Episode 75: Agents Need To Understand The Emotional Side Of Real Estate.

Today on the podcast, Jerry and Jacobe are talking about the emotional side of real estate, focusing on all the emotions of getting a deal closed. They have some really good stories and helpful insights for you. Don’t miss it!

Episode Highlights:

• Jerry asks Jacobe what  he thinks about when he hears “the emotional side of the business.”
• Jacobe talks about how a real estate transaction is usually at least 30 days and how many hurdles happen in that time period. 
• What about when interests don’t align?
• “Agents' emotions get involved, too”, says Jacobe. 
• Jerry talks about when logic is thrown out the window and emotions come flying in. 
• Most buyers and sellers are emotional about what they are doing. Oftentimes, emotions will drive the situation even over the numbers. 
• Jerry talks about how when you go out with a new client, you’re not exactly sure how much time to leave for each house. He talks about a time when a client had a huge list of key characteristics he wanted in a house and in the end the one that was fulfilled was the 8th item on the list because that was most important to the wife.
• How do you decide how much time to schedule for between showings? Jerry talks about his process.
• Jerry talks about how he is in metro Detroit in a town called Canton. They have about 4 million people in a thirty mile radius or so whereas Jacobe is in Midland, Texas. They talk about the difference between their geographical locations and markets. Check out Jacobe’s YouTube Channel to learn more.
• What gets clients most attached to a house or the process and how should agents aid them in that?
• Jerry talks about times when he has gotten himself into jams.
• As an agent, your job is to represent your clients best interests and that includes the interests of all involved. 
• Jacobe talks about how a lot of his clients are working in the oil field and how they can be in and out of availability. It is important to understand how the decision making will ultimately work out.
• Jerry does not like to show a place to one person, he feels like there always needs to be another person for them to bounce ideas off of. He also recommends that if there are other people involved in the purchase like parents that they should be a part of the showing too or come out at least once because otherwise the deals get ruined late in the game. Jerry says he also wants to establish a relationship of trust with them, too.
• Jacobe shares a story of when a client told him that he found him his dream house but then the client ultimately didn’t sign the offer.
• How well do you handle concerns/objections of all parties involved? Jerry and Jacobe talk about the importance and example stories.
• What about baggage from past realtors that has nothing to do with you? It is not uncommon to face that especially for those who maybe haven't sold a home in a long time.
• There can be a lot of ego involved in deals too. Jacobe reminds agents that you have to be the level head and point to sound judgement when that emotion ramps up over small amounts in negotiations. Jerry mentions how so many times it is less about the actual amount and more about the feeling of what kind of deal they are getting.
• Know what your clients want and be able to remind them of what they want when things get backed up. 
• People do not like to be in the world of the unknown. Buyers and sellers can get impatient. Everybody wants things to happen instantly. Jerry talks about agents have to sit in those spaces with clients and help them weather the situations.
• If you have done your work on a listing, you are able to have conversations with your client to manage their emotions and decisions. Jerry recommends always being thorough in saying what the next step is as well.
• Keeping emotions level, building trust, and thoroughly communicating are all key in handling the emotional side of real estate.

3 Key Points:

1. The buying and selling process is wrapped up in emotions almost every time because so many factors go into why people want what they want and what is necessary for the deal to close.
2. Jerry talks about the importance of seeking understanding of needs from both or all parties that are involved to avoid being the middleman. It  helps to gauge priorities and keeps communication lines open especially with the use of group texting.
3. As an agent, your job is to represent the best interests of your client and you may have couples who have varying interests. Jacobe says you are more than a real estate agent.. You are a counselor and confidant in the process. How can you manage all of the needs and interests to best serve them?

 

 

Resources:

https://www.facebook.com/groups/444333123042225

https://www.facebook.com/jacobe.kendrick

https://www.facebook.com/jerry.weaver.165

https://www.youtube.com/channel/UCVFMBPTdQYerCJVuXM0_WiQ

https://www.weaverrealtypro.com/