Podcast: Crazy Sh*t In Real Estate TM

Crazy Shit In Real Estate

Summary:

In a day and age where there seems to be shortcuts for everything, Aaron reminds us to slow down and think. After all, as a client buying or selling a home you’re choosing a realtor, not simply tonight’s dinner! Tune in to hear how Aaron compares waiting tables to selling homes, and why choosing a realtor based upon likeability over competence can leave you paying more and getting less. Listen to Aaron’s advice on interviewing your realtor to ensure you don’t end up calling voicemails and wishing you had stopped to think.

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Time Stamped Show Notes:

  • 00:43 – Aaron’s background
  • 00:50 – He lives on a small island off the coast of Seattle called Vashon Island; it’s an island of hippies and artists
  • 01:01 – He’s been selling real estate for 5 years, has invested in it for 15, and has an entrepreneurial and art background
  • 01:18 – He worked in food service, opened a bakery, got into a sales career, and found his way to real estate; he loves it
  • 02:00 – Like waiting tables, being a realtor focuses on taking care of people and Aaron loves that
  • 02:26 – You need to mirror and match and find out what they want
  • 02:51 –The way people choose a realtor is insane; it’s with the same diligence that we use to choose dinner
  • 04:35 – In residential, clients tend to choose likeability over competence
  • 04:45 – His team sells for 5% more than average; he researched why people don’t ask questions about these statistics
  • 05:10 – Aaron loves podcasts and learning, so he was listening to Freakonomics Radio and an interview with Michael Lewis, author of “Moneyball” and “The Big Short
  • 05:32 – Michael also wrote the “Undoing Project” and discussed behavioral economics and “mental shortcuts”
  • 06:45 – As realtors, we always want to stay “top of mind” because the brain shortcuts to what is top of mind instead of having to think
  • 07:28 – Aaron wrote a book on those shortcuts called “Shortchanged by Shortcuts
  • 07:45 – Aaron believes we are thinking less and less, but he battles it by pointing it out and slowing down
  • 08:25 – Just slowing down a little bit can allow for some real thinking
  • 09:30 – If someone is committed to using shortcut and not slowing down, he’d rather not work with them; they won’t see the value in truly thinking about the process
  • 10:56 – Some sellers treat their real estate investments with a cavalier attitude when they should be choosing their agents and decisions wisely
  • 12:09 – Realtors did this to themselves: There’s no apprenticeship program, no journeyman master, conversation, or framing for the consumer
  • 12:44 – Real estate has the lowest bar to entry; the person who cuts his hair must do 1000 hours, a realtor only must do 90
  • 13:26 – Consumers should interview and ask for track records to see who has done the best job
  • 13:55 – The first question every consumer should ask their potential realtor: the percent over asking price that they’ve gotten for a home, this shows how good they are at pricing and advertising
  • 14:49 – Other questions: Do you work on a team or alone? What is your commission?
  • 15:00 – Someone on a team is usually better and if they can’t defend their own equity (commission), they won’t be able to defend yours
  • 15:27 – Leigh disagrees with the anti-team approach and believes it depends on the individual’s structure, focus, and availability
  • 16:20 – Many people complain about realtors not calling them back
  • 16:40 – When Leigh was making phone calls for RPAC (Realtors Political Action Committee) investments for the year, the active and dialed-in realtors all answered while the others went straight to voicemail
  • 17:27 – This a good way to tell who is active and professional; these are the only people she recommends in other markets
  • 17:51 – One thing Aaron thinks will happen in 2018
  • 17:59 – Two more interest rate hikes and a leveling off of the market as a whole

3 Key Points:

  1. Slow down and think when choosing a realtor; your property is one of your most valuable assets.
  2. As a consumer, you should always ask the percent over asking price that they’ve gotten over a home and their commission; if they can’t defend their own equity, they won’t be able to defend yours.
  3. Whether on a team or solo, be active and professional; you’ll be respected and referred by other realtors and clients.

Credits:

Crazy Sh*t In Real Estate Episode 103: Aaron Hendon

Aired on:
January 15, 2018

In a day and age where there seems to be shortcuts for everything, Aaron reminds us to slow down and think. After all, as a client buying or selling a home you’re choosing a realtor...

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