? So approaching it from that perspective will give you a little comfort if you're not super skilled on the desk. But at the same time, knowing who you're speaking to and then kind of bringing them the information that they need to make a decision is ultimately going to be the best way to approach that question.
00:08:01:08 - 00:08:34:07
Speaker 2
And you're not even bringing the information, you're asking them the questions so they can discover it. Right? And if it's 100% and I find that people always want to rush through, right? I'm here. I'm here to get this signed. Well, are you really like that could be a byproduct of it. But I think creating that that confidence, whether it's that I mentally know what I'm doing, like, you know, or that could be questionable that you connect on a personal level.
00:08:34:13 - 00:08:48:17
Speaker 2
Like, yeah, that's all being determined. But the questions I find if people like just take what you what Jen said, cut it out of this clip and put it on your wall. The key here, you got to ask questions. You know, you just got to ask questions.
00:08:49:08 - 00:09:07:01
Speaker 1
I always like the reminder that sorry to jump in here, Jen, that life life doesn't care how the market's doing. Right? So a lot of people that are buying and selling these days, they're going to move anyway because they need to move, whether it's a new job, unfortunately, maybe job loss, downsizing, families, things. There's a lot of reasons for people to move and they need to do it now.
00:09:07:01 - 00:09:21:03
Speaker 1
And it doesn't matter what the market's doing. So a lot of the time, the question about the market is just your first objection that you got to get over, right? They're just wondering what's going on. Can I do the thing that I need to do or the thing that I want to do? And feel like I'm making the right choice for my family?
00:09:21:03 - 00:09:37:13
Speaker 1
So as long as you can answer that question and like Mike, like everybody touched on, you need the knowledge to be able to put their mind at ease so you can show them why it's still the right decision. But a lot of the times in terms of like the general question of how is the market doing? Well, you need to say it's local.
00:09:37:13 - 00:09:49:20
Speaker 1
I need to look at your neighborhood and what's going on. And it's not about the overall market is can we achieve what you need to do right now based on the numbers and what's happening where you are and where you want to go and once you get to that question.
00:09:50:15 - 00:10:03:09
Speaker 2
Yeah. And the question how with how the market is, I mean, the very first question should be like, are you are you more interested in buying selling or investing because it's affecting all of those differently kind of help guide you to where.
00:10:03:20 - 00:10:05:17
Speaker 1
I'm curious, why do you ask.
00:10:07:16 - 00:10:08:03
Speaker 3
It's.
00:10:08:16 - 00:10:27:03
Speaker 1
Focusing on the opportunity of the moment versus, you know, the negativity of around what's happening. Right? So but by just getting that information, we can show that opportunity of, OK, yeah, you're selling, but at the same time you're also buying your next home. So really, the price that you're going down in on the sale is also coming down on the on the buy, depending on what you're doing right.
00:10:27:07 - 00:10:44:21
Speaker 1
And if you're upgrading that upgrade price is a little bit less now, right? If you're downsizing, that downsize is even even more down. Right. So it's it is a great opportunity to display that to a client and kind of spin it instead of it being all negative. What's why is my home going down in value kind of showing them the opportunity.
00:10:44:21 - 00:11:01:08
Speaker 1
Other, I think, is what my favorite part of I think even if the market is negative in some people's situation, if your first answer to that question is a negative response, I think you're doing yourself and the client a disservice because you're stopping them from doing something that they want or need to do anyway. Right. You've just been like they're like, I need to achieve something.
00:11:01:08 - 00:11:28:00
Speaker 1
And you're like, but they're worried about a roadblock. And you're like, Well, guess what, here's a roadblock, right? So we need to make sure that we're giving them a positive reason to move forward, because ultimately when you sit down and look through them, maybe you will advise them like, Look, you can achieve it right now or right now really isn't the best time but if you wait a little bit longer, this will happen or it's, you know what, this is perfect for you, or let's work on finding a solution together, because ultimately they're asking for a reason or you're sitting down with them for a reason.
00:11:28:00 - 00:11:32:17
Speaker 1
So it's how can we get there? And not so much getting bogged down in the nitty gritty.
00:11:33:01 - 00:11:46:15
Speaker 2
Yeah, it's again, you're sorry, Jen, I just want to say quick. It's just like you're you're walking through, like, as a guide with them, right? It's not like, gee, that sounds like a really shitty place. You're and, you know, call me when you figure it out, you know.
00:11:47:10 - 00:11:52:17
Speaker 1
I'll see you in six months when the market's better and we can make this real easy. Hope you don't suffer too much for six months.
00:11:53:04 - 00:11:55:00
Speaker 2
I got my hammer ready. Yeah, yeah.
00:11:56:09 - 00:12:17:12
Speaker 3
No, I was going to say to I think it's important to remember, and we've we've probably all said it multiple times if we watch this call back that it's a negative market or it's negative information, that's not necessarily true. The market is the market, right? There's no such thing as a negative market. There's a buyer's market there's a seller's market, and then there's an even market.
00:12:17:12 - 00:12:40:15
Speaker 3
That's it. Those are your options, right? So depending on the product, depending on their cash flow and what their numbers look like, this could be a very, very lucrative market for somebody. Right? It's a better market for buyers than the last few years have been. So, you know, that language of of the it's negative market as realtors. I think we say that because we're looking at the downturn and things happening.
00:12:40:15 - 00:13:03:16
Speaker 3
But the public might not have had that impression of it until we put it in their minds. Right. So you got to be so cautious about how you're your languaging and positioning the conversations you're having because we can inadvertently make a conversation that may have just been around. Can you please educate me question and convert it into a negative discussion that we now have to get ourselves out of?
00:13:03:16 - 00:13:23:22
Speaker 3
Right. So it's it's being conscious of that, too, and not putting our own inference onto what's happening because we don't understand their situation yet. Most likely or we pre qualified and we have a better data, but that's about it, right? So it's just it's just an added piece to think about. It's like how are we having that conversation when we sit down?
00:13:24:08 - 00:13:48:10
Speaker 3
What are we are we making it negative right by how we're right? So just little, little things. And I was just thinking to myself was like when we talk about this question a lot and new agents ask it a lot and then you think about the question itself. And I was like, well, if I wanted to approach a realtor and I didn't really know them, but I wanted to engage with them the first thing I'm going to ask them is, what's going on with the market?
00:13:48:10 - 00:14:05:06
Speaker 3
Or How's the market? That might not even be the reason I'm talking to them, right? I might have already decided I want to sell my house, but I need to break the ice somehow. And that's like that's like asking somebody like, hey, what do you think of the snow? Like, you know, I mean, like, it's, it's, it's it's very inviting.
00:14:05:06 - 00:14:20:01
Speaker 3
It's there. We're dealing with this same thing. So it's almost like figuring out do they really want you to answer that question or are they just trying to get into relationship with you? So where in the process are they asking you the question? And that might change how you answer it as well.
00:14:20:08 - 00:14:37:08
Speaker 2
Yeah. Hundred percent. That's the first question that you'd need to ask with that. I want some came to my mind and I don't know if you guys agree. I'm pretty sure you do because we've chatted about this before, but I find a lot of new realtors coming in now and I haven't really been exposed to like new realtors.
00:14:37:08 - 00:14:56:12
Speaker 2
I, like everyone else, lived in a silo for most of my real estate career, but they come seeking the answers to be given to them. And there is and I recall and maybe it was a blessing, you know how they say all the challenges you went through actually made you who you are today. But there was none of that.
00:14:56:13 - 00:15:24:01
Speaker 2
There was none of that as I was coming up through a litter. I've said it before, but I would eavesdrop at doors and write down things like I had to find the answers. I had to be resourceful. And I think if they're coming, if anyone has the question of, you know, how do you figure out the market, figure out the market, like take an area, do the stats figure it out, not knowing everything.
00:15:24:01 - 00:15:43:10
Speaker 2
Right, and then send it. I know I for sure if someone just shot that to me and said, you know, this is what I think this area of the market is looking like based on X and here's what I did. Oh, I'd be happy to look at that and give any feedback instead of tell me how the market is like get in there.
00:15:43:10 - 00:15:49:09
Speaker 2
Do the stats know how, just know your market. It should be like the number one thing, don't you think?
00:15:49:13 - 00:15:59:06
Speaker 1
Yeah, I think us as coaches in general or should no longer be answering that question. We ask a question right back, well, how do you think the market is? How's our market? Because it is local, right?
00:15:59:20 - 00:16:00:09
Speaker 2
Yeah.
00:16:00:09 - 00:16:25:12
Speaker 3
Or what are your stats telling you? Yeah, right. Simple question, but I agree. Yeah, it is it it does that that skill to and to find the resources is diminishing right as as we as there's more and more value adds provided the agents on all different areas. So you know that is it that is something that we should be making sure that our agents have because it will put them above everybody else.
00:16:25:12 - 00:16:38:11
Speaker 3
When you get asked a hard question you got to figure it out. There's stuff we don't know. We have to figure it out, right? We got to go and ask people and do our research and homework and get those answers. And this shouldn't be any different than that for sure.
00:16:39:03 - 00:16:41:01
Speaker 2
We had a little chat line going up.
00:16:41:14 - 00:16:55:20
Speaker 1
Yeah, I'm going to throw this one my we need to get to say my dad used to always say when I was growing up and I would be helping him around the house doing whatever he was, whatever renovation, whenever I'd come up to something I didn't know how to do, I would say, Dad, how do you do this?
00:16:56:01 - 00:17:09:16
Speaker 1
And he would always say, OK, if you were stranded on an island and you had to get off the island, what would you do to get off and be like, I don't know. Well, you need to figure it out, right? And kind of like a welcome to give me the answer. You're going to have to. Yeah, welcome to the island.
00:17:09:16 - 00:17:32:21
Speaker 1
Essentially, you're going to have to find your way off of that island and and figure out the solution. And the world that we live in especially my generation, it's all one Googled answer away, right? So I can quickly pull up the answers to anything on Google. And that's the problem is we've become so accustomed to having the answers given to us right at our fingertips that it is harder for people to understand that you just got to go out there and do the work and discover it on your own.
00:17:33:09 - 00:17:52:18
Speaker 1
Yeah. All right. I love that. I think this is a question that isn't going to go away. It's going to be something that we're always talking about because the market is always changing and we're we're learning how to answer those questions better. And now this is why I want to segway to next is it plays perfectly into the discussion and the learning that you've had with Tony Robbins in the last week or so.
00:17:52:18 - 00:18:14:17
Speaker 1
Jen, as well. That we're no longer looking at business to business or business to consumer, but we're selling to humans. And I think that's the big it's like if you take that principle and apply it back to how's the market, it's it's still the best way to answer the question. So why don't you expand on that a little bit more and just how we're how we're looking at the conversations that we're having with people yeah.
00:18:14:17 - 00:18:40:06
Speaker 2
Well, there was so much added into this conversation. You know, one of them was about people connecting and humans, right? We are selling to humans now. We are people have been through so much in these last few years. Some have done really well, some have not. But everything is affected. Somebody in some way, be it COVID, be it inflation, be it interest rates, be it they don't even care about those categories.
00:18:40:06 - 00:19:02:04
Speaker 2
All they know is that suddenly my mortgage payment is 50% higher, like I'm going to drown, like what is happening. And so all of those things have real material outcomes, but they also have emotional outcomes and people are a little bit more guarded, right? Like they do. They want it to get. What is that called? You guys do it, I'm sure.
00:19:02:05 - 00:19:06:06
Speaker 2
What's that Uber thing? Uber. Yeah, yeah. Uber eats.
00:19:07:07 - 00:19:07:20
Speaker 1
I smell.
00:19:07:20 - 00:19:32:02
Speaker 2
We do but my kids, I'm like, Oh, someone's here. And they're like, Oh, it's my Coke from McDonald's. Pardon me? Your Coke from McDonald's coming to the house. So but they distanced themselves from people then. So they've got these almost fears or misconceptions. Right? And we all know like cats, this is critical really dark and morbid. But you know what?
00:19:32:22 - 00:19:36:19
Speaker 1
Maybe I'll stop you and we can pivot back to the story that you had with your agent.
00:19:37:18 - 00:19:40:01
Speaker 3
Yeah, cats.
00:19:40:05 - 00:19:44:13
Speaker 1
I'm kidding. I don't know if we want to go with their with the cats, but let's let's see where you take us.
00:19:44:13 - 00:20:01:04
Speaker 2
We want them if they feel like they're going to die, is what I'm saying. It is relevant. If they feel like they're going to die, they'll drift off into the night and die in a corner. Right. And we think I believe realtors think that when my client if my client is in trouble, he's going to call, she's going to reach out.
00:20:01:05 - 00:20:28:00
Speaker 2
She knows. And I say, nay, nay. I say, you will not because kidding yourself, you know, I want to admit that I made a huge mistake or I don't want to admit like there's a lot of like it maybe even misplaced. I don't know. It's who am I to judge? But, you know, judging on their own selves. So you cannot guarantee so having when I say, now we're coming back there, we're coming back, we're I'm selling to humans.
00:20:28:00 - 00:20:56:13
Speaker 2
It's literally like selling to humans. So there's a different need that is led with. Right. It isn't about how the product why the product is so great. It's about discovering what's your biggest challenge, you know, right now and and how can I help like how can I and perhaps not asking that that's kind of a that's a thing I have with oh, how can I help?
00:20:56:13 - 00:21:24:04
Speaker 2
Well, fuck them. I know I would for you. I would have asked you, I don't know, but maybe you can bring some understanding to where I am, some examples of client pathways and journeys that actually got from where I am, which feels like I'm ten feet under to where I saw the light and really, you know, dealing with them on an emotional level.
00:21:24:04 - 00:21:51:14
Speaker 2
And the call I had on PC was that the person was done wrong last summer by a realtor and now is in a place in a home where they're not happy and but they are extreme and they have a big brick wall because they don't they are not ready to trust anybody again. And so the agent attempting to Hey, I've got the answers like let's at least get the value of your house.
00:21:51:15 - 00:21:57:21
Speaker 2
Let's see what it looks like on the mortgage side, like all amazing realtor skills. Yeah, very.
00:21:57:21 - 00:22:00:18
Speaker 1
Professional. With a plan. Here's the steps. Here's the team.
00:22:00:18 - 00:22:25:16
Speaker 2
Yes. And then there was something said, though, Donald Miller, who does story brand marketing, and he said it's not just doing the right thing. It's doing the right thing at the right time. So it's not that what the agent had was invaluable. It's hugely valuable. It's just that you need to put that on a shelf and come back and realize that you're to age.
00:22:25:16 - 00:22:32:19
Speaker 2
You're selling to a human. And she isn't even created that rapport or had that opportunity for someone to.
00:22:32:19 - 00:22:33:11
Speaker 1
Actually.
00:22:34:05 - 00:22:38:19
Speaker 2
Share with me what happened. Right? Yeah. And how did it make you feel and what are you going to do?
00:22:39:11 - 00:22:40:22
Speaker 1
So it was a great yeah, really.
00:22:40:22 - 00:22:41:15
Speaker 2
It was a really.
00:22:41:15 - 00:22:58:17
Speaker 1
Great build that relationship and really create that confidence with that seller client because yeah, like you said, they had that bad experience. And like all of us, you know, when you, when you get hurt, let's say, I don't know, you're out in the yard and you fall down when you're a kid, the last thing you want to do is start running again, right?
00:22:58:17 - 00:23:09:19
Speaker 1
Because you're like, Oh, well, I just hurt me, right? So you're kind of you're a little bit more nervous to do that. Like, I remember for me, it was it was sports. It was like baseball. It's like you get hurt, you get hit by the ball. It's like, I don't want to play baseball. Anymore. That hurt a lot.
00:23:10:17 - 00:23:27:22
Speaker 1
But then slowly as you overcome that and you go back to it, it becomes a little bit easier to kind of operate and go back to it. Right. Which is always great. Yeah. Again, it's about that relationship. Yeah. And the relationships get gets built by genuinely caring, like taking the time to ask those questions and say, like, that's terrible.
00:23:28:00 - 00:23:56:11
Speaker 1
Can you tell me a little bit more about it? Like, I want to understand how you how this happened. And one especially I want you to know that I've listened to you so that it's not going to happen again. Like we know where we went wrong because we asked the questions and listened. And I promise you that if you're in competition for a listening appointment, let's say if you're the one that listens and lets the client know that you genuinely care about what they're trying to achieve, you ask all those questions as opposed to just coming in and be like, I'm number one and this is my home selling plan.
00:23:56:11 - 00:24:14:22
Speaker 1
It's flawless I always get 105% of the asking price if you can, you need that too. But if you can share and show that you care and you've asked those questions that now you know what they're trying to achieve, they're going to be a lot more inclined to go with somebody that like they feel connected with because of that versus somebody that's just, you know, rah rah.
00:24:14:22 - 00:24:20:02
Speaker 1
I'm number one, unless you're high, which is maybe 6% of the people out there. Right. So you're tailoring to a.
00:24:20:02 - 00:24:38:00
Speaker 2
Very small Heidi would probably have had you in to listen to the presentation, though, in the correct way if they were high. But the one thing it was interesting because in our real play, we did it each other and then I did it at the end and it came up that she was like after I already asked her to go for coffee and all that, she was like no.
00:24:38:13 - 00:25:01:18
Speaker 2
But you know what we discussed and we really just don't want to move forward right now. OK, so typically we as agents would say totally understand. Got it. Get it. OK, but to ask for clarity. And I said, you know what, Healy, this is a fictional person. Hailey, can you like explain to me what you mean? Like, because I hear you first of all, acknowledging, right?
00:25:01:18 - 00:25:23:00
Speaker 2
I hear you loud and clear. Just clarify for me what part are you not willing to go forward with right now? Right. Instead of assuming that it's the get together. And in that particular case, it was making a decision and so that gave me the opportunity to say, I am so happy to hear that because I agree with you 100%.
00:25:23:00 - 00:25:40:06
Speaker 2
This is not the time to make the decision. Right. And then you add this caveat. You know, I had a lot of clients who are going to be going on market and experiencing potentially some of these things. If you can help me to help them to not have this happen to them, it would mean a lot to me.
00:25:40:12 - 00:25:43:14
Speaker 2
Right? So now I know I'm not going to help those people.
00:25:46:02 - 00:26:02:18
Speaker 1
Yeah, yeah, yeah. You just think you're opening more more channels of dialog without a sale at the end without I'm not trying to close you for anything. I'm genuinely just curious, like, can we sit down, tell me a little bit more about what happened to you and let's figure that out or a little bit more about why you don't like your house or what you'd like in your next house, all that stuff.
00:26:02:18 - 00:26:10:06
Speaker 1
And it's like, we don't need to list your house now. But let's start planning for that stuff because a good plan will help this from not happening again. Right?
00:26:11:06 - 00:26:34:01
Speaker 3
I think it's always so important to remember to write ultimately the industry that we're in, it's not about us, right? We like to make it about us, and agents like to make it about themselves and their stats and their bragging rights. And that's great. But at the same time, it's like if you want to truly connect with the person that you're sitting across the table from you, it needs to be about that.
00:26:34:05 - 00:26:53:16
Speaker 3
And if their conversation is, I need to share and tell you what I experience and I need to know that you understand what I've experienced because that allows me to trust you a little bit more and that's all that this can be for me right now. You have to respect that, right? So be there and show up as that person and listen and don't look for anything from it.
00:26:53:16 - 00:27:11:15
Speaker 3
Because when they're ready, you will be the person that they call if you do those things the right way, the minute. Anyway, it's the same with all of us. The minute any of us feel like we're being sold we're out. We're it's like I'm, I don't need to be sold. That's not how we make choices anymore. It's not how we hire people we work with.
00:27:11:16 - 00:27:29:12
Speaker 3
It's just that's just no longer a thing. It doesn't work. People are sick of it, right? So the less you sell, the more successful you're going to be. And it's counterintuitive because we feel like we need to keep, like, and we talk about it all the time. But the appointment after the appointment, get the contact info together. All of that's important.
00:27:29:18 - 00:27:48:04
Speaker 3
No, like you said, now just rounding and back to where you started right like there can be you can have all of the right things and you could do it all at the right time at the wrong time, and you're not going to lose. That's even like in any facet of your life and in investing and in relationships and everything.
00:27:48:17 - 00:27:57:21
Speaker 3
If you if it's the wrong time, it's not going to work the way you think it will right? So it's important to understand that you have to be in line with both things.
00:27:58:14 - 00:28:19:11
Speaker 1
Yeah, a great question Dillon gave me actually I think was last year you gave it to me, and I think you use it on every CMA that you go on, every listening appointment or presentation. I think you ask the client what's important about your real estate agent or what's important about a real estate agent to you? And you can really quickly get to the answer of what they're looking for in an agent.
00:28:19:11 - 00:28:34:15
Speaker 1
So in that case, when they had a bad experience, it's about OK, where did they go wrong? I want that to be fixed, right? I want I want my experience to be more personalized or be more honest, right? Whereas some people might just be I want my realtor to know their stuff, their stats, this depending on what they're looking for.
00:28:34:15 - 00:28:51:05
Speaker 1
Right. But by simply asking that great question of what's important about a real estate agent to you, you can help identify that and then use that as a way to get through to the client a little bit better. Right. And help build that relationship. We have that even in our our buyer wish lists and questionnaires that go out.
00:28:51:06 - 00:29:08:08
Speaker 1
It's like, what are your expectations from us right? And then you narrow it down a little bit more at the consultation to ask questions. But it goes so much further and it's so much easier for us on how to carry a conversation. If you know what's important to them and how do you know what's important to them if you don't openly just ask, ask what's important to you.
00:29:08:20 - 00:29:27:02
Speaker 3
And why you're asking. And then you you as you, why are we not asking them? Hey, would like if you go to a bike store to buy a bike, you know you, don't you? Well, sometimes you do, but you don't generally walk in and be like, I'm looking for a bike. And then they'll say, Well, what color? I don't know what what size?
00:29:27:02 - 00:29:40:09
Speaker 3
I don't know Streeter or Mountain. I don't know. They know, right? They know what they're looking to buy. So why don't we just ask them what they're looking for? It's, it's it's so simple when you put it in that context. It's such a great question. Sorry, Malik cut you off.
00:29:41:03 - 00:29:44:18
Speaker 2
No, that's OK. I think I forgot that that one I was going to bring up.
00:29:45:00 - 00:29:48:08
Speaker 1
I was going to say we need to get to Mel real quick. Sorry.
00:29:49:04 - 00:30:09:17
Speaker 2
No, no, no, don't be sorry. I mean, I'm flopping a lot here, but oh, I know what it was going to be. And, you know, the the second part of that asking questions is not don't be sitting there making a list and going look shit like that and got that what you do is it? You are. Yes, yes, yes.
00:30:09:21 - 00:30:14:09
Speaker 2
And you find the people in this brokerage, you're in this to help.
00:30:14:16 - 00:30:14:18
Speaker 3
You.
00:30:15:10 - 00:30:26:13
Speaker 2
Learn right? Like it's not like, oh, darn, I was going to do an amazing job. But I just don't can't figure out those damn stats like you do that. Like, I know I'm doing extreme, but yeah.
00:30:27:13 - 00:30:41:15
Speaker 3
It's a great point. It is a great add on. Don't don't apply it to yourself. Just look at the gaps and then go fill them. Be like, OK, I don't, I don't have x, x and x. I either need to go get that or I need to go find someone who can provide that for me, one or the other.
00:30:42:06 - 00:30:42:12
Speaker 3
Yeah.
00:30:42:19 - 00:30:59:12
Speaker 2
Yes. I love I love this book. I didn't have this for this, but it's who, not how. Yeah, that is that is I literally I'm reading it is good, but I'm not I don't get anything. But not that it's a really get very done.
00:30:59:13 - 00:31:00:20
Speaker 1
Concepts are there though.
00:31:03:01 - 00:31:10:22
Speaker 2
But it really is a great way to look at things, right? Like I can do anything. I just got to find the person who can help me and who knows what. I don't know who can fill that gap in, right?
00:31:10:22 - 00:31:29:22
Speaker 1
Yeah. And that's I think that's one of the great things about why we built this coaching program. To begin with is so that you have all those resources, you have colleagues that you're shoulder to shoulder with that are willing to help you. Your coaches are more than willing to help you. And we feel like that's so important because not like you touched at the beginning of this, it's a lot of the time you feel like you're operating in a silo when you're an individual agent.
00:31:29:22 - 00:31:47:05
Speaker 1
Right. And that's not but that's just not good for anybody. Right. And I was I was blessed to come up with a family real estate team that over dinner, I had three different people that I could talk to about how to handle a conversation or what a what a house might be worth or, you know, this was the objection that I got or, wow, that guy was a jerk.
00:31:47:05 - 00:32:03:10
Speaker 1
How do I how do I get through this and still make the sale? Right. And so I think that's one of the things that we just want our mind, everybody that's listening. That's why we're here. We're here to help you with that and take advantage of it, take advantage and talk to the other people that are in the program, your colleagues, because you guys are all on the same path.
00:32:03:10 - 00:32:22:06
Speaker 1
We're 15 I don't even know how many years we all are combined, but there's probably like 40 years of experience here and we're still leaning, rubbing shoulders with each other. Like Mel said, we learned really early on how to go find the answers. We don't have all the answers even today. We do not have all the answers, but we learned the great skill of like how to go get an answer.
00:32:22:14 - 00:32:38:13
Speaker 1
And with the community that you have around you, you guys do too. So I'm going to throw us off this one. And I want to jump back to something practical because we had an agent reach out about what does EMC mean at the bottom of the listing. And I forget which agent had it. It might have been Mel.
00:32:39:03 - 00:32:43:11
Speaker 1
So I'm going to I'm going to throw it to you, Mel. What what does that mean at the bottom of a listing? And then we'll jump in.
00:32:43:11 - 00:33:08:07
Speaker 2
I'm not going to disclose who had that question. But yes, they were wanting to know what is see what I think the actual question was what it was. But hopefully everyone knows A is for active but there are those ones and depending on what board you're on, it shows up differently to like the it's so very broad and it shows up differently than it does on Trab so I hear rumors that that's going to actually come in.
00:33:08:07 - 00:33:30:13
Speaker 2
And I mean, we've been hearing it for years, but hopefully that happens. But anyway, the escape clause would refer to and we're going to see it more and more now again is primarily when the buyer has a condition that their house has to sell in order for this, for their offer to be accepted, for them to continue with the deal.
00:33:30:19 - 00:33:35:05
Speaker 2
And then if people accept that, there's always and there's.
00:33:35:11 - 00:33:37:12
Speaker 1
Often and if often, not always.
00:33:38:05 - 00:33:39:11
Speaker 2
I think should all be.
00:33:39:15 - 00:33:46:15
Speaker 1
Common practice should be that. Yeah, but I've seen I've seen some fire agents writing sneak it in there without an escape clause for sure.
00:33:46:15 - 00:34:04:19
Speaker 2
I think it's I think it's like a Trojan horse. I would always put it in. So it's like a given a take thing. But anyway, that's a debate for another day when we have our gloves on but keep on. So then when they if they get another offer and this was interesting because it doesn't have to be a better offer.
00:34:05:07 - 00:34:30:20
Speaker 2
It doesn't have to be more money, it doesn't have to it can be less money. But if the seller wants to entertain that offer, and there is an escape clause, which would mean that the seller would be able to continue showing and the buyer would have 24, 4872 hours whatever was agreed upon to firm up the deal prior to the seller dealing with that offer, then that can be unleashed.
00:34:31:10 - 00:34:52:21
Speaker 2
So if the seller says I sell it, selling listing agent says, OK, we've got another offer and the seller wants to deal with it, first thing I would say is send me the 81 because it's our only thing to really see that there really is another offer. And then that buyer has 24, 4872 hours to literally firm up that deal.
00:34:53:01 - 00:35:07:18
Speaker 2
So they're either going to throw caution to the wind and say, I just believe that my house is going to sell and I'm going to firm up this deal. It becomes pretty precarious. That's when the waters break right at that point because risk becomes high.
00:35:08:03 - 00:35:29:10
Speaker 1
Happened to me this year on one of my listings. So we had a listing in Richmond Hill and a buyer, you know, presented an offer. My client agreed to it and they had that condition in there. And like Dylan was saying, oftentimes more than not, I find they try to sneak in this without an escape clause that they want to sell their own house and then purchase this one.
00:35:29:10 - 00:35:52:15
Speaker 1
So my clients obviously under my advice so real quick, right before before you continue your story, the lesson there for everybody is if you are the listing agent and you're looking at accepting an offer with your clients on behalf of the sale and there's a condition on the sale of the buyer's property in there, make sure that there is an escape clause attached to that condition so that you can get out of it if you need to.
00:35:52:15 - 00:36:08:15
Speaker 1
And we'll talk about that as we can. That's exactly what I did. Yep. So I went back and I said, there's no escape clause. I called her. I said, We'll do it, but we'll have a 24 hour escape clause in place and you know, a week or I was like three days later, somebody actually put an offer on the property and it was a firm offer.
00:36:08:15 - 00:36:30:02
Speaker 1
Well, it was firm and my client wanted to entertain it. And so now what I did was in that offer, that second offer that came in, I put it conditional upon the mutual release of the initial offer which then meant by them signing that that the home was sold. Whether or not it's going to the first party or the second party, it is 100% sold.
00:36:30:02 - 00:36:48:18
Speaker 1
So my clients were a little bit relieved and then I called back the initial buyers and I said, here's the situation, here's the 8.1. And, you know, you have 24 hours to firm up your deal and go forward with it. Otherwise we're going to we're going to work with this other offer. And they weren't able to firm up. And the second buyer actually purchasing clothes on the property.
00:36:49:02 - 00:36:58:21
Speaker 1
Yeah, you could also send them a mutual release say like here where either here's the mutual release the sign or send us the fulfillment, right? So they have the two options ready to go. Right?
00:36:59:14 - 00:37:15:05
Speaker 2
And you skimmed over that, really you didn't skim over, but you did it like you were talking to us about the the clause you put in, because I think that's really brilliant. And so so just say that again and what that actually means to both parties.
00:37:15:05 - 00:37:38:07
Speaker 1
Yeah. So I put a clause in the agreement that stated that upon the mutual release. So upon the initial agreement that we had with the first buyer being released, those buyers then being released from the deal, the secondary buyer then goes firm. So that's the only condition they had. So as soon as I have the mutual release in hand, I present it to them and their condition is now fulfilled essentially.
00:37:38:07 - 00:37:38:14
Speaker 1
Right.
00:37:38:14 - 00:37:41:17
Speaker 2
And and if you don't get a mutual release, what happens.
00:37:41:21 - 00:38:01:17
Speaker 1
If we don't get it? They're then released from the deal based on the second by second second buyer. The second buyer is then released from the deal. So they have, you know, there and she was you know, the second buyer was calling me every day like or a while. Sorry, every day every couple hours of the one day and saying, do you have you do you have you do you have yet?
00:38:01:17 - 00:38:19:07
Speaker 1
Because they really wanted the property. Right. And just like she was I mean, I probably would too am trying to get me to get it. So they would force that mutual release. And so what was the knocking over the property? What's that? What was the outcome? Which offer ended up going through second by the second? The second buyer ended up getting it.
00:38:19:07 - 00:38:39:09
Speaker 1
Yeah. Yeah. And then on top of that, the other thing to do as well, it's another great step is if they really are serious as secondary buyer, have them bring the deposit in. And I'm pretty sure that's what I had them do. I had them bring the deposit to our brokerage. Yeah, we held our deposit and they were then conditional upon the release, that major release of that first deal.
00:38:39:14 - 00:39:00:15
Speaker 1
Yeah. So that's going back into like almost hot market protocols is like, yeah, if I'm risking something here, like I've got ten other offers, but I'm going to go with yours. I want that deposit check in hand. I don't want to risk anything. Right. Even though we know it's binding no matter what. I'd much rather have the money in our trust account to know that that buyer is now committed to us.
00:39:01:12 - 00:39:02:22
Speaker 1
Yeah, yeah, yeah.
00:39:03:05 - 00:39:21:15
Speaker 2
The entire interactions that we have. You bring up a great point, Dylan, because it's all based on risk. Yes. If the buyer has greater risk then than the seller, then that's going to you're going to see it in price, right? If you don't have your if it's a business and you don't have your paperwork all together, that's a risk to the buyer.
00:39:21:15 - 00:39:43:21
Speaker 2
So it's going to show in price. You know, there's one property I'm looking at with a client right now, and they don't beautiful house in Toronto they built and they're parking in front. But it's not it's not got a permitted use for parking at the front. So, yes, everything could be rosy and everything couldn't be. So that's that is like a tias and turning point, right?
00:39:43:21 - 00:39:53:17
Speaker 2
That's risk. So I just it's managing and seeing where those risks are. And I feel like sometimes that's what we do like that we're looking for risk constantly.
00:39:54:00 - 00:40:10:22
Speaker 1
I think one of the things that we'll need to continue to dove into is when you are the agent in that situation, when you are Mike in his shoes there, how do you advise your client on which one they should go with? Should they go with the second one? Should they stay with the first one? And that's really where a little bit of experience and looking around helps.
00:40:11:02 - 00:40:26:02
Speaker 1
So that's why I think we should talk about that more because maybe it's not as clear as, hey, the second one's firm, so let's go with it. Or the second one is more money. So let's go with that because that's not always the case. Like we talked about off air was like, what if that second offer is is less money?
00:40:26:06 - 00:40:39:16
Speaker 1
Right. But it doesn't have that other condition in it. So you got to start weighing those and figure out what's going on. And each case will be 100% different. So your skill is in how you analyze it. Not so much knowing when X happens. I do B, right?
00:40:40:11 - 00:40:58:20
Speaker 2
And the big yellow light comes on in my head when you're talking about that because we don't want to ever be in a position where we're saying, no, you should take this one. I mean, who are they going to come to when that doesn't work out? It's showing them the outcomes, like what are the possible outcomes of each of these decisions?
00:40:59:04 - 00:41:13:16
Speaker 2
Let me answer any questions you have on that. And ultimately it's their decision. I can tell you that if this happens, this is what I've seen in the past. But to tell someone, you know what, you'd be an idiot not to take this one. I don't know. It's that could be lower key.
00:41:14:00 - 00:41:30:13
Speaker 1
Yeah. And sometimes you need it. There's a client that will need that firm of a statement from you. And there's other times where you need to be cautious about what you're really advising, right? So again, it comes down to how well do you know your client and how well do you know the situation that you can give good advice?
00:41:30:13 - 00:41:44:01
Speaker 1
Because at the end of the day, we are still here to give great advice to our clients. So they have the information they need to make the right decision while you're still providing guidance. At the end of the day, it's their call, but you need to make sure that you're providing the right guidance while also saying, here's what I would do.
00:41:44:01 - 00:41:47:07
Speaker 1
And if I was in your shoes, right? So you arm them with that info.
00:41:47:22 - 00:41:51:08
Speaker 2
I don't know. I would say so.
00:41:51:12 - 00:41:51:17
Speaker 1
Yes.
00:41:52:17 - 00:41:54:03
Speaker 2
And possible to them.
00:41:54:03 - 00:41:55:17
Speaker 1
So there you go.
00:41:56:00 - 00:41:57:07
Speaker 2
That's a whole nother conversation.
00:41:57:09 - 00:41:58:14
Speaker 1
Yeah. All right.
00:41:58:14 - 00:42:02:09
Speaker 3
Yeah. You always you've always got to be careful about saying, here's what I would do.
00:42:02:09 - 00:42:03:05
Speaker 1
Here's what I would do.
00:42:03:05 - 00:42:12:22
Speaker 3
Yeah. This is what you should do because ultimately, you know, it's it's it's their choice, right? So it's just all about knowing the client and how you position that conversation for sure.
00:42:13:09 - 00:42:24:06
Speaker 1
Yeah, absolutely. All right, guys. Well, that's our that's our first episode in the bag. I think it went pretty well. I'm looking forward to doing more of these with you guys. I love the discussion. Yeah. Yeah.
00:42:24:09 - 00:42:24:17
Speaker 3
A lot.
00:42:24:17 - 00:42:33:17
Speaker 1
Of fun. Yeah. We're we're clocking in at a little bit of a decent time, but we're just going to wrap it up and say goodbye to everybody. And we will see you next week.
00:42:34:13 - 00:42:47:13
Speaker 2
We should get a little, you know, those things like the Romper Room used to have. I see Christina and Mike and no, nobody you guys on our Romper Room navigating ourselves.
00:42:49:06 - 00:42:51:22
Speaker 1
All right, everybody, we'll see you next week, OK?
