Episode #49: Why Sellers Make More Money Through Listing Agents

[00:00:00] About 50% of private sellers wished they had priced their home differently. So even when they go through that hot market, get an offer, and then they start going through their process, they wish they had priced their home differently, half, one or two. Whereas 73% of listed sellers, sellers who work with a listing agent, felt that their agent priced their home correctly.

[00:00:26] Oh wait, because someone who deals with real estate every day is consulting me to get to a right price? That's like saying my tooth hurts. I'm not going to consult with my dentist to see what he thinks.

[00:00:41] Honey, pass me the pliers.

[00:00:42] Yeah.

[00:00:50] Welcome to the podcast dedicated to real estate insurance and building your business. Join us as we take you along our own business building journeys.

[00:01:00] With additional wisdom from our network of local and national experts. Welcome to Bricks and Risk.

[00:01:11] Hey everyone. Welcome to another episode of Bricks and Risk. I'm Tim Garrity.

[00:01:17] And I'm Sean Mooney.

[00:01:19] What's up dude?

[00:01:20] Hey man.

[00:01:22] How are you?

[00:01:23] I'm good.

[00:01:25] We're going to start off this episode reading another listener slash watcher review.

[00:01:34] This one comes from Rye G underscore R E. I wonder who that is.

[00:01:42] If he's listening to the show, probably a very bright guy.

[00:01:47] And a standup guy.

[00:01:49] So insightful and easy fun to listen to.

[00:01:53] Great blend of guest experiences and insight into the small business world.

[00:01:58] It's honed in on a local industry level, but it translates to all markets and all areas of entrepreneurship.

[00:02:04] You can tell Tim and Sean have been friends for a long time.

[00:02:08] They have great chemistry.

[00:02:10] Thanks Rye.

[00:02:11] Appreciate it, man.

[00:02:12] Which is funny because as we tape this, we're in the building that used to be chemistry.

[00:02:19] Yeah.

[00:02:19] Back in the day.

[00:02:21] Back in the stomping days of college, we would come down here for happy hour.

[00:02:25] Yeah.

[00:02:26] And late nights.

[00:02:27] Good time.

[00:02:29] It's funny how everything comes full circle from where you drank in college to where you

[00:02:33] film your podcast in your mid-40s.

[00:02:36] Isn't that hilarious?

[00:02:37] Kind of funny.

[00:02:39] We're going to do an off-site shoot at the field at Belfield.

[00:02:48] In the back of a white minivan.

[00:02:51] I love it.

[00:02:53] All right, bro.

[00:02:53] What are we getting into today?

[00:02:55] Today, we are talking about the real estate industry and specifically talking about the

[00:03:04] people who decide to use an agent versus people that...

[00:03:09] People selling.

[00:03:10] People selling.

[00:03:11] Selling their houses.

[00:03:13] Using an agent versus a for sale by owner scenario.

[00:03:19] I love that this idea, this real estate topic came from you.

[00:03:24] I did.

[00:03:25] I put it in our folder.

[00:03:26] Because it just goes to show that now that we've been doing this, we've been doing this

[00:03:31] folks for almost a year now in real time.

[00:03:34] And the fact that when we were talking at the beginning, you had real estate knowledge,

[00:03:42] but my guess is that I have greatly and our guests have greatly expanded your mind a little

[00:03:51] bit.

[00:03:52] So now you're picking the real estate topics, not me.

[00:03:58] You're giving yourself a little bit of credit there.

[00:04:01] Very interesting, folks.

[00:04:02] No, it is good.

[00:04:03] I mean, listen, so as we talk and as we have the guest, it's just my mind is on real estate.

[00:04:11] And so stuff hits my feed, stuff that I see come across.

[00:04:15] It's like, oh, that would be a good topic to talk about and discussion.

[00:04:19] So yeah, it's kind of like, it was similar to the one member we did on insurance and investors.

[00:04:25] Yeah.

[00:04:26] Yeah.

[00:04:26] I think I was the one who spotted that and shot to you.

[00:04:28] I was like, look at this one.

[00:04:29] Yeah.

[00:04:29] We're both doing it, which is cool.

[00:04:31] Yep.

[00:04:31] All right.

[00:04:31] So let's talk about this.

[00:04:33] So basically the article focused on people selling real estate.

[00:04:37] Do they do like a for sale by owner or like a private sale?

[00:04:41] Like you could stick a sign up in your yard and say for sale by owner.

[00:04:45] We've seen those before.

[00:04:47] Or you don't have to do anything.

[00:04:48] You don't have to tell anyone publicly.

[00:04:50] And then you could do a private sale.

[00:04:52] Maybe you're going to friends and family, coworkers, you know, neighbors, whoever it is and say,

[00:05:00] hey, I'm going to sell my house.

[00:05:02] Anyone in your network want to buy this?

[00:05:05] And which is a very relevant topic today, especially in a market like Philadelphia,

[00:05:12] greater Philadelphia, let's call it.

[00:05:13] And we're currently in the beginning of October of 2024.

[00:05:18] And where the market is as a whole is the city of Philadelphia has a decent amount of inventory as a whole.

[00:05:25] It's approaching what's called a normal market.

[00:05:28] But the inner suburban ring.

[00:05:31] So we won't go all the way to the excerpts.

[00:05:32] But the inner suburban ring, there are still some areas that have like no inventory.

[00:05:38] And even when they get five new ones in a week, they're gone within two weeks.

[00:05:42] So it's really the tale of two sellers where maybe a seller in the inner suburban ring of Philadelphia would say,

[00:05:53] I can do this on my own.

[00:05:55] There's more buyers than there are listings.

[00:05:58] Whereas in the city, they've kind of got knocked back a little bit.

[00:06:02] And it's like, hey, this thing's not as easy to sell as I thought.

[00:06:06] Because what's interesting from a residential real estate standpoint,

[00:06:09] when someone comes to me and says, hey, Tim, I want you to list my house for sale.

[00:06:13] What am I doing?

[00:06:14] My number one thing besides learning all about the house and the seller and what they want

[00:06:19] is looking at sold comparable sales, which are called comps.

[00:06:24] Not only that, I'll look at the active comparable listings.

[00:06:28] Places that are still on the market have not sold yet and the history behind those,

[00:06:32] as well as the listings that are pending or active under contract.

[00:06:36] That means that they haven't closed yet.

[00:06:39] So I don't know what's going to happen because I won't see that until it closes.

[00:06:42] But I know that it's been on the market for this amount of time.

[00:06:45] They had it listed here and I know that something is happening.

[00:06:50] So knowing all of that, that's usually my competitive advantage because I'm the expert

[00:06:57] in the marketplace.

[00:06:58] I'm going into the seller.

[00:06:59] I'm educating them on all the things I know about supply, demand, and my other neighborhood

[00:07:05] knowledge, current economic knowledge, marketing knowledge, all these things I'm packaging to

[00:07:11] say why I'm a good fit for you, Mr. or Mrs. Seller.

[00:07:15] Um, so what was interesting about the article, what it said was that sellers make higher profits

[00:07:23] using a listing agent than not using a listing agent.

[00:07:29] And the number that came out in the survey that they said how much more they make on average

[00:07:35] was $79,000, which is kind of extreme.

[00:07:41] It's a little polarizing to, to see that.

[00:07:45] What are your thoughts on that?

[00:07:46] Not being in real estate.

[00:07:48] So I kind of got a couple different things here, but to draw a parallel with you running

[00:07:54] comps, it made me think of like when I do purchases on eBay, I'll go in.

[00:08:01] And he does a lot of them folks.

[00:08:02] I'll go in and do my due diligence for purchases on eBay and I'll find similar items and I'll

[00:08:10] check what they sold for so that if I know.

[00:08:13] You're comping out your hats.

[00:08:14] Yeah.

[00:08:15] So I know that when I put a bid in for a hat, I know that it's, it's accurate or I got

[00:08:21] a good chance of winning that bid.

[00:08:23] How many hats you buy on eBay every year you say?

[00:08:25] Ooh, in a year?

[00:08:26] Yeah.

[00:08:29] You want to share that number or is it?

[00:08:32] Over under on 20 is over.

[00:08:35] Damn.

[00:08:36] Whoa.

[00:08:36] eBay must love you.

[00:08:38] What are you, platinum status?

[00:08:39] They do.

[00:08:40] You go on a cruise?

[00:08:41] You go on an eBay cruise every year?

[00:08:42] Me.

[00:08:43] They're like, Mr. and Mrs. Mooney, you qualified for Cancun this year.

[00:08:46] They should have a point.

[00:08:47] We're very, we're very pleased to invite you aboard the ship.

[00:08:51] Den and I strategize on text about purchases and our OBO strategy.

[00:08:58] Do you know what the OBO strategy is?

[00:09:00] No.

[00:09:00] Or best offer.

[00:09:01] Or best offer.

[00:09:02] You know that from my Craigslist days.

[00:09:05] Where were we?

[00:09:06] We were talking about, so the $79,000 on average more is kind of like a polarizing,

[00:09:12] like some people might see that number and be like, what?

[00:09:15] There's no way that's accurate.

[00:09:17] So give me your spin on what you think of that.

[00:09:21] So the reason I picked this because I think it just does like to set a number, right?

[00:09:25] And then you've got half the people out there.

[00:09:28] So there's no way that you're going to get $79,000 more, right?

[00:09:31] And then half the people, oh yeah, that makes sense.

[00:09:34] Right?

[00:09:34] So I think that it's probably, if I were to guess, I'd be in the side, the camp of,

[00:09:41] yeah, like that makes sense.

[00:09:43] That's probably accurate.

[00:09:43] I would agree with, you know, and it varies by markets and everything.

[00:09:49] You know, if you go to New York or Chicago or California, right?

[00:09:53] They're going to be higher.

[00:09:55] But in general, let's just take it at, you know, when you sell with an agent,

[00:10:00] you're going to sell for more, right?

[00:10:02] Why do you think?

[00:10:03] What are some reason or reasons that you think you would?

[00:10:06] So here's, so if I were to draw a parallel on that, I would say if I had a used car business

[00:10:13] and I was selling used cars, right?

[00:10:17] And I had a lot full of cars, a hundred cars on my lot.

[00:10:21] Okay.

[00:10:22] And no salespeople to sell those cars.

[00:10:24] Just had a sticker on there.

[00:10:26] Right.

[00:10:26] Car for sale.

[00:10:27] This is the price.

[00:10:28] Yep.

[00:10:29] Right.

[00:10:32] Versus a lot over here, a hundred cars inventory on this lot.

[00:10:36] Five salespeople, let's say.

[00:10:38] Five salespeople pushing cars, selling cars.

[00:10:39] All with networks.

[00:10:40] All with networks.

[00:10:43] This lot with the salespeople is going to sell more cars per month.

[00:10:49] And they're going to sell at a higher average sale price.

[00:10:54] Yeah, I would agree with that.

[00:10:55] So I think.

[00:10:56] It's a good analogy.

[00:10:56] Just to draw that comparison, really anything you're going to sell, if you have a salesperson

[00:11:04] behind it, you're going to sell more and you're going to sell at a higher number.

[00:11:08] So here's, I'll be devil's advocate.

[00:11:11] I mean, I agree with everything you're saying, but so let's say you decide to sell your house

[00:11:17] and you live in the inner suburban ring.

[00:11:21] So you're in a pretty competitive market.

[00:11:22] Right.

[00:11:22] And let's say you're not trying to squeeze every drop of profit out of your house.

[00:11:27] You're like, you know what?

[00:11:28] I bought it at this time.

[00:11:29] If I sell it for this amount, I'll be happy.

[00:11:32] And let's say that amount that makes you happy is under market.

[00:11:36] Let's say the comps say one thing and you're like, I'd be happy at this number.

[00:11:42] So having all that in mind, knowing that demand is higher than the supply.

[00:11:51] So there's more buyers than there are sellers.

[00:11:53] And you can go to like, you can go to like a Fizbo for sale by owner.com.

[00:11:58] Like you can go to Craigslist.

[00:12:00] Right.

[00:12:00] I don't think you can go to eBay.

[00:12:02] Tell me, can you sell houses on eBay?

[00:12:03] I know you sell cars.

[00:12:04] Probably buy a house on eBay with Bitcoin.

[00:12:07] If you, uh, you really.

[00:12:09] Do they do Bitcoin?

[00:12:10] Yeah.

[00:12:10] Oh, okay.

[00:12:11] Um, so check that on eBay.

[00:12:14] But, um, so with all that in place, knowing that you could probably still make a healthy

[00:12:20] profit, you got more buyers than there are sellers.

[00:12:22] You got access to the internet, just like in a listing agent would, you would still think

[00:12:29] I would rather have a salesperson sell this home for me.

[00:12:33] So what other reasons?

[00:12:34] Why, why would you do that?

[00:12:36] Well, it depends what your goal is.

[00:12:38] Like you said, Oh, I'd be happy with this number.

[00:12:40] Well, maybe your, maybe your goal isn't to be happy with a number.

[00:12:44] Maybe your goal is I want to get the most for this house.

[00:12:46] Yeah, it's true.

[00:12:47] Which, which by and large.

[00:12:49] That's what this is talking about.

[00:12:51] Saying like you can make more money.

[00:12:53] Yeah.

[00:12:53] If you work with, let's call a sales professional.

[00:12:56] Yeah.

[00:12:56] Go back to your car example.

[00:12:57] These cars will sell for more money with five people pushing cars all day.

[00:13:03] Yeah.

[00:13:03] Who have networks of on average 256 people each that they can email, they can text, they can

[00:13:09] call, uh, they can put it on Facebook.

[00:13:11] So for me, it's very simple.

[00:13:13] It's, it's, it's eyeballs.

[00:13:16] Right?

[00:13:16] So if you just look at it as a numbers game, right?

[00:13:18] How many people, if you have dealership A and dealership B, how many people are going to

[00:13:24] stop by dealership A and go in and look at a car and buy a car?

[00:13:31] Right?

[00:13:31] Yeah.

[00:13:32] Versus five salespeople that are on the phone, hitting the social networks, you know, doing

[00:13:38] all kinds of different, uh, marketing, um, programs to, to move vehicles.

[00:13:46] Right?

[00:13:47] So that that's going to draw more attention and your pool of buyers now becomes more than

[00:13:56] five times what the pool of buyers are, um, on car dealership A.

[00:14:02] So now you're, you're putting more demand on that property.

[00:14:09] Yeah.

[00:14:10] More demand is going to be a higher purchase price.

[00:14:13] Agreed.

[00:14:13] And so that's, that's where I see it is, you know, the realtors are marketing your property.

[00:14:24] They are getting the exposure that you need for your property.

[00:14:31] Yep.

[00:14:31] And so ultimately, you know, $79,000 is what they quote there.

[00:14:38] I mean, it's, to me, it, it just falls in line.

[00:14:40] It kind of makes sense as to like, all right, if this house has two people looking at it,

[00:14:49] it's going to sell for X.

[00:14:50] And if this one has 13, it's sell for Y.

[00:14:54] Right.

[00:14:55] Yeah.

[00:14:55] It actually, I don't think I ever told you this story, but recently, and I don't even know

[00:14:59] if I can say this on air.

[00:15:01] Say what you want.

[00:15:02] There was a house in Gwinnon and I drove by it and it had a, they're like, get out of

[00:15:08] here.

[00:15:08] You're like, okay, sorry folks.

[00:15:10] Yeah.

[00:15:10] Sorry about you.

[00:15:12] But I was like, oh, I, I didn't see that house on, you know, the, the real estate listings.

[00:15:17] Right.

[00:15:18] And it was on sale.

[00:15:21] It had a Hauser sign.

[00:15:23] Yeah.

[00:15:24] Hauser.

[00:15:24] Yep.

[00:15:24] Yep.

[00:15:25] On it.

[00:15:26] And I was like, oh, let me go check.

[00:15:28] Cause I knew the address or I know the street.

[00:15:30] I know the address.

[00:15:31] I know where it was.

[00:15:31] So I go do a quick, like real estate search.

[00:15:34] Not there.

[00:15:35] Yep.

[00:15:36] Can't find it.

[00:15:37] I'm like, that's weird.

[00:15:38] Interesting.

[00:15:39] So then I'm like, all right, well, this'll be simple.

[00:15:41] I'll just go to hauser.com.

[00:15:44] Check inventory.

[00:15:45] It was like an exclusive listing.

[00:15:47] That'd be my guess.

[00:15:49] No, but they don't even have a place where you can search on their.

[00:15:53] Oh, so it's nowhere online.

[00:15:54] Yeah.

[00:15:55] But, oh, how did you know it was them?

[00:15:57] Because of the sign?

[00:15:58] Yeah.

[00:15:58] Okay.

[00:15:59] So, well, that's a, that's a way to market that maybe that seller.

[00:16:02] So just to educate people out there that aren't in real estate, when you work with a seller,

[00:16:07] you have to sign a listing contract.

[00:16:09] Right.

[00:16:09] And when you sign a listing contract, one of the options is I don't want this marketed online.

[00:16:15] Oh.

[00:16:15] So again, it's in 15 years.

[00:16:18] How many people said that?

[00:16:19] Maybe one.

[00:16:20] Yeah.

[00:16:20] But I found it was weird.

[00:16:21] I guess my other point was that I went to their website.

[00:16:26] There was no option to search their inventory.

[00:16:30] Yeah.

[00:16:30] Like.

[00:16:31] Yeah.

[00:16:32] So, so I guess my point is like.

[00:16:36] You're, you're.

[00:16:37] You're shortchanging your demand.

[00:16:39] Right.

[00:16:39] When you market it.

[00:16:40] But again, there could be different reasons.

[00:16:41] There could be different reasons.

[00:16:42] Privacy reasons.

[00:16:44] I just don't deal.

[00:16:45] Yeah, but it's not an option for the company.

[00:16:46] Yeah.

[00:16:46] I mean.

[00:16:47] Yeah.

[00:16:47] Well, that's a, that's a different type of real estate company.

[00:16:50] They're more of like a disrupting company is what they've been classified as.

[00:16:53] I know, but like, I guess my point is like.

[00:16:56] If I'm selling a property, I want as many people on that property as possible.

[00:17:03] Yeah.

[00:17:04] I want, I want everyone to know.

[00:17:06] I want every neighbor to know.

[00:17:07] I want every buyer that's looking in this neighborhood to be able to find it and see

[00:17:11] it and like, because that's just going to inflate the sales price.

[00:17:16] Well, here's what's interesting.

[00:17:17] So, and I agree with all that.

[00:17:19] Like I agree.

[00:17:20] The more, let's use those car lot examples.

[00:17:22] The more eyeballs are on these cars, it's a, it's going to be the same thing.

[00:17:27] It could be a same type of car, same color, same year, like similar mileage.

[00:17:32] Like you could have the same car on both.

[00:17:34] This one on average is going to sell for more just because there's more people advertising.

[00:17:39] And again, like you said, it could be their personal networks could be social networks.

[00:17:43] It could be, you know, an auto trader site that this other person is not using.

[00:17:47] It could be all of the, all of these resources.

[00:17:50] Word of mouth, that databases that you, you know, have this list of buyers that, you know,

[00:17:55] we're in here, but didn't buy anything, but they're still look, you know, there's countless

[00:17:59] ways to get the word out and have people know that there's this car for sale, this house

[00:18:07] for sale.

[00:18:07] What's interesting.

[00:18:08] So this goes back, let's talk about like the NAR settlement.

[00:18:11] Yeah.

[00:18:11] So I don't want to get too off track here, but the major reason why the NAR, the National

[00:18:17] Association of Realtors, all these lawsuits were taking place.

[00:18:21] Go back to some of our previous episodes where Sean grills me on a lot of NAR stuff.

[00:18:25] We talk about the 6% real estate commission.

[00:18:29] A lot of that stemmed from sellers who said they overpaid agents to sell their home.

[00:18:39] But it was more or less based in the fact that they felt like they were forced or like

[00:18:45] the industry was pushing them to do it this way to the industry was pushing them to pay

[00:18:51] a buyer agent.

[00:18:52] Like my listing agent never took me that, told me that my brokerage never told me it was an

[00:18:55] option.

[00:18:56] And I will say as much as that probably has happened, I think the majority of sellers

[00:19:04] know that they can sell their homes themselves if they want.

[00:19:08] Everyone's got access to the internet in some kind of way.

[00:19:11] It might not be high speed, but almost most people in the U.S. have pretty good access to

[00:19:15] internet.

[00:19:16] So anyone can sell anything they want.

[00:19:18] I think it was the fact that it was principled in the fact that they felt forced to pay a commission,

[00:19:24] but maybe they weren't looking at this statistic to say on average, even if I paid 8%, I'm probably

[00:19:32] still going to make more money.

[00:19:35] 10%.

[00:19:35] I mean, in that case, the house would have to be like 800 grand with a 10% commission.

[00:19:42] Like think about that.

[00:19:43] Yeah.

[00:19:44] So it really is more times than not.

[00:19:47] There's a reason this exists, that this study was done to prove.

[00:19:52] Who did this study?

[00:19:53] So it was done by a company called Clever Real Estate.

[00:19:56] Clever is a company that is trying to introduce people interested in buying real estate to

[00:20:01] real estate agents in different markets all over the country.

[00:20:03] And they usually like take a referral fee.

[00:20:05] I think they connect people to like service providers.

[00:20:08] Yeah.

[00:20:08] But also what Clever does is, and it's clever, is they put out research and data.

[00:20:14] So this was some of the research they did.

[00:20:17] Not an aggregator.

[00:20:18] Yeah.

[00:20:18] They're like, hey, let's do a study and say the ones who listed with an agent, what did

[00:20:25] they get?

[00:20:25] The ones who listed privately for sale by owner, however you want to call it, here's

[00:20:30] what they got.

[00:20:30] And here's some interesting stats.

[00:20:33] I'm going to go through some of these.

[00:20:34] So the first point that I really found valuable was sellers who sold privately were twice as

[00:20:43] likely to be unhappy with their selling experience than those who listed with an agent.

[00:20:51] Now, let's look at that particular one.

[00:20:54] While it's interesting, it's fairly broad.

[00:20:57] This isn't really mentioning money.

[00:21:00] I mean, maybe the money was part of it, but it basically said they were twice as likely to

[00:21:05] be unhappy.

[00:21:06] I actually think the biggest reason why that was true is because selling a house, if you

[00:21:13] have no idea what you're doing, is excruciatingly hard.

[00:21:18] Even if you were in that inner suburban ring like you are today, which I'm in, it's still

[00:21:24] going to be a ton of work, a ton of stress, emotional baggage.

[00:21:29] Like you don't have the expertise.

[00:21:31] You're going to be spending hours and hours and hours every week just figuring out how

[00:21:37] to do this.

[00:21:37] Here's what I'll say.

[00:21:39] Yeah.

[00:21:39] Right.

[00:21:40] So like we do insurance.

[00:21:41] We see new purchases all the time.

[00:21:45] Yep.

[00:21:45] Right.

[00:21:46] Home purchases.

[00:21:47] Home purchases.

[00:21:48] When we are dealing with a client in a new home purchase, I can't tell you how many things

[00:21:58] come up that need to be addressed.

[00:22:03] Yeah.

[00:22:04] And that's working with an agent who's handling all of this stuff.

[00:22:09] All the heavy lifting.

[00:22:10] I'm currently working with a client.

[00:22:12] It was a real estate agent that reached out to me and he's got a client sits in this weird

[00:22:19] address.

[00:22:21] It's over by like King of Prussia.

[00:22:24] And it was a scenario where someone was deceased.

[00:22:28] It was like an elderly couple.

[00:22:30] I want to see.

[00:22:31] So like now there's like a flood policy.

[00:22:33] This guy goes out to get flood insurance and it's like a bazillion dollars.

[00:22:38] Right.

[00:22:38] Right.

[00:22:39] And now like because of that added cost.

[00:22:42] Now that the seller and the buyer all up in arms, they're trying to figure it out.

[00:22:49] They're calling me.

[00:22:50] Sean, you got to figure this out.

[00:22:51] How much more was that per month?

[00:22:52] Just for perspective.

[00:22:53] How many?

[00:22:54] So he.

[00:22:55] A couple hundred bucks a month?

[00:22:56] More per month?

[00:22:56] Oh yeah.

[00:22:57] It was like he said he got quotes from like $4,000 to $8,000 for a year.

[00:23:02] Just for the flood.

[00:23:02] So like now that throws everything.

[00:23:05] I guess my point in saying it is like I can't imagine a scenario where you're having to navigate

[00:23:18] this purchase.

[00:23:19] Like high ticket sale, let's call it.

[00:23:21] Right.

[00:23:21] That's what real estate is.

[00:23:22] With so many attachments to it that is a potential roadblock or you know some mishap that comes

[00:23:33] up that you need to figure out.

[00:23:35] When you have an agent, it's like hey agent, figure this out.

[00:23:38] Give me a solution.

[00:23:40] And they're not emotionally attached to it.

[00:23:41] Right.

[00:23:42] And so we see it all the time where these things happen and it's this oh my god is this going

[00:23:48] to settle?

[00:23:49] This changes this.

[00:23:49] How do we figure this out?

[00:23:51] There's just so many things that if that person was left to their own.

[00:23:56] Yep.

[00:23:58] I can see why this is quoted as twice as likely to be unhappy with the experience.

[00:24:05] Yeah.

[00:24:06] I mean it's like let's even go back to your car example.

[00:24:08] Like people trying to sell a car privately.

[00:24:11] Like what are you going to do?

[00:24:12] It's a nightmare.

[00:24:14] You're going to like you're going to stick it on like some businesses like corner.

[00:24:17] Like I know Billy.

[00:24:19] Billy owns a gas station.

[00:24:20] I'll put it on the corner and throw it for sale by.

[00:24:22] It's like come on.

[00:24:22] No I did it.

[00:24:24] Who the hell drives by the car?

[00:24:25] Like oh I better call him.

[00:24:27] Like you're going to look online.

[00:24:28] I did it online.

[00:24:29] I had it posted.

[00:24:30] Then oh I want to take it for a test drive.

[00:24:32] Yeah.

[00:24:33] Yeah.

[00:24:33] Okay.

[00:24:33] Now I got to meet the person.

[00:24:34] I got to clean and I got to meet them.

[00:24:36] Then it's like.

[00:24:37] And then you're like please don't crash my car.

[00:24:38] Yeah.

[00:24:39] Pretty much.

[00:24:40] You know.

[00:24:41] And then it's like oh let me think about it.

[00:24:43] Oh can you do that.

[00:24:44] Oh can you drop it down here.

[00:24:45] Can you you know put this.

[00:24:47] It's like.

[00:24:48] Yeah.

[00:24:49] Excruciating the process.

[00:24:51] It's I mean it's like just go back to a real.

[00:24:53] You got houses big ticket sales.

[00:24:55] Cars can be big ticket sales too.

[00:24:57] Let's do it something simple.

[00:24:58] You want to sell some nice clothing you have.

[00:25:00] Oh I got.

[00:25:02] I got a sweet like collared shirt or like a designer you know bag or whatever it is.

[00:25:09] Like something that's like really high end.

[00:25:12] And you try and sell it privately.

[00:25:14] Just the amount of work in that.

[00:25:16] Like the pictures.

[00:25:17] The putting it online.

[00:25:18] The answering.

[00:25:19] The dealing with the spam.

[00:25:21] Like all these people like oh well buy it.

[00:25:23] Will you take half it.

[00:25:24] You're like oh my gosh.

[00:25:25] People like fishing for information.

[00:25:26] Like it's so much these days.

[00:25:28] Yeah.

[00:25:29] To try and sell something.

[00:25:30] But I really.

[00:25:32] With residential real estate.

[00:25:35] More times than not.

[00:25:37] People live in their in their home.

[00:25:40] Because it's like for their personal use.

[00:25:42] Right.

[00:25:42] Like it's for them.

[00:25:43] They're single.

[00:25:44] They have pets.

[00:25:45] There's a significant other.

[00:25:47] There's children.

[00:25:48] There's multi generations of people.

[00:25:50] Like there's lots of different ways people live in homes.

[00:25:53] But because it's personal.

[00:25:56] And because like that's your that's your quality of life.

[00:25:58] Life.

[00:25:59] There's always going to be an emotional connection.

[00:26:02] Tied to your residential real estate.

[00:26:04] If it's for that use.

[00:26:05] Like even if you were there for two years.

[00:26:06] Like you're like oh man I painted that room.

[00:26:08] Or hey I had to put that furniture together.

[00:26:10] Upstairs.

[00:26:11] Because I couldn't fit it through my house.

[00:26:12] Like there's there's blood sweat and tears.

[00:26:14] In your residential real estate home.

[00:26:16] And the longer you're there.

[00:26:18] It's going to be even more.

[00:26:20] Like I just helped someone sell a house.

[00:26:22] They were there for 50 years.

[00:26:23] And it's like man.

[00:26:24] Like this was like your starter home.

[00:26:27] Then you got married.

[00:26:28] Like then you had kids.

[00:26:29] Then your grandkids played here.

[00:26:31] Then you retired here.

[00:26:32] Like they went through all this stuff.

[00:26:36] Like that first one I feel like.

[00:26:38] Why are they likely to be unhappy?

[00:26:41] Most of the time it's because you're emotionally connected to it.

[00:26:43] That's the first part.

[00:26:44] The second part is you have no idea.

[00:26:47] How to sell a home.

[00:26:48] All of the things that go through with it.

[00:26:51] It's super litigious.

[00:26:52] Like there's due diligence.

[00:26:54] There are mortgages.

[00:26:56] Appraisals.

[00:26:57] Inspections.

[00:26:57] There are municipalities involved.

[00:26:59] There are lenders involved.

[00:27:01] Like sometimes attorneys involved in residential real estate.

[00:27:04] Buyers got an attorney representing them.

[00:27:06] And even if you do sell it privately.

[00:27:08] Chances are you may need an attorney.

[00:27:10] To at least.

[00:27:12] Either draft an agreement.

[00:27:13] For you.

[00:27:14] Or oversee your side of the agreement.

[00:27:16] Otherwise you're fending for yourself.

[00:27:17] And you might lose $79,000.

[00:27:20] So here's.

[00:27:20] So if you think about it this way.

[00:27:22] I think.

[00:27:22] What kind of like.

[00:27:24] You can boil this down to is.

[00:27:27] People have a perception.

[00:27:29] Right.

[00:27:29] Yeah.

[00:27:29] Let's just call it like where.

[00:27:31] Where we live.

[00:27:32] That.

[00:27:33] It's a hot market.

[00:27:34] I can get rid of this house.

[00:27:36] And I can do it on my own.

[00:27:38] Yeah.

[00:27:38] Right.

[00:27:38] Someone that thinks that way.

[00:27:41] Isn't thinking.

[00:27:42] And I think you have to draw.

[00:27:45] The comparison here.

[00:27:47] Is that.

[00:27:50] There's a difference.

[00:27:51] Between.

[00:27:52] Having a hot market.

[00:27:54] And getting an offer.

[00:27:56] Right.

[00:27:56] And having a hot market.

[00:27:58] And closing on that house.

[00:28:01] Totally.

[00:28:01] So when people.

[00:28:03] Think about.

[00:28:05] Selling their home.

[00:28:06] They're not thinking about.

[00:28:08] Selling.

[00:28:09] They're thinking about.

[00:28:10] Can I get an offer?

[00:28:12] Right.

[00:28:13] And can I.

[00:28:14] Let people know my home is for sale?

[00:28:15] Yep.

[00:28:16] You can.

[00:28:16] And will I get something in writing that says.

[00:28:18] Someone wants to buy.

[00:28:19] You can.

[00:28:19] Yeah.

[00:28:20] And that's pretty easy.

[00:28:21] Yeah.

[00:28:21] But that's only 10% of the transaction.

[00:28:24] Yeah.

[00:28:24] Yep.

[00:28:25] So I think if.

[00:28:27] People look at it.

[00:28:28] Like.

[00:28:30] Oh.

[00:28:31] I have to sell.

[00:28:32] And then all of this.

[00:28:33] Is on me.

[00:28:35] Right.

[00:28:35] I think the perception would change.

[00:28:37] Yeah.

[00:28:38] Because now it's like.

[00:28:39] Wait a minute.

[00:28:40] I.

[00:28:41] I have to do all this.

[00:28:42] Right.

[00:28:43] Oh maybe it.

[00:28:44] Maybe it is worth paying.

[00:28:47] Six percent.

[00:28:47] Three percent.

[00:28:48] Really good point man.

[00:28:50] Um.

[00:28:50] All right.

[00:28:51] So here was the second point we drew from.

[00:28:53] This particular article.

[00:28:54] So.

[00:28:54] About 50% of private sellers.

[00:28:57] Wished.

[00:28:58] They had priced their home differently.

[00:29:01] So even when they go through that.

[00:29:03] Hot market.

[00:29:04] Get an offer.

[00:29:06] And then they start going through their process.

[00:29:08] They wish they had priced their home differently.

[00:29:11] Half.

[00:29:11] One or two.

[00:29:13] Whereas 73% of a listed seller.

[00:29:16] Sellers who work with a listing agent.

[00:29:19] Felt that their agent priced their home correctly.

[00:29:21] Oh wait.

[00:29:22] Because someone who deals with real estate every day.

[00:29:24] Is consulting me to get to a right price.

[00:29:28] Well.

[00:29:29] That's like saying.

[00:29:31] My tooth hurts.

[00:29:32] I'm not going to consult with my dentist.

[00:29:35] To see what he thinks.

[00:29:36] Honey pass me the pliers.

[00:29:37] Yeah.

[00:29:38] That's.

[00:29:39] Hey everyone.

[00:29:41] This is Tim.

[00:29:42] Your favorite bricks and risk co-host.

[00:29:44] But don't tell Sean.

[00:29:46] I hope you're enjoying this episode.

[00:29:48] And I'll get right back to it in a moment.

[00:29:50] Our audience grows through word of mouth.

[00:29:52] So if you would please take a moment of your time.

[00:29:55] And give us a review on the platform you're on.

[00:29:57] That would be fantastic.

[00:29:59] Please also help spread the BNR word.

[00:30:02] By sharing your favorite episode with a friend.

[00:30:04] We greatly appreciate your time and trust.

[00:30:08] Now.

[00:30:08] Back to the show.

[00:30:14] Here's the thing.

[00:30:15] We've talked about this book before.

[00:30:17] I just had breakfast with Luke Acree.

[00:30:20] A little bit ago.

[00:30:20] What's up Luke?

[00:30:21] Hey Luke.

[00:30:22] And I gave him this book.

[00:30:23] It came up in the Elizabeth Convery interview.

[00:30:26] The one degree book.

[00:30:27] Where I asked you.

[00:30:28] I was like do you remember the name of the book?

[00:30:29] You're like I don't even remember.

[00:30:29] But the premise of the book.

[00:30:32] No I didn't.

[00:30:33] I remember the.

[00:30:34] I didn't remember the author.

[00:30:35] Right.

[00:30:35] What was the title again?

[00:30:37] One.

[00:30:38] 255 degrees.

[00:30:40] Okay.

[00:30:40] So it was basically about.

[00:30:42] So that's not right.

[00:30:42] One degree of difference.

[00:30:45] Yeah.

[00:30:46] Can cause these things.

[00:30:48] And then the book.

[00:30:49] You know.

[00:30:49] Again.

[00:30:50] I don't read.

[00:30:51] So if I do.

[00:30:53] It's very sparingly.

[00:30:54] Right.

[00:30:54] But I like.

[00:30:55] I opened this book.

[00:30:56] And I'm like oh shit.

[00:30:57] I think I could read this one.

[00:30:58] Because there's a lot of pictures.

[00:31:01] Well.

[00:31:01] And the text was big.

[00:31:03] And the pages were small.

[00:31:05] I could get through this one.

[00:31:06] I'm confident you can handle that one.

[00:31:07] I could get through this one.

[00:31:08] I put on one of those little hats.

[00:31:09] Like a little pinwheel thing on it.

[00:31:11] While I read.

[00:31:21] What's interesting.

[00:31:22] Is like.

[00:31:24] That particular book.

[00:31:26] Just like.

[00:31:27] Those little differences.

[00:31:28] The little difference in the marketing.

[00:31:31] At that used car lot.

[00:31:32] The little difference.

[00:31:33] In the marketing.

[00:31:35] On like the MLS.

[00:31:36] Or Zillow.

[00:31:37] Or wherever.

[00:31:37] Through your listing agent.

[00:31:40] It's someone who understands pricing.

[00:31:42] So when you.

[00:31:43] When you understand pricing.

[00:31:46] You also know how to negotiate.

[00:31:49] Once the demand.

[00:31:51] Crosses your plate.

[00:31:52] Like someone comes to you.

[00:31:53] And says.

[00:31:54] Oh I'm super interested.

[00:31:55] Like.

[00:31:56] Part of upholding value.

[00:31:57] Of that 79,000.

[00:31:59] Upholding price.

[00:32:00] Is that listing agent.

[00:32:02] If they're good.

[00:32:03] Some people get lucky.

[00:32:04] Some people are new.

[00:32:05] They get in.

[00:32:05] They get a good listing.

[00:32:06] It sells for asking price.

[00:32:07] Or more.

[00:32:07] Okay.

[00:32:08] That happened a lot.

[00:32:09] In the last few years.

[00:32:11] If you're in this market.

[00:32:13] Where the inventory.

[00:32:15] Is high.

[00:32:16] The demand.

[00:32:17] Is low.

[00:32:18] And you can get your asking price.

[00:32:20] Or more.

[00:32:20] You are very highly skilled.

[00:32:23] At leverage.

[00:32:24] So a big part.

[00:32:25] A big secret.

[00:32:26] To being a good listing agent.

[00:32:28] Which comes with time.

[00:32:29] Is understanding leverage.

[00:32:31] What's our leverage?

[00:32:32] Hey Sean.

[00:32:33] If I list your home.

[00:32:34] And we put it at.

[00:32:36] The price you're happy with.

[00:32:37] Which is under market.

[00:32:38] And there's no other homes for sale.

[00:32:41] Within one mile.

[00:32:42] Of this suburban town.

[00:32:44] And it's a three.

[00:32:45] Four bedroom home.

[00:32:46] Which is what people want.

[00:32:47] Around here.

[00:32:49] Chances are.

[00:32:50] We're going to get more.

[00:32:51] Than what you're asking.

[00:32:53] Because you're already.

[00:32:54] Under market.

[00:32:55] So someone could get lucky.

[00:32:56] With that.

[00:32:57] But if I came to you.

[00:32:58] And you said.

[00:32:59] Hey.

[00:32:59] I want to get this number.

[00:33:00] I'm like.

[00:33:01] I actually think we could get 10%.

[00:33:02] I think we could list.

[00:33:04] For 10% more than that.

[00:33:06] And I still think.

[00:33:08] We might get more than one offer.

[00:33:10] And in a bidding war.

[00:33:11] Even if there's only two offers.

[00:33:13] Chances are.

[00:33:14] You will get more.

[00:33:15] Than asking.

[00:33:16] And if you don't get more than asking.

[00:33:17] You'll get better terms.

[00:33:19] In the deal.

[00:33:20] Someone waives their inspections.

[00:33:22] Someone finds a way to pay for it with cash.

[00:33:24] Or waive the mortgage contingency.

[00:33:25] And just say.

[00:33:26] Hey.

[00:33:26] Even if it appraises for less.

[00:33:27] I'm not going to bother you.

[00:33:29] So like.

[00:33:30] All of that can happen.

[00:33:31] So it comes down to.

[00:33:33] Like the fact.

[00:33:34] The reason people are getting.

[00:33:36] More money.

[00:33:37] When they work.

[00:33:38] With listing agents.

[00:33:39] Most of the time.

[00:33:40] The listing inventory.

[00:33:41] Is controlled by people with experience.

[00:33:43] You know.

[00:33:44] Some of the buyer transactions.

[00:33:46] Can be driven more by new agents.

[00:33:47] Because it's just.

[00:33:48] It was just a different way.

[00:33:49] The market was handled.

[00:33:51] People who sell their real estate.

[00:33:52] Someone's been living there 15 years.

[00:33:53] You don't think they're going to talk to.

[00:33:55] More than one person.

[00:33:56] Of course they are.

[00:33:57] Like even if it's people they know.

[00:33:58] I know three people in real estate.

[00:34:00] Let me talk to all three of them.

[00:34:03] And that's good.

[00:34:04] Because you want three different opinions.

[00:34:07] And the reason those listing agents are valuable.

[00:34:10] The reason that statistic came to be.

[00:34:13] Why are people getting more?

[00:34:14] They're experts at marketing.

[00:34:16] They're experts at leverage.

[00:34:18] They're experts at negotiation.

[00:34:20] They can analyze comps.

[00:34:22] Whether they're sold.

[00:34:23] Whether they're active.

[00:34:25] Or whether they're under contract.

[00:34:26] Like that person gets all that.

[00:34:29] And when they package that all up.

[00:34:31] And explain that to someone like you.

[00:34:33] And then they say look.

[00:34:33] I'm going to list this house for 10% more.

[00:34:36] Than what makes you happy.

[00:34:37] And I still think we'll do well.

[00:34:39] Get close to that number.

[00:34:41] I mean you're like.

[00:34:41] That's like found money.

[00:34:43] Not only that.

[00:34:43] You have no heavy lifting.

[00:34:46] So now that you've gotten to that point.

[00:34:48] They're like.

[00:34:48] Oh and by the way.

[00:34:49] You don't have to be the one out of two sellers.

[00:34:52] That is unhappy with selling it themselves.

[00:34:56] Which most of the time.

[00:34:57] If I had to guess.

[00:34:58] Is more in the heavy lifting.

[00:35:00] And less on the pricing.

[00:35:01] I mean I think it's a combination.

[00:35:02] But it's going through.

[00:35:04] Like a normal real estate transaction.

[00:35:07] At least in this area.

[00:35:08] Today.

[00:35:09] Takes 30 to 45 days.

[00:35:11] On average.

[00:35:12] Sometimes it takes 90.

[00:35:13] And sometimes you get it done.

[00:35:15] In two to three weeks.

[00:35:16] But that's rare.

[00:35:17] Yeah.

[00:35:18] So you're going to go through.

[00:35:20] 30 to 45 days of absolute hell.

[00:35:23] If you don't know what you're doing.

[00:35:25] Not only that.

[00:35:27] You're going to have a few weeks.

[00:35:28] If not a few months.

[00:35:29] Of preparation.

[00:35:31] Before you even get to that.

[00:35:33] Point.

[00:35:34] Of 30 to 45 days of hell.

[00:35:38] Because you're doing everything yourself.

[00:35:40] Every call that comes in.

[00:35:41] Is going to be on you.

[00:35:42] Two.

[00:35:43] What's interesting.

[00:35:44] Here's a piece of this.

[00:35:45] That wasn't included.

[00:35:47] When someone decides to sell their home privately.

[00:35:50] Let's say you do for sale by owner.

[00:35:52] And you put on for sale by owner dot com.

[00:35:54] Fizbo dot com.

[00:35:56] You.

[00:35:57] Most times a for sale by owner.

[00:35:59] Is still offering.

[00:36:00] A buyer broker commission.

[00:36:02] So even if you list it yourself.

[00:36:05] You stick a sign on your lawn.

[00:36:07] Whether it's online.

[00:36:07] Online.

[00:36:08] Or not.

[00:36:09] And a buyer agent came to you and said.

[00:36:11] Hey Sean.

[00:36:11] I have a buyer client.

[00:36:13] They're looking for this type of home.

[00:36:15] They love the price.

[00:36:16] They love your street.

[00:36:17] Can I take them through.

[00:36:18] And.

[00:36:19] Mr.

[00:36:19] And Mrs.

[00:36:19] Seller.

[00:36:20] Would you pay my commission.

[00:36:22] If the deal works out.

[00:36:23] Nine times out of ten.

[00:36:24] At Fizbo would say.

[00:36:25] Yes.

[00:36:26] So they're really only saving half.

[00:36:28] Of that commission.

[00:36:29] Half of that five.

[00:36:31] Five point three percent on average.

[00:36:33] You know.

[00:36:33] Around the last 20 years.

[00:36:34] They're only saving half of that.

[00:36:37] When they sell.

[00:36:38] On their own.

[00:36:39] Yeah.

[00:36:39] So.

[00:36:40] Like.

[00:36:40] We even talked about.

[00:36:41] It had to be an eight hundred thousand dollar house.

[00:36:43] Basically.

[00:36:43] With a ten percent commission rate.

[00:36:46] Like.

[00:36:46] Think.

[00:36:47] The amount of money.

[00:36:48] That you would make.

[00:36:50] By working with.

[00:36:51] The right.

[00:36:53] Listing agent.

[00:36:53] Professional listing.

[00:36:54] Listing agent.

[00:36:56] Is obscene.

[00:36:57] It's probably even more than that.

[00:36:58] On.

[00:36:58] On most properties.

[00:37:00] Because going through all that.

[00:37:01] It's just going to be a nightmare.

[00:37:04] So.

[00:37:05] I think looking back.

[00:37:06] So in a five hundred thousand dollar house.

[00:37:08] Right.

[00:37:08] If it was five percent.

[00:37:10] I got.

[00:37:11] Twelve.

[00:37:12] Thousand.

[00:37:12] Five hundred.

[00:37:13] Right.

[00:37:13] It'd be twenty five grand total of five.

[00:37:15] And twelve five would be half of it.

[00:37:16] Right.

[00:37:16] That's what you would say.

[00:37:17] So now.

[00:37:18] Now I'm looking back.

[00:37:20] Right.

[00:37:20] After this is all done.

[00:37:21] And been like.

[00:37:22] Oh you probably could have gotten more.

[00:37:23] Money.

[00:37:24] And you wound up saving.

[00:37:25] Twelve thousand dollars.

[00:37:27] Right.

[00:37:27] And you went through all that.

[00:37:28] And I think people look at that.

[00:37:30] If you actually have the numbers on the back end.

[00:37:32] I think people would be like.

[00:37:33] Oh my god.

[00:37:34] I would have gladly paid.

[00:37:36] You know.

[00:37:36] Twelve thousand dollars.

[00:37:38] Do you know what's interesting?

[00:37:39] Let's go back to the NAR settlement.

[00:37:42] Part of the reason the NAR settlement went down.

[00:37:44] And the part of the reason why.

[00:37:46] NAR.

[00:37:47] And the National Association of Realtors.

[00:37:49] Is getting.

[00:37:49] Like whacked in the face a bunch of times.

[00:37:51] Like they're.

[00:37:52] They're constantly getting sued.

[00:37:53] There's lawsuits.

[00:37:54] There's people who have won.

[00:37:55] It was sellers saying.

[00:37:58] I think.

[00:37:59] I shouldn't have to pay.

[00:38:01] A buyer agent.

[00:38:03] To sell my house.

[00:38:04] I think the buyer agent should be paid.

[00:38:07] By the buyer.

[00:38:08] And that.

[00:38:09] I'm okay to pay a listing agent.

[00:38:12] For.

[00:38:13] Selling my house.

[00:38:14] So it's like.

[00:38:15] To that example.

[00:38:16] Five hundred thousand dollar house.

[00:38:17] A five percent commission.

[00:38:18] Half of that would be twelve five.

[00:38:20] Okay.

[00:38:21] So you go through all that lawsuit.

[00:38:22] All that nonsense.

[00:38:23] Which I think I've heard.

[00:38:24] Don't quote me.

[00:38:25] Around six hundred million or so.

[00:38:26] The attorneys made.

[00:38:27] And I heard that the people.

[00:38:29] That are actually part of the class action.

[00:38:30] Made like enough to pay for a couple lattes.

[00:38:32] So.

[00:38:33] That's insane.

[00:38:34] But.

[00:38:35] That was what the whole fight was about.

[00:38:37] But let's.

[00:38:38] Let's look at it.

[00:38:40] Logically.

[00:38:40] In the supply and demand sense.

[00:38:41] That we just said.

[00:38:43] You want buyer agents.

[00:38:45] To drive up.

[00:38:46] The price.

[00:38:47] Of your house.

[00:38:49] Whether that's.

[00:38:50] The listing agent.

[00:38:51] That has the buyer.

[00:38:52] And they're a dual agent.

[00:38:53] Which is pretty rare.

[00:38:55] Or.

[00:38:55] If you're just putting it out there.

[00:38:57] On the open market.

[00:38:58] Let's say.

[00:38:58] We're the first seller buyer.

[00:38:59] You're still willing to pay a buyer broker.

[00:39:01] Commission.

[00:39:02] So.

[00:39:03] The whole thing.

[00:39:05] I'd be interested to see what the numbers are.

[00:39:07] So like.

[00:39:07] All right.

[00:39:08] NARA settlement is here.

[00:39:09] Take it out a year.

[00:39:10] Take it out two years.

[00:39:11] Yeah.

[00:39:12] I want to know.

[00:39:13] The number of transactions.

[00:39:15] Where.

[00:39:16] Or like the sellers.

[00:39:17] The seller did not.

[00:39:18] Pay.

[00:39:19] For the buyer agent.

[00:39:19] Yeah.

[00:39:20] Well.

[00:39:20] Yeah.

[00:39:20] What'll happen.

[00:39:22] Is there'll be.

[00:39:23] Maybe by Clever.

[00:39:24] Or someone else.

[00:39:25] They'll come out with a survey.

[00:39:26] Or some data.

[00:39:27] In a year.

[00:39:27] Or a couple years.

[00:39:28] That says.

[00:39:30] Okay.

[00:39:30] Here are the sellers.

[00:39:31] That didn't offer.

[00:39:32] A buyer broker commission.

[00:39:34] Yeah.

[00:39:34] And the ones who did.

[00:39:35] And I would say.

[00:39:37] It'll mirror.

[00:39:38] If I was a.

[00:39:38] If I were a betting man.

[00:39:40] It'd probably be something like that.

[00:39:41] Yeah.

[00:39:41] That it's supply and demand.

[00:39:43] You get it in front of more eyeballs.

[00:39:45] You're going to get more demand for your property.

[00:39:48] Demand is going to equal higher dollar amount.

[00:39:51] If more than one person wants your house.

[00:39:54] They're going to outbid each other.

[00:39:55] When they outbid each other.

[00:39:56] You make more money.

[00:39:57] If no one is interested.

[00:39:59] If no one is interested.

[00:39:59] And it's been on the market for three months.

[00:40:01] Six months.

[00:40:02] Nine months.

[00:40:03] What.

[00:40:03] What do you do?

[00:40:05] You lower the price.

[00:40:06] You lower the price.

[00:40:07] Not only that.

[00:40:08] The more you do that.

[00:40:10] And it's visible on the open market.

[00:40:12] People can see that.

[00:40:13] They're going to leverage you even further.

[00:40:15] Because if you have a home.

[00:40:16] And it's on the market for three months.

[00:40:18] And you start at 500.

[00:40:19] And now it's at 450.

[00:40:20] Because you're like.

[00:40:21] I got to move.

[00:40:22] Like we're trying to buy this house.

[00:40:23] Or we already bought it.

[00:40:24] I need to sell this thing.

[00:40:26] Now they're going to come in.

[00:40:27] Well.

[00:40:28] All for 425.

[00:40:30] Maybe I'll start at four.

[00:40:31] And see what Sean says.

[00:40:33] So now you're losing even more.

[00:40:35] Like time is everything in real estate.

[00:40:38] There is a such thing as what's called a stale listing.

[00:40:40] If it's on the market for too long.

[00:40:43] People's perception is what's wrong with this thing.

[00:40:45] It's either a condition issue.

[00:40:47] Or a pricing issue.

[00:40:48] Or both.

[00:40:49] It's either hey.

[00:40:50] It's just a piece of crap.

[00:40:51] Or it's got a bad layout.

[00:40:52] Or it's overpriced.

[00:40:54] No one's going to pay you 500,000.

[00:40:56] For a 450 house.

[00:40:58] They won't even make offers on it.

[00:41:00] If you go back to the car dealership.

[00:41:02] Yeah.

[00:41:02] Right.

[00:41:04] Like that car dealership subscribes to car trader.

[00:41:08] They pay a fee to car trader.

[00:41:11] Right.

[00:41:11] To get exposure.

[00:41:12] Get eyeballs.

[00:41:14] Like you wouldn't do that.

[00:41:16] If it if you weren't getting more.

[00:41:19] It wasn't paying off.

[00:41:20] Activity into your dealership.

[00:41:22] Yeah.

[00:41:22] If you're your ROI has to be there.

[00:41:24] Hey if I'm paying car trader.

[00:41:26] $500 a month.

[00:41:27] I have to sell you know.

[00:41:30] An additional car a month or something like that.

[00:41:31] Or a car every three months.

[00:41:32] Yeah.

[00:41:32] Whatever it is.

[00:41:33] So it's the same with real estate.

[00:41:35] Like you're going to pay a fee.

[00:41:39] However you want to call it.

[00:41:40] You're going to pay money.

[00:41:43] To get more eyeballs on your property.

[00:41:46] Yeah.

[00:41:47] Absolutely.

[00:41:47] That's all it is.

[00:41:47] Yeah.

[00:41:48] It's exposure.

[00:41:49] Yeah.

[00:41:49] For sure.

[00:41:51] All right.

[00:41:51] So here's here's the last stat that I wanted to pull from the study.

[00:41:56] And it was about 90% of private sellers.

[00:42:00] So the for sale by owner private sale.

[00:42:02] Yep.

[00:42:03] Would consider hiring a listing agent for their next sale.

[00:42:09] So that really hits it home folks.

[00:42:12] Where it's like not only are the points we were making about the first two.

[00:42:15] You know maybe some people are disagreeing with us.

[00:42:18] Which is perfectly fine.

[00:42:18] That's why we got a show.

[00:42:19] This is there's an opinion tier.

[00:42:22] But with this study nine out of ten said never again.

[00:42:26] I don't want to do that again.

[00:42:28] The place that I just bought I will never try and sell that privately again.

[00:42:32] How many people I don't know.

[00:42:34] I wish I had it in there.

[00:42:35] How many transactions start as a private sale that ultimately close with an agent?

[00:42:46] Yeah.

[00:42:46] That's that'd be an interesting one.

[00:42:47] Because that just goes to show.

[00:42:49] That go to a public listing that they're just like I can't sell this thing on my own.

[00:42:52] Yeah.

[00:42:53] It's it's probably high.

[00:42:54] I would think it would be over 50%.

[00:42:56] Probably.

[00:42:57] You know.

[00:42:58] Yeah.

[00:42:58] Me not being a real estate professional.

[00:43:00] Right.

[00:43:00] And me being a real estate professional but not having that answer.

[00:43:03] And we agreed.

[00:43:06] Because you're not going to get the traction.

[00:43:08] Right.

[00:43:08] That you thought your price could be way off.

[00:43:11] Like there's so many factors that could have this thing sit to the point where the person's like

[00:43:16] I can't do this.

[00:43:17] I need to hire a professional to get this house sold.

[00:43:21] So I think it's very similar in that regard.

[00:43:25] And I think that if you're just guessing.

[00:43:29] I mean that number sticks out.

[00:43:31] I mean that that's a crazy number.

[00:43:33] 90% private sellers would use an agent next time.

[00:43:38] You know what's another.

[00:43:39] Another good example.

[00:43:40] I've always made this this parallel is that you know like dual agency.

[00:43:45] So you go to list your house for sale.

[00:43:47] Yep.

[00:43:48] And you're working with me.

[00:43:49] Okay.

[00:43:49] I'm working with Tim listing my house for sale.

[00:43:51] And this would never happen in real life folks.

[00:43:53] Like we're just we're just talking you know theoretically.

[00:43:56] Legally we can't say that.

[00:43:57] Exactly.

[00:43:59] You list it with me.

[00:44:00] And then let's say I put on the market and someone reaches out to me and says hey Tim I want to buy Sean's house.

[00:44:05] Can you help me?

[00:44:07] And I can literally count basically on one hand in 15 years how many times in a sale I've represented the buyer and the seller in the same transaction.

[00:44:16] So it's not very common.

[00:44:17] Yeah.

[00:44:19] Where that person says hey you know Tim why don't you help me out?

[00:44:25] Can you help me buy Sean's house?

[00:44:26] And I say yes of course I can.

[00:44:28] So now I'm in a conflict of interest because I'm supposed to be your fiduciary and I'm supposed to be that buyer client's fiduciary which is literally impossible.

[00:44:35] Basically in that scenario I'd have to say you know what I have to be neutral.

[00:44:39] I have to be Switzerland here is the example I always say.

[00:44:42] I got to be Switzerland because if I tell you what's best for you you're going to use it against him.

[00:44:45] If I tell him what's best for him he's going to use it against you.

[00:44:49] So therefore it doesn't really even work.

[00:44:51] The parallel is also like to an attorney.

[00:44:54] These are high stakes things.

[00:44:57] Like real estate agents deal with high stakes high ticket sales.

[00:45:00] You're selling a $500,000 house.

[00:45:02] A $5 million house.

[00:45:04] Even a $150,000 house.

[00:45:06] That's a lot of money.

[00:45:08] There's a lot at risk.

[00:45:09] You stand to lose you know equity.

[00:45:12] You stand to lose like repairs that you've made.

[00:45:14] You stand to lose your home.

[00:45:15] If you don't do it the right way.

[00:45:17] So it's a high stakes game.

[00:45:20] When something happens legally to someone and they need an attorney.

[00:45:25] Like they can say nah I'm just going to go to court.

[00:45:28] I'm pretty smart.

[00:45:29] I didn't do it.

[00:45:31] I'm going to represent myself and convince them.

[00:45:34] I'm in sales.

[00:45:35] I'll convince them.

[00:45:36] I didn't do it.

[00:45:37] I really didn't do it.

[00:45:39] Okay.

[00:45:39] But if you don't have an attorney to tell you legally what your risks are by going into

[00:45:47] that courtroom by yourself even if you're 100% innocent.

[00:45:52] Like.

[00:45:52] But you don't even know the procedures.

[00:45:54] Right.

[00:45:54] You don't know.

[00:45:55] That's.

[00:45:56] You're going to go in there.

[00:45:57] What are you doing?

[00:45:58] You got to stand over there.

[00:45:59] Oh I do.

[00:45:59] Oh okay.

[00:46:00] And then you start talking and say whoa you can't talk.

[00:46:03] No.

[00:46:03] This is the opening presentation by the.

[00:46:05] Like you don't even know.

[00:46:07] You don't even know what to do.

[00:46:08] Yeah.

[00:46:09] And the thing is it's like why do attorneys make a lot of money?

[00:46:12] They deal with high stakes legal situations where people could stand to lose tens of thousands.

[00:46:19] Hundreds of thousands.

[00:46:21] Their freedom.

[00:46:21] You could go to jail if you don't handle yourself properly with certain scenarios.

[00:46:27] So that's why attorneys a good attorney will make three four five hundred bucks an hour.

[00:46:32] Yeah.

[00:46:32] Because that's what they're doing.

[00:46:34] The reason a real estate agent on that five hundred thousand dollar sale would make twelve

[00:46:39] thousand five hundred is because it's a high stakes thing.

[00:46:43] And there's a lot of work that goes into it before it even gets to the market.

[00:46:46] The listing presentation like the marketing the signage the lockbox like the social media

[00:46:52] the getting the word out the newsletters the open houses the showings the photography like

[00:46:58] and this is before you even figure out if someone wants it.

[00:47:01] Yeah.

[00:47:01] Like so the reason real estate agents really do well they're so valuable to make that level

[00:47:07] of money is because they're experts.

[00:47:09] You know well all of them are.

[00:47:10] And the reason some agents don't do well in real estate the reason they're not getting

[00:47:15] listings or maybe the buyer client doesn't work with them is they're just not an expert

[00:47:20] or they're just not good at what they do.

[00:47:22] And people are realizing that so they go choose someone else.

[00:47:25] Yeah.

[00:47:26] So that happens.

[00:47:27] But.

[00:47:30] One thing we were talking about was like why does this happen was really in understanding

[00:47:36] comps.

[00:47:37] So here's a great example like let's talk about selling that house again and you're like hey

[00:47:44] I'm happy with this number.

[00:47:46] I'm happy right here.

[00:47:47] But the listing agent you get a listing agent opinion.

[00:47:50] I think we could do 10 percent better than that.

[00:47:53] Why does that person why does he or she feel that way because they can.

[00:47:58] And analyze the comps.

[00:48:01] And this is this is a funny story.

[00:48:03] So and obviously not going to mention any names but we flip houses.

[00:48:08] And recently an opportunity came across my desk where someone said hey you know we're thinking

[00:48:13] about selling this home privately and we hear that you buy homes to flip.

[00:48:17] Would you consider buying the house?

[00:48:20] And I said absolutely.

[00:48:21] When you flip homes so we talked about this investing in real estate it's purely numbers.

[00:48:26] If you pay more than what the numbers say you can you're not going to do it if you're

[00:48:30] disciplined.

[00:48:30] We're disciplined.

[00:48:31] So I said here's the number.

[00:48:34] And they said okay well that's pretty low.

[00:48:37] And I said okay well if you want help selling it publicly I'm an experienced listing agent.

[00:48:44] I'd be happy to help you do that.

[00:48:45] Okay what do you think we could do publicly?

[00:48:47] Publicly.

[00:48:48] Then I gave them a price for that.

[00:48:50] Maybe like 10% more somewhere around there.

[00:48:52] But the reason they were trying to do it privately they're like we just don't want to deal with

[00:48:55] showings.

[00:48:55] We don't want pain.

[00:48:56] We want to be done like three weeks.

[00:48:58] Whatever.

[00:48:58] There was a lot of things that went into it.

[00:49:00] So then I give them the price for it.

[00:49:03] My opinion of the price to sell it publicly.

[00:49:06] Then they came back and said well we've already gotten three other opinions and someone

[00:49:10] said we could get 125,000 more than that.

[00:49:14] And I said here's what I said.

[00:49:17] I said okay you know fair statement.

[00:49:20] Here are the comps I used to analyze the listing price to sell your home publicly.

[00:49:25] Look at this one.

[00:49:26] Look at that one.

[00:49:27] Look at the other one.

[00:49:28] And what did what did the person send to me and said here no here are the 27 comps that

[00:49:35] I found that support a price per square foot on this house to support the listing price

[00:49:42] that's 125,000 more than yours.

[00:49:45] And rather than me go through all of those 20 plus comps and say why I didn't agree with

[00:49:52] the high majority of them.

[00:49:53] I just said look I'm a relationship guy and if if I were to list your home for 125,000 more

[00:50:01] than I think it's worth to a buyer this isn't going to be a good relationship.

[00:50:06] Therefore I just don't think I'm a good fit.

[00:50:08] So what I would recommend and you said this before I recommend you work with someone else

[00:50:12] to list your home.

[00:50:13] In the event that's not working or you don't like him or her it's like difference of opinion

[00:50:18] or like you're getting I'm right here.

[00:50:20] Yeah.

[00:50:21] And I said maybe I could go like a little bit higher than what I said maybe like 10 grand

[00:50:25] 15 grand but that's you know and again I wouldn't even recommend that but if that

[00:50:29] helps you feel better sleep better at night then I would do that and it just goes to show

[00:50:36] most private sellers they don't understand comps.

[00:50:39] A lot of the comps he was giving me like didn't even have a yard and it's like we're in the

[00:50:43] inner suburbs like that that's a huge factor versus living in the city or living in the

[00:50:50] exurbs.

[00:50:50] Exurbs everyone's got space.

[00:50:51] Yeah.

[00:50:52] But the inner suburbs sometimes they have yards and sometimes they don't because Philadelphia

[00:50:55] is an old place and so are the suburbs.

[00:50:57] So it's like they're showing me that they're showing me new construction.

[00:51:00] Apples and oranges.

[00:51:01] They're showing me completely rehabbed homes to their fixer upper.

[00:51:05] Why would you even like even why would you even offer 27?

[00:51:10] Like like that's not even like just the sheer number is is to the point that you're not pulling

[00:51:17] accurate information.

[00:51:18] Well that makes that makes mathematical sense to support the number that they felt they

[00:51:24] could get and I make this example all the time like let's say your house is worth 500,000

[00:51:28] I'm like that's what we listed for and again if there's a lot of demand hopefully they get

[00:51:31] a little bit more.

[00:51:32] Demand's a little bit slow.

[00:51:33] We still want to hold firm to our price maybe do a little extra marketing blah blah blah.

[00:51:37] Like you talk about that $500,000 house and you're trying to figure out you know like what

[00:51:46] are the actual comps like what what are the comps for this thing?

[00:51:50] And at the end of the day if you don't understand what a comp is for that $500,000 house and

[00:51:59] you don't price it right I mean you it could go like let's say you go buy a new house for

[00:52:04] your family you're like we just got to get out of this thing and I can carry both the

[00:52:07] mortgage payments for six months.

[00:52:09] Then you get in a spot you've like already moved and now you're at like 450 and you're

[00:52:13] like oh my why can't I sell this thing?

[00:52:15] Yeah.

[00:52:15] And it's like you just get to that point if you really don't know what you're doing

[00:52:19] you're going to make very large mistakes on a big ticket sale which is what real estate

[00:52:24] is like 10% on a $500,000 house is 50 grand that's a pretty big mistake.

[00:52:29] Yeah.

[00:52:29] You only thought you were going to walk away with 75 it's like you've just given away two

[00:52:32] thirds of your equity which is crazy.

[00:52:37] Um and one last point I wanted to make was um we talked about how this relates to sellers.

[00:52:46] How do you think this relates to buyers?

[00:52:48] And I'll go back to the example of selling your house and I list it and the buyer comes to me

[00:52:53] and says hey Tim um can you represent me as well?

[00:52:58] And I tell you and the buyer I have to be neutral.

[00:53:00] Yeah.

[00:53:01] So I can't I'm not really using leverage on either side to help either of you out.

[00:53:06] It's not to say that someone's going to get a bad deal.

[00:53:08] Yeah you're just trying to find the the the middle ground.

[00:53:11] Yeah you find the compromise between the two.

[00:53:14] Did someone lose and someone win?

[00:53:16] Maybe.

[00:53:17] You know here and there like this person won here this person won there.

[00:53:21] Like it could go that way.

[00:53:23] But think about buyers who are reading the NAR stuff right now and they're like well what if

[00:53:30] they don't pay a buyer agent commission?

[00:53:33] Yeah.

[00:53:33] And and I can't afford that.

[00:53:36] I can't afford 12,500.

[00:53:39] Yeah.

[00:53:39] Which again is a big number.

[00:53:41] Sure.

[00:53:41] Like make no bones about it.

[00:53:43] Yeah.

[00:53:43] But then like I'm just going to go right to the listing agent.

[00:53:45] Let's say for whatever reason.

[00:53:47] Oh yeah.

[00:53:47] Let's say for whatever reason that listing agent says of course I can help you.

[00:53:53] Yeah.

[00:53:53] But you know they're not good or they like the seller more than you or they don't hold

[00:54:01] fiduciary roles.

[00:54:02] They just want to sell.

[00:54:03] It could be related and you don't even know.

[00:54:05] There's lots of people in the car business go back to the car example.

[00:54:08] They just want to sell.

[00:54:08] They don't care if you ever come back.

[00:54:10] Yep.

[00:54:10] They're just like you want you want to buy I want to sell.

[00:54:12] Let's get a deal done and they're going to do what's best for them.

[00:54:15] There are agents out there listing agents and buyer agents who are going to do what's

[00:54:20] best for them to get a sale to make money to continue on with their career.

[00:54:24] So how this relates to buyers especially with the NAR stuff is that if a buyer says I can't

[00:54:31] afford my buyer agent like what would be the loss to them if they didn't have that?

[00:54:38] Like would it be the 79,000 on average?

[00:54:41] Would it be 50?

[00:54:42] Like would it even be 20?

[00:54:44] Like let's say it's 20 and they got to pay their buyer agent 12,500.

[00:54:48] Like you'd be better off paying their buyer agent.

[00:54:52] Yeah.

[00:54:52] Like the amount of money that real estate agents actually make when you think about the high

[00:54:57] stakes of residential real estate.

[00:54:58] Let's focus on that.

[00:55:00] It's like they make their money and then some on most deals.

[00:55:05] Even if it was a break even.

[00:55:08] They're going to save you all that time, all that pain, all that effort, like the stress,

[00:55:13] the nonsense, the emotional baggage that comes along with doing something that you have

[00:55:18] no clue what to do.

[00:55:20] Yeah.

[00:55:20] I mean, I see it on the insurance side.

[00:55:22] I see it all the time.

[00:55:23] Yeah.

[00:55:23] Relate that to insurance.

[00:55:24] Like what do you see like in your world that kind of hit home with that?

[00:55:29] I mean, I just see the aggravation.

[00:55:31] Yeah.

[00:55:31] I see these, the pain.

[00:55:34] Like people trying to like basically do it on their own and deal with people like they

[00:55:37] don't know or, hey, it's like, I just went online, found this option.

[00:55:42] Oh yeah.

[00:55:42] No.

[00:55:43] Well, no that.

[00:55:44] So if you're, if you're talking about that, how does it correlate to insurance?

[00:55:48] Yeah.

[00:55:49] It's, it's that exact scenario.

[00:55:52] Right.

[00:55:52] I went online.

[00:55:53] Like I got a call from a client the other day and it's like, oh, I, I got a price of

[00:55:59] this and I'm like, you're, you're, you're, that's not your price.

[00:56:03] I don't care what they're telling you.

[00:56:05] I don't care what they're saying because just like there's all these car dealerships

[00:56:11] that just want the deal or just the real estate agent that'll tell you a number that

[00:56:15] doesn't exist just to get the deal.

[00:56:17] There's insurance people that will give you a price that it doesn't stick.

[00:56:24] Right.

[00:56:24] And what I mean by that is, you know, you might get an application, but there's, there's

[00:56:32] things on the backend.

[00:56:33] They'll reevaluate your house or they'll look through drone footage.

[00:56:37] They'll send someone out and say, you got to put five grand into your house.

[00:56:41] I mean, I've even seen where carriers issue coverage on a policy and then they run the

[00:56:46] MVR.

[00:56:47] What's the MVR?

[00:56:48] Motor vehicle record.

[00:56:50] Okay.

[00:56:51] So like you bought a policy, you're paying a thousand dollars a year.

[00:56:56] You get it issued.

[00:56:57] Oh, Jim, by the way, we just ran your MVR and you had an accident two years ago and a

[00:57:03] speeding ticket a year ago.

[00:57:05] Now your premium is $2,000.

[00:57:08] But they want you in the door because now what do you do?

[00:57:11] Can't go back.

[00:57:12] Right.

[00:57:13] Right.

[00:57:13] Yeah.

[00:57:14] You've already can't.

[00:57:14] They trap you.

[00:57:15] Right.

[00:57:16] So we see that that scenario doesn't happen all that often, but the home insurance right

[00:57:24] now where, I mean, we get calls all the time, like weekly from people saying, oh, I was with

[00:57:32] this company.

[00:57:34] I moved over here because it was a great deal.

[00:57:36] Then they came out and did an inspection.

[00:57:38] And then two weeks later, I got a letter in the mail saying my insurance was canceled.

[00:57:42] Gosh.

[00:57:42] Which happens all the time, especially around here because older homes, they have warts

[00:57:49] and stuff.

[00:57:50] Yep.

[00:57:50] And in older homes on older properties with trees and different things, you know, older

[00:57:55] sidewalks, just any number of reasons.

[00:57:59] So what we do in our brokerage is we really do upfront underwriting to like.

[00:58:05] Right.

[00:58:06] Get that information.

[00:58:08] Do the legwork so that you understand it better.

[00:58:10] And then you can advise and the advice, as you said, sometimes it's like, I can't help

[00:58:15] you.

[00:58:15] Don't do anything.

[00:58:16] Like either like, don't do anything at all.

[00:58:19] Or like, you know what?

[00:58:19] I can't help you.

[00:58:20] Even if you want to do something, maybe you can check out these guys or these girls.

[00:58:24] Yeah.

[00:58:24] But a lot of those times is if I know, if I know exactly what's wrong with that house,

[00:58:29] like I came to me a couple weeks ago, they got a house.

[00:58:32] I want you to do insurance.

[00:58:33] Great.

[00:58:33] Referral.

[00:58:34] Awesome.

[00:58:35] Yep.

[00:58:36] Tell me about your house.

[00:58:37] What's going on.

[00:58:38] Okay.

[00:58:39] How old's your roof?

[00:58:41] Well, it was original roof.

[00:58:43] Right.

[00:58:43] Okay.

[00:58:43] How old's the house?

[00:58:44] 29 years old.

[00:58:46] I'm like, I can't, I can't do anything.

[00:58:48] And like, I can't do anything, but here's my recommendation to you.

[00:58:52] Right.

[00:58:52] Don't make any other calls.

[00:58:54] Yeah.

[00:58:54] Because you could call someone and they say, I can help you.

[00:58:57] Promise you this deal.

[00:58:58] And they drag you in and then, then you, and then when you cancel your old and then they

[00:59:04] cancel you.

[00:59:05] Yeah.

[00:59:05] That's crazy.

[00:59:06] Um, it's, what's interesting.

[00:59:08] You use like the term, like you get trapped and this happens in real estate too.

[00:59:12] Like someone, someone's not working with a real estate agent.

[00:59:15] Let's say someone goes to an open house and, um, they meet, uh, it could be the listing

[00:59:21] agent.

[00:59:21] It could be someone on the listing agents team.

[00:59:23] Let's say they go to an open house.

[00:59:25] They don't have an agent and they meet him or her.

[00:59:27] And they're like, Oh, they were great.

[00:59:29] Very nice.

[00:59:30] They don't know whether or not they're good at their job.

[00:59:33] And that person, if they're more sales focused and less relationship focused, they might just

[00:59:38] say, how do I get another sale?

[00:59:40] Let me sweet talk some people and tell them I know exactly what I'm doing.

[00:59:43] And then we go start looking at houses.

[00:59:44] Now I'm their buyer agent.

[00:59:46] Then we get to the point where we find a house that they like and I don't know how to negotiate.

[00:59:51] Yeah.

[00:59:52] So now I'm losing the money or that they go through the process and the communication

[00:59:58] breaks down and it drives people nuts.

[01:00:00] And they're like, why can't I get a hold of my agent?

[01:00:02] And I see this all the time.

[01:00:04] It is, they kind of get trapped and then they're like, they're already at like the 20 yard line,

[01:00:08] the 10 yard line.

[01:00:09] And they're like, I just got to finish this, but I will never work with that person again.

[01:00:14] And that happens a lot in real estate.

[01:00:17] It's really just, it goes to show whether you're selling your house and you want to make extra

[01:00:22] money as this survey showed, where you want to buy a house thinking you've got to spend

[01:00:26] money potentially to buy it with your own agent.

[01:00:30] You might be actually saving yourself money, making yourself money and saving yourself definitely

[01:00:37] headaches and heartache by finding the right person to do either of those.

[01:00:42] Like interviewing people, you get an agent at an open house, you know, maybe you should talk

[01:00:47] to a couple agents.

[01:00:48] Maybe that just gets you thinking, Hey, maybe I should go online, look at online reviews,

[01:00:53] talk to friends.

[01:00:53] Hey, who'd you use?

[01:00:54] Who do you know?

[01:00:55] And most, most of real estate comes through referrals.

[01:00:58] So we hope this episode was helpful from that perspective.

[01:01:02] But if you wouldn't mind closing us out now to let people know where they can.

[01:01:07] Yeah.

[01:01:07] So if you found, if you found this information, uh, helpful, um, shoot us an email, bricks and

[01:01:14] risk at gmail.com.

[01:01:16] And if you liked the episode, you can go into Apple podcast, leave a review and find us on

[01:01:23] social media, YouTube.

[01:01:24] Absolutely.

[01:01:25] Instagram, LinkedIn, all the channels.

[01:01:28] Yep.

[01:01:28] Greatly appreciate the support and the reviews.

[01:01:30] And thank you for tuning in to another episode of bricks and risk.

[01:01:36] See you soon.

[01:01:40] Thank you for joining us on another episode of bricks and risk.

[01:01:43] Our goal is that you walk away with one or two valuable nuggets, and we greatly appreciate

[01:01:49] you sharing your time with us today.

[01:01:51] You can find all BNR episodes on Spotify, Apple music, YouTube, and anywhere else you get

[01:01:58] your podcast content.

[01:01:59] Until next time, keep learning and keep growing.