Valuetainment - July 20, 2021


Best Real Estate Advice to Buyers & Sellers


Episode Stats

Length

6 minutes

Words per Minute

227.67389

Word Count

1,522

Sentence Count

6

Misogynist Sentences

1

Hate Speech Sentences

1


Summary


Transcript

00:00:00.120 In the last 20 years I've dealt with many realtors both on a residential and the commercial side
00:00:03.900 whether it's buying buildings, leasing office space or whether it's buying homes or renting vacation properties
00:00:08.220 and I've experienced working with great ones, good ones and some bad ones
00:00:12.660 and today I'm going to give you a perspective of your relationship with your realtor
00:00:16.780 that maybe no one's explained to you before and if it makes any sense you get value from it
00:00:21.740 I want you to give you a thumbs up, subscribe to the channel and share it with others as well
00:00:25.740 so look when it comes down to buying or selling a house there's four parties involved
00:00:28.580 typically there's four parties involved, there's you, there's your realtor, there is them, there is their realtor, right?
00:00:34.600 and you could be the buyer, they're the seller, you could be the seller, they're the buyer
00:00:37.600 but regardless there's typically four parties involved, right?
00:00:40.140 Now the question you have to ask yourself is how many different teams are there?
00:00:44.840 Teams, how many teams are there?
00:00:46.740 What do you mean by that Pat? Here's what I mean by it
00:00:48.820 I mean you and your realtor, you are one team, right?
00:00:53.940 Them and their realtor is one team
00:00:56.820 but there's one other team that no one thinks about
00:00:59.640 that 90% of the time have a longer relationship together than the rest of them do
00:01:04.920 and here's who it is, it's your realtor and their realtor
00:01:07.920 let me explain to you what I mean by this
00:01:09.260 how many times are you going to do business with your realtor?
00:01:14.780 How many times is the seller going to do business with their realtor?
00:01:18.680 Versus how many times are your realtor and their realtor going to do business together?
00:01:22.820 Let's just say you do business together with them once, maybe twice, maybe three times
00:01:26.920 maybe they do twice, three times, maybe four times
00:01:29.360 how often do you think they're going to do business together?
00:01:31.800 Five times? Ten times? 20, 30, 40 times?
00:01:34.980 What if they're the main guys in the city that you're buying a house
00:01:37.900 or buying a building or selling a property? Think about it
00:01:40.420 and they've both been around for 20 years, you don't think they know of each other?
00:01:43.660 You don't think they've done business together?
00:01:45.100 You don't think they know that on the next deal coming up
00:01:48.020 they're going to have to, so if they push too hard on the next one
00:01:50.880 you get where I'm going with this, right?
00:01:52.160 So here's how it goes
00:01:53.140 you go to your realtor and you say, oh my gosh, I love this building
00:01:55.640 this is the building we want to buy
00:01:56.680 this is the office we want to buy
00:01:57.780 we love this office, we love this building
00:02:00.280 this is the building
00:02:01.120 this is the one we want to buy
00:02:02.000 everybody on the team loves it
00:02:03.200 and you tell your realtor thinking
00:02:04.640 this realtor's on your team, right?
00:02:06.580 Okay
00:02:06.760 then the other side, the seller says
00:02:10.300 look, I just want to let you know
00:02:12.680 I'm not selling this thing for less than
00:02:14.400 you know, I have to get my $7 million
00:02:16.220 even though it's on the market for $8.5 million
00:02:18.320 now his realtor knows $7 million is the cutoff
00:02:21.220 now, then they talk
00:02:22.500 so your realtor's like, okay
00:02:24.380 let me see what I, I'm going to go get the best deal for you
00:02:26.420 their realtor goes, okay
00:02:27.840 let me, let me get
00:02:28.540 I want to get him more than $7 million
00:02:29.860 I'm going to do my best
00:02:30.780 but it's good to know where you're at
00:02:31.860 and then the two realtors unite
00:02:33.820 and they talk
00:02:34.440 so what does it look like?
00:02:35.900 well, I tell you, you know
00:02:36.660 he's not, he's got a number
00:02:37.960 and he's not willing to
00:02:38.560 what number do you think you can get him for?
00:02:40.220 I don't know
00:02:40.800 I think it's going to be stretched at $7 million
00:02:42.840 I think, I think your buyers got to go with $7.7
00:02:45.520 they're not going to go there
00:02:46.660 these guys are going to go at $6.9
00:02:48.020 well, I don't know what we can do
00:02:50.020 look, see if you can get him at this number here
00:02:52.340 let me go back and talk to them
00:02:53.460 and they go back to talk
00:02:54.620 they both want to sell it at the highest possible value
00:02:57.640 including your realtor
00:02:59.060 especially if you're the buyer
00:02:59.960 they make more money if you sell it for $7 million
00:03:02.020 instead of $6.5 million
00:03:03.060 that's an additional $500,000 of commission
00:03:05.360 you think it's fully them wanting to get it for you?
00:03:08.520 not all the time
00:03:09.460 so then they come back and they say
00:03:11.120 okay, why don't we do this?
00:03:13.320 I think I can get him for $7 million
00:03:14.680 yeah, I got him
00:03:15.920 they like the house a lot
00:03:16.980 they like the building
00:03:17.760 you can tell from the emotion
00:03:19.200 I saw the wife
00:03:20.000 the wife was very excited
00:03:21.520 they really want the house
00:03:23.180 they want this place
00:03:23.980 okay, great, no problem
00:03:25.560 then let's try to sell it for $7.2 million
00:03:27.440 and then they go back and forth
00:03:28.880 so because they have the relationship
00:03:30.720 this is the part where buyers and sellers forget
00:03:34.380 that no matter how much you do business with your realtor
00:03:37.140 the two realtors are a bigger team than you know
00:03:40.560 in the most indirect way
00:03:42.560 attorneys
00:03:43.440 two divorce attorneys
00:03:44.960 when they talk to each other
00:03:46.180 what do you think both divorce attorneys know?
00:03:48.680 drag this thing out
00:03:50.240 the longer it goes
00:03:51.840 the more hours we can charge
00:03:54.100 you know the code
00:03:55.480 wink, wink
00:03:56.220 let's keep going
00:03:57.600 similar model
00:03:58.620 now
00:03:58.960 some realtors are watching this
00:04:01.480 they're pissed off at me
00:04:02.200 Pat, how dare you make a video like this
00:04:03.740 and talk about this in this manner
00:04:05.380 I'm not talking about this in this manner
00:04:07.600 I'm just telling you
00:04:08.620 most realtors are like this
00:04:10.720 now let me give you some of the realtors
00:04:12.720 that work as partners
00:04:14.480 I dealt with one
00:04:15.540 I've dealt with a couple of them
00:04:17.240 Jackie Dorberitz being one of them in Dallas
00:04:19.160 she showed me properties for four years
00:04:21.560 and I never bought anything from her
00:04:22.960 patient
00:04:23.720 incredibly patient
00:04:25.140 constantly calling me back
00:04:27.000 to everything was so respectful
00:04:29.100 for four years
00:04:29.880 this woman never made any money off of me
00:04:31.420 but she eventually got a nice $100,000 check
00:04:34.100 plus from us
00:04:35.600 not a hundred
00:04:36.440 a couple of $100,000 check from us
00:04:38.080 for what she did
00:04:38.980 because she was a great realtor
00:04:40.960 she did her part right
00:04:42.240 and there's many others here
00:04:43.640 so now
00:04:44.280 if you're watching and say
00:04:45.080 well Pat
00:04:45.380 what can I do
00:04:46.660 to make sure
00:04:47.840 that as the buyer
00:04:49.220 or the seller
00:04:49.880 the realtor's fully on my side
00:04:51.660 uh-huh
00:04:52.080 you're asking the right question now
00:04:54.040 here's what it is
00:04:55.060 either find a realtor
00:04:57.180 that you're going to do
00:04:58.380 repetitive business together
00:04:59.860 for many many years to come
00:05:01.600 or become the following
00:05:03.560 I tell all the people
00:05:04.760 I do business with
00:05:05.620 here's what I tell them
00:05:06.380 I say listen
00:05:06.940 I'm probably going to be
00:05:09.300 your greatest referral source
00:05:11.000 of your career
00:05:12.000 what do you mean
00:05:12.700 I'm probably going to send you
00:05:14.720 more referrals
00:05:15.460 than anyone's ever sent you
00:05:17.140 in your entire life
00:05:18.620 so guess what
00:05:19.660 you better take care of me
00:05:20.740 because if you don't
00:05:21.860 those referrals are going somewhere else
00:05:23.400 and I'm telling it as a joke
00:05:24.960 but I'm not joking
00:05:25.820 I'm dead serious
00:05:26.720 so if you're watching
00:05:27.960 and saying
00:05:28.280 how can I get to that point
00:05:29.380 influence
00:05:30.480 be somebody that gives
00:05:31.460 referrals out to people
00:05:32.560 if you say you're going to give referrals
00:05:33.660 out to people
00:05:34.140 do it
00:05:34.520 if your realtor is so good
00:05:36.200 tell the world about it
00:05:37.560 if your realtor has done
00:05:38.920 such an outstanding job for you
00:05:40.960 protect them
00:05:41.980 tell the world
00:05:42.860 give the referral
00:05:43.800 call your family
00:05:44.720 call your friends
00:05:45.420 work for them
00:05:46.620 because when it comes down to it
00:05:47.960 they will 100% be on your side
00:05:50.120 because they know
00:05:51.220 you are the relationship
00:05:53.280 they don't want to lose
00:05:54.720 not the other relationship
00:05:56.140 their concern becomes you
00:05:57.720 not the relationship
00:05:59.060 with the realtor
00:06:00.080 you
00:06:00.700 because you give them referrals
00:06:02.040 and
00:06:03.160 you don't do one deals
00:06:05.220 you do two
00:06:05.780 three
00:06:06.100 because you're a B-back customer
00:06:07.680 and B-back customers
00:06:09.140 are very very hard to fund
00:06:10.700 so having said that
00:06:11.660 if you watch this video
00:06:13.020 and you got value out of it
00:06:14.240 put a thumbs up
00:06:14.940 subscribe to the channel
00:06:15.840 and share it with your friends
00:06:16.940 and your peers
00:06:17.980 and if you're realtor
00:06:18.740 watching this
00:06:19.260 and you disagree
00:06:19.820 I would love to hear your thoughts
00:06:21.380 by the way
00:06:21.820 I did another video
00:06:23.040 four or five years ago
00:06:23.840 negotiating an office lease
00:06:25.440 if you're about to lease
00:06:26.420 an office space
00:06:27.240 and you want to know
00:06:28.340 the dynamics
00:06:29.100 I've leased my courier
00:06:30.760 through my company
00:06:31.560 probably a million and a half
00:06:32.820 square feet of office space
00:06:33.800 a lot
00:06:34.180 and I've dealt with many of them
00:06:35.640 it's probably not a bad idea
00:06:36.940 for you to watch this video
00:06:37.760 when it comes down to
00:06:38.360 leasing office space as well
00:06:39.420 take care everybody
00:06:40.280 bye bye bye bye bye bye