00:00:06:09 - 00:00:18:13
Speaker 1
Welcome back to our weekly round up where all the coaches get together and talk about everything that we helped our agents with this week. Anything interesting that we found come up and insight that we see in the market. Jen, how are you doing?
00:00:19:13 - 00:00:30:18
Speaker 2
I'm doing good, thank you. Just working, talking to agents, teaching classes. Been a busy week this week for masterminds and and training. So it's of teaching going on.
00:00:30:22 - 00:00:34:17
Speaker 1
Yeah, I heard you ran a pretty awesome command class this week, actually.
00:00:34:21 - 00:01:03:13
Speaker 2
Yeah, we we did a session yesterday, mainly on Zoom. I had actually had a couple of people in the classroom, so that was really nice. Usually it's just me talking to a computer by myself and yeah, we did 2 hours. We went through a really solid session. I think there's about ten people in the class, and we went over using command to nurture database and your systems and setting up smart plans and using designs to send out auto emails and all that sort of cool stuff that command can do.
00:01:03:13 - 00:01:13:08
Speaker 2
So it was good. It was nice to actually get back to teaching the tech side of things because it's really cool when you actually dig into it and you see how it, how it works. Yep.
00:01:13:12 - 00:01:38:21
Speaker 1
I want to give a quick shout out to I think it's Mardi Miller, the guy that does the 66 day challenge for command. He is still going. He's on like version seven of that challenge. Just did a new one up in January I think he's on his own week 20 or day 20 or something like that. But if anybody is out there wondering how they can get better command, this guy does everything teaches you how to run ads, just the basics of how to get set up.
00:01:38:21 - 00:01:56:21
Speaker 1
But fundamentally you will be able to use command to its full potential if you do that challenge. So you know Mike, I want to jump right into it before on our coaches call our coaches meeting that we just had, you were mentioning helping some people manage client expectations. So I want to hear more about that so we can all kind of chat about it.
00:01:57:09 - 00:02:21:08
Speaker 3
Yeah, yeah. So that's kind of what came up for me this week is that, you know, in this tricky market that we're kind of in with, you know, sometimes it's hard. Sometimes it's called managing your clients expectations and how you can be at the end of the day, that professional they've trusted in you to be. And I think it's super important because in the circumstance that I'm talking about, clients outside are the realtors that sat down with their clients.
00:02:21:08 - 00:02:42:08
Speaker 3
They had gone over a CMA, which they had done an extensive amount of research on, and they came up with the price point that they think was very, very fair for their their clients. And it was very competitive, obviously, at the time. And so clients are totally on board. It goes live and then all of a sudden, like floodgates opened, a ton of showings, tons and tons of showings.
00:02:42:19 - 00:03:04:11
Speaker 3
Now, clients are now going, wow, with all this activity, we're expecting a lot more money. Right. Which is great. Like, yeah, OK, as you probably might expect. But at the end of the day, the expectations are a little bit unrealistic because the amount of work that went into getting that price point is the reason as to why there is so much activity, because it's already competitive as it is.
00:03:04:14 - 00:03:26:00
Speaker 3
Right. And that's the whole reason why you're seeing the activity you're seeing now in this circumstance. It actually worked out that they were able to use that as leverage use all the other showings as leverage to force an agent up in price point, which they end up getting $50,000 over asking. Right. Which is incredible. But at the time that the homeowners were kind of debating as to whether or not they should take it or not.
00:03:26:07 - 00:03:51:01
Speaker 3
Right? So again, it's managing that client's expectation. That's exactly what the realtors did, is they went back to them and they said, guys, at the end of the day, this is the product we have, these are the comparables, and we're already selling higher than all those comparables in a down market. So this is incredible, right? Like at what point do you say you know, we're being greedy versus like, wow, we killed it and the clients reason with them and that's how they came down.
00:03:51:01 - 00:03:59:15
Speaker 3
And I don't know how you guys manage clients expectations, but I'm a little bit more aggressive with it in terms of like valuations. I'd love to hear how you guys would do it differently.
00:04:00:12 - 00:04:03:03
Speaker 1
Yeah. Now chime in here yeah.
00:04:03:03 - 00:04:33:09
Speaker 4
I said, well, we always I preempt it now because typically as soon as we get that property because we do cleaning stage staging all that business once that's done, they always sit down and say, Well, now look at this place. You were talking X number, now we can get this. So I make it really super clear when we're doing the price conversation and say, I am taking into account that we are going to be cleaning, we're going to be staging, this thing is going to be you're not going to want to move by the time like I'm taking that into account.
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Speaker 4
Right when I say.
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Speaker 1
So and you're set, it's resetting. The expectation is what I'm hearing.
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Speaker 4
Yeah, yeah, yeah, yeah. You pre-set it. That's that's how I said and this. But you know what? Kudos to them because the market is shifting. I'm seeing like we're not so much in a down market like we are churn. I can see some real good turnings that are happening, not necessarily just with my listings, but in general. So, yeah, it's very, very interesting.
00:05:01:06 - 00:05:17:19
Speaker 4
But that happens right? People think I have a great line, by the way, if you guys can borrow it and it's it's pigs get fat and hogs get slaughtered. And I do tell my clients that at some point when we get there, right, they get that nugget.
00:05:17:20 - 00:05:21:01
Speaker 1
I'm not sure I fully understand the expression, but I get the point.
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Speaker 5
That.
00:05:24:18 - 00:05:42:13
Speaker 1
That's the I think that you're right. First, let's talk about the change in the market, because I think some people might not be aware that we had a great conversation last week about how do you answer that question about how's the market and not getting ahead of yourself with taking an innocent question in to give, pointing that with a negative lens or anything like that.
00:05:42:19 - 00:06:04:03
Speaker 1
And we should do the same with not making it overly positive as well. And digging deeper on the question, but nonetheless, our our listing last week we had 71 showings in six days, 12 offers from those 71 showings and sold 138 over the asking price. So there is definitely a massive shift in terms of we're just gonna let Jen back in here.
00:06:04:13 - 00:06:08:06
Speaker 1
There were a massive shift in terms of the activity that we were previously seen.
00:06:08:19 - 00:06:09:21
Speaker 5
So I.
00:06:10:00 - 00:06:28:20
Speaker 1
Think that's, that's something to be aware of. But the same thing pops up with that. OK, now expectations have changed. We had 71 people come through this house, we should get more money right? And so in both of these situations that, that Mike and I are talking about, the clients did get more money. So it all worked out.
00:06:29:02 - 00:06:51:03
Speaker 1
But what if they didn't get more money? I think that's really where managing the expectations becomes the challenge. Mel is preemptively doing that. She's like, I'm taking that into effect into account before we go out there. That's why the prices. What? The prices. Mm hmm. Anybody else, anything else to kind of throw in there for when it doesn't go the way that that maybe that seller would be looking for?
00:06:52:09 - 00:07:16:14
Speaker 2
I have a script that I've always used in the past when when that situation occurs is same, as Mel said, the expectations in advance. And then if for whatever reason, you know, you still get those prices that come in below list or at least or and they're kind of like, we should have gotten more. I always go back to saying, listen, I know it feels that you should have got more based on the activity that you've been experiencing in the property.
00:07:16:21 - 00:07:43:13
Speaker 2
And the activity is based on the marketing that we've done, the campaigning we've done that photos and how the home looks. But at the end of the day, every single buyer is still looking at the most comparable sales that have occurred in the last 30 to 60 days. And those are the ones that we've shown you. So if there's no additional feature or value add that's going to drive them to pay you more, they're looking at this and going, Well, that's still market value and that's still fair value for the price for the home.
00:07:43:19 - 00:07:53:21
Speaker 2
And what 30, ten days ago or five days ago, whatever it was we felt was a great price. Now they're all agreeing with us. Yes. So we have to look at it that way.
00:07:54:21 - 00:08:01:02
Speaker 1
I think that's honestly the perfect answer, right? Because it always comes down to money versus expectations. And they need to line up.
00:08:01:07 - 00:08:17:11
Speaker 3
Exactly. Yeah. But exactly that. Like when you do sit down and you prepare that CMA with those clients and you determine the fair market value, if it is truly that value of the home, you're going to find many people that are going to see the value and those people are going to fight for it. That's just so that's the.
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Speaker 5
Natural.
00:08:18:09 - 00:08:36:13
Speaker 3
Thing that's going to happen right and so that's that could happen is this clients like they got a full offer for asking within a day, but that's because somebody also saw the true value. That's the value of the home. And then they use, oh, well we have another 15 showings happening and that guy was like, OK, fine, I'll give you 50 grand more.
00:08:36:22 - 00:08:44:11
Speaker 3
Right? And boom, done. Call it a day right. And so that's exactly what happens when you do your work correctly. It really does kind of work out the.
00:08:45:13 - 00:08:47:20
Speaker 4
One thing, the part. Sorry, go ahead.
00:08:48:09 - 00:08:59:13
Speaker 3
Yeah, no, go ahead. Go ahead. Now OK. Well there's now go ahead.
00:08:59:18 - 00:09:06:20
Speaker 1
You you know, the worst thing, you know, sitting somewhere with their hand up being like, I'm going to forget my point if you don't throw it to me soon. Yeah, yeah.
00:09:06:20 - 00:09:32:10
Speaker 3
Oh, poor mouth lost. That's again, she'll come back to her. But no, I was just saying, like, that's exactly it is just managing that expectation and making sure the client is fully aware of what's going on and that what you're doing. You are the professional in the day, right? So you have to you have to manage that. Like, if I went into my doctor's office and I told them, you know, yeah, I got to get a leg operation, but I don't think you're doing it the right way, you would look at me like, What the hell are you talking about?
00:09:32:11 - 00:09:42:16
Speaker 3
Like, what? No. Right. And that's kind of how we need to approach it. You got to you got to have the confidence to say to somebody, no, you're wrong. And this is why, right? And this is, this is the reason why we did this.
00:09:42:17 - 00:09:55:21
Speaker 1
Yeah. I love what Mel talked about at the beginning of like, hey, we're doing all this stuff. We're putting the package together, we're doing all the marketing. Maybe it was Jen now that I'm thinking about it, but we're doing all of this stuff to kind of get your home ready so that we can get the best out of it.
00:09:56:03 - 00:10:13:19
Speaker 1
And then the market speaks. And, you know, funny enough, like, of those 12 offers, there was a very clear opinion on what market value was like. It was it was pretty bang on for what people were looking for in terms of market value. And so at the end of the day, the market always speaks. Buyers will determine what the value is, and that's just how it works.
00:10:14:04 - 00:10:28:12
Speaker 1
So we need to be kind of prepared for that. Right. And the more you can prep your clients that that's how it's going to work, the less objections you'll have down the road. It's always about doing the work beforehand. When you find out that you're already in it, it's almost too late to turn that truck around.
00:10:29:06 - 00:10:30:09
Speaker 5
Yeah, yeah, yeah.
00:10:30:12 - 00:10:45:08
Speaker 1
Beautiful. So I think one of the other things that we were talking about specifically for well, here's Melle Mel. You missed the whole conversation. We knew you had your hand up ready to speak up, but, you know, probably forgot what it was. Now, right.
00:10:46:22 - 00:10:48:18
Speaker 4
OK, you got have you guys moved on?
00:10:48:18 - 00:10:53:01
Speaker 1
No, no, no. We were about to. But if you've got something you want to add, please, please get it in.
00:10:53:11 - 00:11:30:18
Speaker 4
One of the things that it brings to mind is talking about managing expectations is I mean, did it happen to us where you get this client who is running the listing? I can see you might lose me here in a minute again, but they're running the listing. And this is one that's the the signal of death. If the client starts running the listing and belly, I don't care because I've been through it multiple times and I look back there definitely were clear signals that this was going to be an issue and just like, you know, someone who has the boyfriend who isn't quite perfect and you think you're going to change them, you are not
00:11:30:18 - 00:11:59:04
Speaker 4
going to change them. So be aware of that because that is, you know, some of that once you get to that point, you're already in deep, right? You just you're you're there and it's going to end badly. It'll end with you walking away from the listing, firing the client or the client firing you. And, you know, this particular client, we had signed deals done even higher than she's currently listed with her next agent who's they've been listed for the last six months.
00:11:59:10 - 00:12:10:20
Speaker 4
And if she came back to me tomorrow and said, you know, OK, I change it, can you take me? No, no, you can't. I'll never get those those weeks back of my life. No.
00:12:11:20 - 00:12:12:14
Speaker 5
Yeah, I know.
00:12:13:04 - 00:12:14:15
Speaker 4
Someone to get a referral fee.
00:12:15:04 - 00:12:15:14
Speaker 5
Yes.
00:12:16:01 - 00:12:28:00
Speaker 1
Yes, exactly. And that's something that comes with experience as well, acknowledging like, hey, I can't have this client on my roster right now. It's going to suck too much. Of my time, too much of my energy. It's going to cost me more than it's going to earn me in the long run.
00:12:28:15 - 00:12:37:19
Speaker 4
Yeah. And they do that. But realtors, we all have big egos and we think we can ride it all the way to the end. But what will that end look like? So take heed the advice.
00:12:37:19 - 00:13:03:17
Speaker 1
I think one of the big takeaways that will leave that subject with is you've got to get preemptive with it. You've got to get there before those expectations really kick in. You've got to set the tone at the beginning, whether it's through the marketing, how the process works, the the evaluate and then set that tone right from the start so that at least when those expectations get leveled up a little bit down the road, it's not your first time trying to turn that boat around mm hmm.
00:13:03:20 - 00:13:05:10
Speaker 5
Mm hmm. Yeah, I love that. Yeah.
00:13:05:22 - 00:13:23:07
Speaker 1
All right, Mike, in the intro to you again, the next thing that I remember we were talking about on our coaches call was a newer agent that has a buyer that's looking at a property. It's been sitting on the market for a little while at X amount, and they were nervous about giving a lower offer, but that they might offend the sellers.
00:13:23:16 - 00:13:24:01
Speaker 1
So.
00:13:24:09 - 00:13:24:16
Speaker 3
Yeah.
00:13:24:20 - 00:13:27:01
Speaker 1
Tell us a little bit more and then we'll chime in on.
00:13:27:01 - 00:13:45:20
Speaker 3
Yeah, no, I'm this guy at the I love it because he's such a great agent, and he is going to be an amazing agent. And that's the thing is like, give me a call. And it's like, hey, here's a situation. My clients want to purchase this property. It's it's been on the market for seven months. You know, it's listed at Let's Make Numbers Easy, like I think it was like 570, but let's just call it six.
00:13:46:13 - 00:14:07:09
Speaker 3
It's listed at six. He is looking at potentially bringing in a lower offer and I don't want to offend the other side. And the lower offer was maybe $20,000 lower right at the time. And it's been listed for seven months. And so that's the thing is as a buyer agent, it is also our job to do a CMA even though.
00:14:07:10 - 00:14:30:01
Speaker 3
Right, and to compare and because it's been listed for four months, I truly believe that the properties obviously overprice because nobody's going to pay that price. So when you do that CMA, you'll probably reveal within that point where the fair market value is for that property. So my suggestion was to go much lower, you know, throw it, throw something out there, test the waters a little bit, throw it a line, don't be worried about offending somebody.
00:14:30:01 - 00:14:46:22
Speaker 3
I think I saw it on Shark Tank once. One of the sharks had said money should never be offensive. Don't ever be offended when someone offers you money. Right. It's something that is you know, that's what they believe, that I'd be at the end of the day, it's a buyer. The true value something is what a buyer's willing to pay.
00:14:47:06 - 00:15:03:13
Speaker 3
Right. And I think, you know, throwing out a line out there, test out the water a little bit to see what's going to happen is a great way to fill out the client. And not only that, but as a buyer agent, that's our job, is to really try to save as much money possible. For our buyer clients. Right.
00:15:03:20 - 00:15:18:15
Speaker 3
And so by doing that, yeah, you might ruffle feathers because they're going to think it's a lowball offer. But, you know, that's how you get a deal done because now you can maybe work with them. Maybe they counter back in a new re counter and you guys settle a little bit lower than what your clients originally thought they were going to buy it for.
00:15:18:16 - 00:15:38:02
Speaker 3
Right. Which is exactly what you want remember, it's a situation in the past, and again, it's all about information. But I had a buyer that was looking to buy a home and we had gone through the property and the homeowners were home and they were they were looking for a particular and they literally said it. We're looking for a very particular family to buy this home.
00:15:39:12 - 00:16:00:12
Speaker 3
And we believe you guys to be the family. So we would like for you to come over to our house, whatever Tuesday night it was. And I remember so well because it was the night it was the day that the Raptors won the championship. I had to go to their house with my clients and sit down at their dinner table with the family and their realtor and talk about buying the house with them all.
00:16:00:12 - 00:16:17:22
Speaker 3
Open discussion. Remember they opened. I was like, This is so wild. And the best part is the clients. The sellers go, OK, I want both the realtors out of the house. And I'm like, What the heck is going on? So me and the seller, a realtor outside the house, and I'm like, Hey man, what's going on? Like, this is so weird, right?
00:16:17:22 - 00:16:37:11
Speaker 3
Like I'm having to make small talk with this guy anyway. So they agreed upon a lower price and the price point was around 700,000. So they agreed certain 25 that they would pay. Right? The buyer my buyers agreed with the sellers will pay 725 without even me being there. We left the house and I said to them, You know what, I don't like that.
00:16:37:11 - 00:16:55:01
Speaker 3
I don't like that. They did that. And at the end of the day, if they really find true value in you guys, I'm going to go lower. We're putting a lower number on there than 725 because we just went through this whole process. They clearly want you guys to be the owners. Let's try it and we went in at seven, so 725, we went in at 720 and they accepted it.
00:16:55:06 - 00:17:14:04
Speaker 3
We got five grand lower just because I got the vibe that they, we were the ones right and using my, you know, skills and knowledge of the situation, I took advantage of it for my clients and my guy say 5000. Yeah. Now if the seller side said no, we agreed 725 my guys want to pay it, but what's the harm in asking for it, right?
00:17:14:04 - 00:17:27:09
Speaker 3
What's the why not why not give it a try and see what happens. Yeah. Five grand. You know, it might not be a lot of money in the grand scheme of things, but hey, that's at least a mortgage payment, right? Or that's whatever, you know, a little family vacation and something. Right.
00:17:27:19 - 00:17:50:03
Speaker 4
Those kind of moves. Mike, which I love by the way. I'm loving that move. Like the skills. It takes skills to know that you can do that. Like when you hear an agent say like you had heard an agent say, I'm, I don't want to insult them for 20 K or whatever the heck it was down. Be on your calls, be on your calls.
00:17:50:03 - 00:18:01:20
Speaker 4
Be on the real play calls. These are the things that we learn, right? I mean, all of us here have learned because we learn from other people listening and having those conversations and masterminds because that's amazing. That's brilliant. I love it.
00:18:02:08 - 00:18:20:02
Speaker 3
Yeah. One of my favorite scripts I ever learned from it was from an agent in our office, Michael to us, it was one of the best I use on every single buyer whenever I'm offering on a property. The script is he calls the agent and he asks them, Is this your price or your client's price? And it's so simple.
00:18:20:12 - 00:18:35:07
Speaker 3
But the reason behind it is because if they say it's their price, it means that they are going to back that price. They believe that's the price. But if they say it's the client's price, typically that means that the price is higher than what the realtor had offered because they're going to go, the client's gonna go with the higher offer.
00:18:35:19 - 00:18:52:06
Speaker 3
So if it's the if it's the client's price, that realtor does not support that price, number one. But number two, it's also probably a lot higher because that realtor did not tell them that price point. They told them a lower price point. So then you say, OK, well, listen, my clients believe the value to be X, which is much lower.
00:18:52:09 - 00:19:07:13
Speaker 3
How do you feel about that? And they typically go, yeah, you know, we told our sellers that this is the fair market value of the property, but they wanted to test the market and they review all this information. It's so great. It's such a great script to use and it gets the realtor thinking, I love them so much.
00:19:08:05 - 00:19:12:08
Speaker 3
Now, if you are the seller, someone ask that question, just say it's an agreed upon price that both parties.
00:19:12:08 - 00:19:15:09
Speaker 5
Yes, yes. I was just.
00:19:15:09 - 00:19:16:07
Speaker 4
Going to say is our.
00:19:16:07 - 00:19:21:03
Speaker 1
Price. Yeah, yeah, yeah. We did all the comparables. We know market value and that's the price.
00:19:21:21 - 00:19:22:11
Speaker 5
Yeah, yeah.
00:19:22:16 - 00:19:24:18
Speaker 4
Bipolar at the realtor yeah.
00:19:25:16 - 00:19:26:15
Speaker 5
It's like easiest.
00:19:26:15 - 00:19:43:16
Speaker 3
Way to separate a seller and a seller realtor right away. Like you literally just put a divide between them, right? By asking that question and that seller realtor just throws their clients under the bus by saying, Oh, it's the client's price. Pretty much saying I didn't support that price point. They're out to lunch with their valuation. Yeah, right.
00:19:44:15 - 00:20:08:16
Speaker 2
It's also interesting because it can flag to you two on another on a different piece of the negotiation process. Whether or not that that agent is good at managing their client. Right. Because if it's an agent says like, Oh, it's my client's price, you'd have to wonder, like if you meet the same age in a few times and they always say, it's my client's price is my client, then, you know, like they're not managing their client.
00:20:08:16 - 00:20:11:22
Speaker 2
So you can, you know, you're negotiating against the client, not if.
00:20:12:11 - 00:20:15:22
Speaker 1
You don't have an ally there because they're not equipped to have those discussions.
00:20:16:08 - 00:20:17:00
Speaker 5
Yeah. Yeah.
00:20:17:02 - 00:20:36:03
Speaker 2
And it's going back to what you said at the beginning, Mike, about the agents saying, I don't want to offend them. I always said it always makes me laugh, right? The concept of offending somebody and I always have a script that I use, whether it's to like one of the other agent, the listing agent, because they'll often be like, oh, like this, this is offensive, this offer is offensive.
00:20:36:10 - 00:20:53:22
Speaker 2
Or, you know, your client as a seller is like, well, I'm offended by this price. And I'll always just say that I'm like, OK, well, just help me understand a little bit, a little bit more. I'm just a little bit confused, like offended that somebody wants to buy your house and then they just like stop and look at you, right?
00:20:54:01 - 00:21:08:18
Speaker 2
And then they're like, well, it's just a really low offer. It's like, OK, like, I agree with you. I get that part. But why does that offend you? Like, this could be their budget. This could just be we haven't done any of the negotiation yet, so we don't know where we're going to end up. So why why this?
00:21:08:19 - 00:21:21:08
Speaker 2
Why are we offended by it? Like, I'm not really offended. I was mad about the price OK, well, let's talk about the price, right? Just completely remove that piece of it. Like, why are you offended if someone wants to buy your house? It blows your mind above that.
00:21:21:22 - 00:21:23:03
Speaker 5
Yeah. I love. Yeah.
00:21:23:15 - 00:21:25:21
Speaker 4
I better see. I've learned so much on this call.
00:21:27:01 - 00:21:27:04
Speaker 5
Yeah.
00:21:27:08 - 00:21:28:21
Speaker 3
I can't help let me finish scripts that.
00:21:28:21 - 00:21:30:00
Speaker 1
Were given out so far.
00:21:30:03 - 00:21:48:20
Speaker 3
Yes. This is here's another doozy. This is another one. I learned this one as well. And it was. So when you're negotiating your commission if that's where you decide to do an agent, one said or they said that they use this line on somebody. So obviously when you're when you're representing or when the buyer's coming to the deal, you're giving them two and a half percent, right?
00:21:49:05 - 00:22:06:06
Speaker 3
So the seller asks the listing agent, can you do it for 1% or one and a half percent? And the seller said, OK, I can do that. But just so you're aware, you're paying a buyer agent two and a half percent to negotiate against me, and you're paying me one and a half percent to negotiate on your behalf.
00:22:06:15 - 00:22:25:17
Speaker 3
Does that seem right to you? Right. And it's like, Oh, yeah, I'm literally paying somebody to come and negotiate against my realtor, and I'm paying that person more than I'm paying my realtor. Like, that's so backwards, right? And so the client was like, no, it doesn't make sense. OK, great. Well, my commissions two and a half percent as well, right?
00:22:25:17 - 00:22:27:05
Speaker 3
Or whatever it is, 3%. Right.
00:22:27:05 - 00:22:27:13
Speaker 5
Yeah.
00:22:28:00 - 00:22:39:22
Speaker 3
And it's such a great line because it gets them thinking like, oh, wow. Yeah, your job is to negotiate on my behalf. And if I'm paying you less, are you really negotiating on my behalf or are you just trying to get a paycheck right? Or are you just trying to get the deal done and over with? Right.
00:22:40:06 - 00:22:40:12
Speaker 5
Right.
00:22:40:20 - 00:23:00:19
Speaker 1
I think going back to step one of this conversation about the agent or any agent being worried that they're going to offend because that's not an uncommon experience. There's a lot of agents, they'll say, I'm worried about doing this because I don't want to offend anybody, not just worried about the offense. But you think it might make the negotiation process harder but I think going back to step one of that is have you done the CMA just like Mike said, have you done a CMA?
00:23:00:19 - 00:23:30:21
Speaker 1
Do you think that it's worth less than what it is, or are you just trying to hunt for a deal like at least if you establish those two factors first, then you know where you're coming from. And I I've loved this forever on our team, especially between Cecilia and I, is that we we kind of look at it as a badge of honor when I bring two very far sides apart because one still wants really high, one wants a lowball and we still walk away at the end of the day, get the deal done that that is the biggest feather in your cap because it's not just, yeah, we got X amount over asking.
00:23:30:21 - 00:23:50:00
Speaker 1
It's like, no, I took two parties that were very far apart from each other and brought them together to a place where they were happy. And we got the deal done because they both achieved what they wanted. One wanted to sell the house. No one wanted to buy the house. And we made it happen. But you can only do that by starting at whatever the starting point is, even if it is offensively low.
00:23:50:00 - 00:23:50:09
Speaker 1
Right?
00:23:51:03 - 00:24:08:15
Speaker 3
With every great negotiation, both sides feel a little bit of pain and that's exactly it. Yeah. And so when you get that middle, that's the sweet spot, right? That's where it feels really good for you because that's your job as an agency broker that deal together. And yes, both parties feel it a little bit, but at the end of the day, the common goal has been reached.
00:24:08:15 - 00:24:10:16
Speaker 3
Yeah, we've sold and they've bought.
00:24:10:20 - 00:24:29:00
Speaker 1
And just a reminder there, the middle isn't the middle of the two prices the middle is just bringing them together. It may be that if the lowest price was 570, maybe higher, it may be 515, you know what I mean? That might be the middle that they both came together because one wanted it five and one was like, well, I really wanted 525, right?
00:24:29:00 - 00:24:38:05
Speaker 1
So it's it's not always the middle. The pricing is like goes back to never split the difference. The middle ground is not usually the winning place to be. It's about how did I bring them together?
00:24:39:01 - 00:24:42:04
Speaker 3
How did I get them together? How did I work with this deal together? Exactly. Yeah.
00:24:42:04 - 00:25:02:01
Speaker 1
And you only start you can only do that by starting those conversations. So don't be nervous about it. Come with the information and if you can justify your price, then at least that's step one. Then it comes down to your negotiating skills on how you connect with the agent, maybe prep them on how to have their conversations with their with their clients as well as managing expectations on your client side.
00:25:02:20 - 00:25:14:06
Speaker 1
Now, this is the quietest you've been in a conversation. Is there anything is there anything that that you want to add on, on, on bringing people together on one? If you thought it was going to be offensive?
00:25:15:06 - 00:25:34:10
Speaker 4
No, I think that's great. I love listening to Jenn and hear and hearing that because it is true. It is a it is a quandary, isn't it, where they think and when you say split the difference, that's the client always wants to do that, right? Yes. After they argue why their price should be the one it should be, then regardless of where it is, they want to split the difference at the end.
00:25:34:17 - 00:25:52:00
Speaker 4
Yeah. Like for some reason, I don't know. It's the way the human mind works. Yes. We create a different middle right and that's that's basically what you're doing because, you know, your client's going to want to split the difference. Well, they're not going to want to, but that's where they'll, you know, build brand up.
00:25:52:00 - 00:26:06:09
Speaker 1
Usually and it's funny, you can actually see that coming in the negotiation, especially with the other agent that you're working with. You're like, I see where you're going with each counter. Like, OK, you're looking for the middle ground here. That's why you're only entering X amount, right?
00:26:07:02 - 00:26:07:12
Speaker 4
Yeah.
00:26:08:05 - 00:26:26:16
Speaker 2
I've had conversations with agents in the past where they'll say, we'll be negotiating like back and forth a few times. And then either they'll say or I'll say, like, OK, like we've been doing this for a minute. Like, we're clearly going to end up at 870 or 80, 71 or eight or 72. Just put it on paper. My guys will like, we'll accept it, get there.
00:26:26:16 - 00:26:42:04
Speaker 2
Let's not go back and forth six more times to get to where we're trying to go, right? It's clear where we're all going, like, let's speed up his process a little bit and you know, usually just kind of chuckle because that's exactly what's happening. And once both parties are on the same page, you can kind of speed it up, right?
00:26:42:04 - 00:26:56:11
Speaker 2
But I've been in situations to where it's like pulling an inch back and forth, back and forth, back until you it's like needing dough. You're like, Oh my God, this is painful, right? Just get there and you just got to wait for them to get there. Yeah.
00:26:57:07 - 00:26:57:18
Speaker 4
I think.
00:26:58:00 - 00:26:58:08
Speaker 3
The verbal.
00:26:58:08 - 00:27:27:10
Speaker 4
Deal is the biggest thing in negotiating, you know, is not letting your client, you know, you're not there. I think people forget what their role is when they're negotiating. And I think sometimes they think it's I'm just supposed to listen and then translate, listen, translate. And so much not is that your job right now? You're you need to run that and guide your own client as well and provide that kind of vehicle itself to get there.
00:27:27:16 - 00:27:39:13
Speaker 4
So it's so much so many skills that you don't even realize, right. That that happened during that. But you have to understand or you could lose it all for sure, but negotiations could go so so yeah.
00:27:39:18 - 00:27:58:14
Speaker 1
The other thing I would throw in there is this is maybe a little off topic, but when ego shows up because I've I've definitely experienced that in the past. And luckily, you know, I work with a great partner over there and she'll remind me she's like, you're getting in the way of this thing. Like just because you want to save your clients X amount more money, they're happy.
00:27:59:01 - 00:28:16:22
Speaker 1
They've said it to you, they're happy. We will accept this deal. And I'll be like, I can save them five more grand. Let's do that. Right. And she's like, No, you're getting in the way. And there's times where the clients are open to that and there's times when they're not. But what I've found you know, as when I was a little bit newer in the business is that that ego did show up.
00:28:16:22 - 00:28:32:07
Speaker 1
And when I knew that I could get more money, I was almost upset that the client didn't want me to go back I mean, we know we can get you some more money or we can save you a few bucks. And they're like, No, I'm I'm perfectly content. This is within the range that you said. And we're happy OK?
00:28:32:07 - 00:28:32:18
Speaker 1
I guess so.
00:28:33:08 - 00:28:33:16
Speaker 5
It is.
00:28:33:18 - 00:28:44:03
Speaker 4
You know, I hear you. I hear so many stories like that, right? This person wants to buy it. Oh, for the love I just all this money, I want people to come.
00:28:45:21 - 00:28:47:18
Speaker 5
Are those crazy? Yeah.
00:28:47:22 - 00:28:50:11
Speaker 2
I think my marketing dollars to work for me.
00:28:51:16 - 00:28:52:06
Speaker 5
Yeah. Yeah.
00:28:52:16 - 00:28:54:10
Speaker 4
You lose your mind.
00:28:55:01 - 00:28:55:09
Speaker 5
Yeah.
00:28:55:13 - 00:28:57:03
Speaker 2
Yeah, absolutely.
00:28:57:10 - 00:29:03:20
Speaker 1
Was was there anything else that came this came up this week that we forgot to mention or was was that everything.
00:29:04:22 - 00:29:06:10
Speaker 3
I that was kind of mainly everything? No.
00:29:07:08 - 00:29:07:15
Speaker 5
Yeah.
00:29:08:08 - 00:29:12:19
Speaker 2
I can't think we. I think that was everything. I don't I don't recall much else.
00:29:13:03 - 00:29:29:16
Speaker 1
Yeah. So when this episode goes live, the three of you will actually be in Anaheim for a family reunion. What do you guys give me? Give me a quick one. What are you looking forward to? What do you want to get out of it? And don't tell me the warm weather just tell me something that you are hoping to get and a family reunion this time around.
00:29:29:16 - 00:29:33:00
Speaker 1
Mike, it's your it's your first time going. Like what? What made you God?
00:29:33:00 - 00:29:36:19
Speaker 3
Mike, I'm what made me go through is what you asked.
00:29:36:20 - 00:29:39:01
Speaker 1
Yeah, that one. And then what do you want to get out of it?
00:29:40:01 - 00:30:01:09
Speaker 3
Oh, what? I want to get out of it. Yeah. So the biggest thing for me was it's invested in your business, right? There's obviously people that are I saw huge levels in their business that I want to learn from and that and this is a common area that they all typically go to. And so I decided that this was a great opportunity for me to go one network with other agents to take those classes and learn those things, keep an open mind.
00:30:01:09 - 00:30:15:06
Speaker 3
That's that's one of the biggest things that I love to do is try to keep an open mind with stuff and taken like at the end of the day, the ego part of it, what you just mentioned is a big thing for me. It's like, OK, we're running this business, which is doing great, but how can we do it better?
00:30:15:06 - 00:30:29:02
Speaker 3
And sometimes I just don't know how to do it better. And so I need to instead of thinking, Oh, I'll figure it out, just go and ask for help from somebody else, right? And just go and see what is it, you guys, that overcome this challenge or how did you overcome this and how did you get to hear from there?
00:30:29:02 - 00:30:46:16
Speaker 3
And what's the next thing I should be worried about? And really the learning from that kind of stuff. And those people especially and and I think that environment that you're in is just so high, high energy that it kind of motivates you to come back and really kick but for the rest of the year. Right. That's exactly what I'm looking forward to.
00:30:47:08 - 00:30:51:20
Speaker 3
And then, you know, the occasional nice weather drink with maybe challenge and out in the sun.
00:30:52:15 - 00:30:53:20
Speaker 5
That might be a little bonus.
00:30:55:21 - 00:30:56:17
Speaker 4
They will be had.
00:30:57:03 - 00:30:57:13
Speaker 5
Yeah.
00:31:00:10 - 00:31:00:17
Speaker 5
Oh.
00:31:01:18 - 00:31:03:14
Speaker 1
Yeah. And Mel, what about you?
00:31:04:03 - 00:31:28:08
Speaker 4
There's so many. I looked at the breakouts and I'm like, why does this always happen? There's more than one. There's multiples I want to go to. So my whole thing is before I go, I'm researching. And Mike, I'll tell you, if you haven't been before, don't just have one. Don't just say, OK, this is the one I'm going to you need to have backups because the one challenge with family reunion is you could get to that room and they could they could be.
00:31:28:08 - 00:31:50:22
Speaker 4
Sorry, sir, it's full. So then you got to run to the other one. So it's important for you. That's very different from mega camp. Probably one of the biggest differences. So mega camp you kind of sit in one place and in family reunion, you're running like a turkey all over the place trying to get in the room. So make sure that you've got more than one choice for second and third so you can go there.
00:31:50:22 - 00:32:13:03
Speaker 4
And there's just some amazing things, just not only with the team stuff that's coming up, but with, you know, I can't remember all of them right now, but there was so many. So I'm really looking forward to that. And then, of course, the so, you know, I've said it on my red chair, I've said it everywhere, but the social mike is like wherever everybody goes, don't wait for an invitation.
00:32:13:21 - 00:32:25:00
Speaker 4
Hey, they're not coming. So you just jump on, right? And, and keep going. And and that's where I love those conversations, those after conversations. Yeah, yeah.
00:32:25:08 - 00:32:43:18
Speaker 3
Yeah. Really, networking is all there. And I do love that about our industries because you get to connect with people on a different level and to help. And again, they help you expand your business, right? Which is so important. And you do so by connecting, building relationships with them just like you would with a client, right? Just like.
00:32:43:18 - 00:32:44:13
Speaker 3
Yeah, with a client.
00:32:45:13 - 00:32:45:17
Speaker 4
Yeah.
00:32:46:07 - 00:32:46:18
Speaker 3
That's having some.
00:32:46:18 - 00:32:51:08
Speaker 5
Fun with this you got going on. I don't know if you have to tell us.
00:32:51:17 - 00:32:52:16
Speaker 3
Stories or something.
00:32:52:20 - 00:33:10:12
Speaker 4
I do love saying stand before it before you say anything else because I kept it away, but I know this will get edited out. But when you said I taught command, it was so nice to get back to technology and everything and I'm like, people. She couldn't even turn on a ring like I know.
00:33:10:12 - 00:33:28:14
Speaker 2
I like I like teaching command. This is not my fault. I don't know what's happening. So I plug back in. No, listen, I plug my laptop into the wall and my little dongle, which is normal. And the minute I plugged it in my my ring light and my computer screen have just been turning on and off since it happened.
00:33:28:22 - 00:33:43:22
Speaker 2
And I don't understand why. So this is me turning it on and then it will just turn itself off. I think so it's not actually me. My my wall plug is like freaking out or some. Anyway, that's how you look. That's what's.
00:33:43:22 - 00:33:47:05
Speaker 1
Happening. What do you what are you looking forward to getting out of family reunion?
00:33:48:17 - 00:34:17:02
Speaker 2
Oh, man, this is like my seventh or eighth time going or something crazy like that. So I think the main thing for me is I am looking forward to going to topics that I've just never heard taught before. So my goal is to just every breakout is to pick something totally different that I've never done, whether it's from the leadership brokerage perspective or its coaching focus, because those will probably be the two areas I spend most of my time.
00:34:17:10 - 00:34:22:06
Speaker 2
Or if there's something really cool with teams and real estate or something like just teasing.
00:34:22:06 - 00:34:22:11
Speaker 5
Back.
00:34:23:12 - 00:34:24:16
Speaker 2
Whatever Mike is.
00:34:25:11 - 00:34:27:07
Speaker 1
There we go. Wrong one.
00:34:29:01 - 00:34:40:01
Speaker 5
I Oh, the misery over there. Yeah, yeah. That's that's, that's it is Valentine's Day after all. Yeah.
00:34:41:03 - 00:35:09:05
Speaker 2
That's what I'm looking forward to mainly is just learning new stuff, hearing new things. And I was I was on a mastermind this week and I was sharing about that. The podcast that you and I were listening to Dylan with the guy with Gary Keller and the simple path from Wealth Guy and there to wealth. And Gary Keller says at the very beginning, he was like, to be honest with you, I haven't read your book because he's like, I had already learned what I needed to know about that topic.
00:35:09:09 - 00:35:32:08
Speaker 2
So I stopped looking for information on it and I started focusing on other areas. And it's the first time I ever heard anybody say they they stopped. They were like, Oh, good, yeah, I've got my system. It runs. I don't need to learn any more about that. And I was like, Oh, and then I was like looking at the breakouts, and I'm like, But I know most of this stuff, so why would I go back to the same things I want to do?
00:35:32:17 - 00:35:39:10
Speaker 2
I want to learn new stuff. So anyway, that's my that's what I'm looking forward to in drinks on the patio with Mike Hammer.
00:35:40:03 - 00:35:40:19
Speaker 5
Yeah.
00:35:42:09 - 00:35:45:18
Speaker 4
Sorry, Dell. Well, well, we got to bring in one of his heads on a stick.
00:35:45:18 - 00:35:50:06
Speaker 1
Yeah, yeah. Zoom me and I'll make some drinks at home after the kids are asleep.
00:35:53:01 - 00:36:10:03
Speaker 1
I'll be there in spirit. All right, everyone, thank you for tuning into our show. We we release an episode every Thursday. You can check us out on our YouTube channel or find us on Instagram. I'm Dylan. That's Jen. That's Mike. That's Mel. Check us out on our social media. And if you ever need anything, don't hesitate to reach out.
00:36:10:07 - 00:36:12:10
Speaker 1
We'll see you all next week. Take care.
