The Secret Sauce Podcast
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The Secret Sauce Podcast
Adapt and Thrive: Mastering Real Estate's New Era
Discover the essential strategies for navigating today's real estate market with our special guest, Marjorie Adam, a seasoned realtor and business coach with 28 years of experience. Marjorie sheds light on her journey and shares insights on the recent shifts impacting buyer agency due to the NAR settlement. Learn how focusing on buyer services can set you apart in a market increasingly skewed towards listings and understand the necessity of evolving compensation structures to stay competitive.
We emphasize the significance of nurturing client relationships and offering top-notch services, such as reliable home renovation management, to ensure client satisfaction. The episode tackles the often misunderstood complexities of real estate fees, comparing them to more traditional legal fees, and offers strategies for realtors to better articulate their unique value proposition. Marjorie encourages real estate professionals to adopt a growth mindset, highlighting the importance of continuous learning and collaboration with lenders and other industry partners to enhance the client experience.
Building an authentic personal brand and fostering a network of supportive professionals are crucial themes as we discuss overcoming challenges through partnership rather than competition. From understanding real estate lawsuits to maintaining seamless communication with lenders, we cover it all. Marjorie and I delve into the importance of staying informed and adaptable, sharing experiences and humor along the way. Join us for an episode packed with actionable insights and inspiration to help you thrive in today's ever-changing real estate landscape.
all right, welcome back everybody to the secret sauce podcast. I'm chad trees here with my amazing host, as always, lacy moores, and we're super excited today because we're joined by a realtor, extraordinaire team leader, business coach. We've heard her speak multiple times. She's just amazing. Not in our market, so not to hopefully step on anybody's toes, we're in Kansas City and Marjorie, without further ado, let's introduce Marjorie, adam and you're East Coast.
Speaker 2:Yes, no, worries everyone, I'm in Charlottesville Virginia. Nobody else listening is from Charlottesville Virginia right now mostly.
Speaker 1:Yeah, but you get it and you coach realtors all over the country. You've got a history in coaching for years and years and years, right, and so, yeah, we want to dive in on some stuff today. Like I said, lacey, and I have heard you speak multiple times now and you always bring it and, um, yeah, we thought what better way than to bring you on and, uh, learn a little bit about your secret sauce? Um, a lot of what you've been talking about lately has been the whole NAR settlement, which is, you know, um relevant, but, um, we can talk about that a little bit, but maybe not get too far in the weeds on it. Lacey, where do you think we should start? We've been talking about this. Where do you want to start?
Speaker 3:Well, marjorie, will you just give everybody a little rundown about you've been a coach, like Chad said, forever, but tell us a little bit about that and what's really been your biggest, how long you've been in the business and kind of where your business changed the most.
Speaker 2:Yeah, so I'm. Thank you so much. So I'm a realtor in Charlottesville, Virginia. I have a very small team, three people in me. I've been a realtor for 28 years. I got into real estate because mom was a realtor and, ironically, I thought I'll never be a realtor because mom was a realtor and then I went into business with her. I now work with my brother, so very family, oriented, family business.
Speaker 2:I think I've watched. Look, I've been through all the markets. I started right 28 years ago and rates were. I got my first mortgage was 8% for an FHA and I was stressed out for my $118,000 townhouse that doesn't exist anymore and really have seen all the markets right. I lived through very painfully the 2007 and on market and certainly was really prepared for this shift, which I think you know.
Speaker 2:The settlements are probably one of the biggest shifts we've seen on our side of the business ever, maybe in terms of since buyer agency started in the 1990s. I think this is a massive opportunity and I think too many people are. We were joking, lacey. We were joking about reading the book who Moved my Cheese. Read it, but your cheese has been moved. Just so you know, your cheese started moving about a year ago. If you're a realtor, your cheese is fully gone now. So I think you need to adapt and just you listen. If you're still stuck, the time is gone.
Speaker 2:I think anyone who says they're not going to evolve, you better be reading the news. You watch the attorney who is the big sits or banana attorney. If you pay attention, and you, if you're a realtor and you're not looking at Inman and all the news sources, you're missing out. And they are watching you and they big brother is here, right, doj and the attorneys. You think they made hundreds of millions and they're done. They're not. So they are literally watching. What do our forms look like? Are we implementing? Are you getting your buyer agency agreement signed? So, are you creating workaround websites? Are you just not going to shift compensation and how it's done? And so I think the people have spent a year thinking, oh, it'll never happen. Now it's happened and we just I think the people have spent a year thinking, oh, it'll never happen. Now it's happened and we just need to roll with it. It is here and it's going to be the future and we have to, you know, adapt to it and work through it.
Speaker 1:Yeah, right, right on, go ahead, lacey.
Speaker 3:Well, so one of the things that you were speaking, you just spoke at our event.
Speaker 2:And you know, one of the things that really resounded with me is you said that so many people are going to be running towards listings and you said you're goingman conference in New York in February. I just got back from a conference that was less industry specific, but I think we go to the industry conferences that are really important, but we don't innovate or evolve in one. We just sort of group think, which is good, but it puts us in the herd and I think right now, if you listen to the news and what everyone's saying, it's the herd. Mentality right now is oh boy, how am I going to get paid for working with buyers which I think is ironic, because you're going to get paid pretty much like you always did but how is that going to work? So you know what we're all going to focus on listings.
Speaker 2:And don't get me wrong in real estate listers last, you want listings. It doesn't mean I will be just throwing my listings away, but I want everyone to think about this. If everyone in the industry, if all the realtors that make it all say I've got to focus on listings, one, that means a whole lot of people going after one smaller segment of the market until the market changes, which also means much more competition, which will result in prices. Right, if everyone needs a listing, the commissions will go down. And so to me it's like okay, if the whole herd says I'm going to ignore these buyers, I am going to go anti-herd and I'm going to go hard on buyer specialization and taking better care and offering more service to buyers, because why would I want to chase after the smallest piece of pie?
Speaker 1:Yeah, I love it. Yeah, I mean I think, on that note, you know buyers are. What we've all been hearing is that to work with buyers, you've got to have a super defined value proposition. Right, you've got to be unique, you've got to be able to speak to your value, and I think that's where people are struggling. A lot of realtors are struggling right now as they've been hammered that message home and maybe they're going to work with sellers because you don't necessarily need to have as defined of a value proposition or be as unique. What do you think about that?
Speaker 2:That is great. Here's the thing again. So we're you know already the market has changed. We have fewer sales, so they're saying there'll be about 4 million nationally sales this year. Fewer sales so they're saying there'll be about 4 million nationally sales this year. They're projecting that again next year. So if everyone's waiting for next year for many more sales, I think you're going to keep waiting. So if we look at that, the piece of the pie is smaller.
Speaker 2:And also think about you. Don't think the sellers are also saying hey, these lawsuits are all about, by the way, how I was paying you and the other realtor a lot of money and now I don't have to and, by the way, I don't have to pay you that and what are you doing for your money? And the biggest issue is, as I travel across the country and teach and speak and learn from realtors because I'm a journal student, I have a lot to learn. So let's be clear. I've just paid a lot of attention to this I hear oh, I get 3%, I'm just going to get 3%. Dream on pumpkin.
Speaker 2:Because if your entire market is now working on a segment of listings and everyone else says I'll do it for less, and if discount models grow more and more. If you don't evolve your services up, you have no option but to discount. If you don't have more services, you discount. If you don't differentiate, you discount. Now let's be clear If your model becomes to discount, have at it. That is your model and there's an audience for it. It's just not my model. So I have to say, to work with me, you're going to get this elevated level of service for my sellers as well as my buyers, right? So for both segments. They hire us to solve a problem and save them time, right. Their problem is they have to buy or sell a house. The problem also is they have full-time jobs and kids and lives and stress and take care of parents and you know there's all these other things and they want the details done and they want a great, seamless experience and they want services that are going to make their lives easier. That's our job, right? So to me, if you think I'll just go, like if the herd says I'm just gonna go, I'll go work with listings because it's going to be easier, it's not because there are companies that'll do it for 500 bucks. Yeah, right, and they're always have right. I can just put a sign in the yard. That's the thing, right? That cracks me up unless, yeah, yeah, just put it on mls, right? So it's like we can't. We can't just say I do this. And, and the problem too is, if you take a room and this is not disrespectful, so I'm not above anyone, let's be clear, but I do this a lot If you go into a room with a large pool of realtors and you say what's your differentiator?
Speaker 2:What do you specialize in? Everyone says negotiation, marketing, pricing, right, like communication, which is comical because, let's face it, some of the communication not so good. But if everyone specializes in negotiation, no one does. If everyone specializes in listings, no one does. So what's your niche? What do you offer above and over? Like you can't I take pictures? Great, I'm sorry. It's just like you guys saying we'll call you back, awesome, we'll close on time. That's your job, right? That's not a differentiator. So now is the time that we get to either discount or elevate, right? It's both ways or options.
Speaker 1:Yeah, totally, and there will be a race to the bottom of people that are trying to do it for for a lot less, because they can't figure out how to differentiate, how to elevate, and so there will definitely be that, which will just mean that you got to elevate even more, because you got to make sure that you create the separation between the low cost providers and people that are that are still trying to make a living doing this and not slashing their costs, right?
Speaker 2:Well, again, I mean it's okay, like, listen, I'm a strong believer. If someone calls me and says, hey, I, um, I'm going to for sale by owner of my house because I don't feel that I need a realtor, nor do I see the value in one, cool, right, like, you're right. And then someone else says I'm going to hire a realtor and I'm only going to pay them one chicken, whatever, right, like, I'm going to pay this discount price because I don't feel the value is there. Okay, you're right. And then my client will say, okay, because of the services and the 28 years of experience and growing up in the market and knowing the knowledge and your house prep and the providers that you give us and the cleaning of the house that you do and the pre-listing inspection and the over and above whether it be the documents in the house or the systems that we provide to approve pricing, anything that we do that's got value will want me as their realtor. If it has no value to them, they should go to the discount realtor. Right, and that's cool.
Speaker 2:So I think I'm not trying to convince everyone. They're my client. I think the mistake is not everyone is. I am not everyone's cup of tea, but I just proved this painfully. Um on a two million dollar listing today that someone said I have five prices. Hurry up and get in this house.
Speaker 1:I need yours, nope yeah, we feel that, yeah, we get that. And, and Lacey and I would definitely agree that, like everybody's not our client, right? Like if somebody is just hey, here's five estimates and I'm just looking at which one's going to be the cheapest and they're not going to listen to anything else, then I'll be like, hey, here's another name you should call somebody working out of their basement on the internet, you know, and that's probably who you should talk to.
Speaker 2:That's someone's right, like I think we get mad. I didn't get mad, I mean, I just said, hey, you have four right prices and, in theory, market analysis probably not, but market analysis and plans from four, I would guess, referred pretty reputable realtors. That's the only thing I can assume. My fifth one is not going to help unless you can tell me that the four you have did not offer you, so there's something missing. Was their marketing plan not good? Was their pricing system not good? Did they not have the construction people in that, because the house needs work? Was there nothing there that was? Provided you the clarity to move forward with four people? That my fifth estimate is going to be what moves the needle, because let's talk about that and guess what the response was Cool, thanks Bye. Right, no, it was.
Speaker 2:I want five prices. I'll pick either the number I want, the person I can boss around the cheapest. I'm none of those three right. So to me we can decide our time is valuable or the. The time I have to spend this week is on my three sellers that I'm literally having their houses painted and rotten wood replaced and rebuilding their steps and giving them the value, and all my contractors and picking out their flooring for them. Yes, we do all that, like I pick out the floor, I go and make sure the fireplace is correct, I go and make sure my contractors show up. That's our job, right, I have time for that because that's my client. So I think, as we evolve, because that's my client, so I think as we evolve, you know we can't be a, you know, a specialist in everything, right, and so to me that's the biggest clarity. I think, and maybe I'm why I'm in such a good place. I'm in a great place.
Speaker 2:Now, let's be clear. It is Getting less money. Yes, have I worked three times as hard this year? Yes, I have. But am I much clearer and have a lot of things? I'm excited that we're doing systems, that we're growing services, that we're offering to our clients for, like, highest level experience. Yes, because that's the route, that's my road, like that's my lane I'm taking. Right, and I think if, if everyone is like on the, you know you go to Texas and there's I'm in Virginia, we're not very big. You know the eight lane highway. If you're on all eight lanes of a highway and these are all your clients, you're in big trouble. Right, like what's your lane on your highway, that is yours, and again.
Speaker 1:God love you. If it's, I'm going to do it for a thousand bucks. Do it If price is only an issue in the absence of value, Right? So if you've got an absence of value, price is all that matters.
Speaker 3:That's all you have to offer.
Speaker 3:But we also know too, chad I mean on our end the race to the bottom doesn't end well, right, and we've been up against people racing to the bottom for the last few years.
Speaker 3:And we've been up against people racing to the bottom for the last few years and most of those companies don't even exist anymore, Because so they will and it will be a process, but they will get themselves out because there's only like you still have to make income, you know.
Speaker 3:So the racing to the bottom and taking on more work and not like it doesn't end well, so it's just a process. You know that we, that we have to go through, but I do think that this is going to bring out the best of the best, for sure, and I do think that people will really see what that value looks like. Because, to be honest, have we had to have a whole lot of value on the real estate side over the last couple years when, when it was so busy, like you, just had to be able to put a sign in the yard and open a door, and not always, I don't, I don't mean that so rudely, but not always. But now is that time and it's going to be exciting to see the people who do step up and shine and I I love seeing your enthusiasm for what you know. What we've been talking about a lot Chad is is that growth mindset right Is where we see, where social people see gloom and doom and and when the people who find the opportunity it's it's it's inspiring.
Speaker 2:But that's the time, right. I mean, if you look at this like, if you're not doubling down on, I mean I'm going to more conferences, not less. I'm reading, I'm subscribing to Inman and Housing Wire and listening to so many podcasts I've read I don't even can't tell you I'm a speed reader, to be fair but probably in the last four months I've read 25 books, right, I mean I'm just absorbing as much information to implement what I can and looking and saying, okay, when do businesses grow Like? When does? When do things change? When, when there's a massive disruption?
Speaker 2:And we have a massive disruption right now, which gives us an opportunity to prove our value, or we can't, and then we have a problem. So I think that if people were looking at this and I don't care what your industry is right now, but we're obviously talking to lenders and realtors if you think, okay, how do I decommoditize my profession? Like we can't be much more commoditized, greatest irony ever and why nobody talks about this. So the attorneys that were doing the suing, that are saying we're watching you because we're going to sue everybody who made 40% as a fixed fee of the class action suit.
Speaker 2:So literally go on their website and it says we charge 40% basically, which is the most fixed fee ever. But they are really all over those realtors charging 6%. I just can't get over the fact that no one seems to understand to me this great irony. And they're going hey, we made a lot of money, don't you worry, we're watching out for you to make more money. And I'm thinking okay, all right.
Speaker 1:Well, especially because they justified the 40% fee because that if they didn't win they wouldn't get paid, that they could do a whole lot of work and maybe not get paid. Does that sound familiar to either?
Speaker 2:Exactly Like. Again. There are times like I mean I might list a house and three days later it sells. But, by the way, it's also sort of like I've been in business 28 years and everyone's like, oh, you have this great. You know, I've learned for 28 years and I'm learning harder now. But you understand, when I put the sign in the yard which again is all we do, right, we put, I drive around all day. I'm exhausted.
Speaker 1:Lacey said it, not me.
Speaker 2:I didn't say it, but if you think about it, let's. Really. The sign in the yard could have been one year and often for us is six months of the first meeting and we got a stage. We got a paint Like right now we're doing literally all the flooring, all the landscaping rotten siding, the HVAC is sideways, I've got yellow jackets in the yard. I've had to redo all the landscaping. So we've had to hire all these people. It's been months literally picking out the light fixtures at Lowe's that we are going to pick up to deliver to the contractor on Monday.
Speaker 2:This is a house, by the way, that's $350,000. Now, I'm not saying that's not. This isn't just a $2 million house for all houses. So when you see it, go on the in the you know market and, yes, the sign goes in the yard, people are like, well, they put a sign in the yard, uh-huh, and I've had hundreds of conversations, met many contractors gone through, some that didn't show up, everything someone struggles with to put the sign in the yard. So that's my value right Now that house will sell for that, versus 70,000 less because of the work we did to prep the house.
Speaker 2:So again, what's my value? If my value to you the consumer is the sign in the yard. That's a problem, right, but let's take some ownership, because if the realtors don't sit back and say, hey, let's be honest, if we all use the recommended buyer agency agreement that have been around for years, which our area required, my office you don't get paid without one, so we've used one for years. If we had taken that as seriously as a listing right when in the listing agreement, if we hadn't just walked in and look, this isn't everyone, but if anyone says this isn't the case in some areas, it's false.
Speaker 2:If I didn't just walk into Lacey, your house, and say, oops, 6%, I'm sorry, you have to pay that, my brokerage requires it, the market, you know you have no choice. I can't negotiate it. If it was a fixed sign here and, by the way, buyers, I'm free. And then I show you houses and then they went to closing and went. You made what that's on us. That's on us for lack of clarity and lack of treating the buyer side like we did the seller side. I'm sorry. No one I've ever seen didn't do at least a listing presentation where they got a listing agreement signed that laid out the price and God hope the process. But for buyers it was wild West right, like pick you up here or whatever. That's my buyer, not really my buyer, like no explanation.
Speaker 1:So and don't worry, I'm free to you. That was great yeah.
Speaker 2:Yeah, so that's the problem, right? So I think, if we own it and move forward from it instead of trying to work around it cause now people are like, oh, I'm going to put it on this website and I'm going to put 3% on a key chain and I'm like my God, just consultations explained to the seller, this is my fee, what I earned. Here's the structure of what I'm going to recommend. Here's what I expect You're going to be asked for.
Speaker 2:Let's run net sheets, assuming let's talk about your, what you're willing to do, based on an acceptable offer and buyers. Hey, for all of these services, this is what I charge. By the way, we're going to get into this. I know Lacey's going to ask how we're going to structure it that we work super well with our lender partners as realtors, which is more important than ever, right? We're going to get into that too, but that's our job, right? If that, if those consultations and the processes and explaining the contracts and you know the services that we provide haven't been part of our job, well, shame on us, yep.
Speaker 1:Absolutely. So what if you're coaching a realtor right now, before we move on? If you're coaching a realtor right now, what would you say is for them to define their unique value proposition? Like, how would you set them down that path? Because I think that's where a lot of agents are struggling. They know they need to create their value proposition. They've been told that over and over again but they can't figure it out. They keep posting where I see like memes on Facebook and stuff that's like here's a hundred things that I do to deserve my commission and I'm like no, that's your job description. Literally, that's what every realtor does. That's the job description of a realtor. There's a reason why Patrick Mahomes gets paid different than the lowest rated quarterback in the NFL. They have the same job description, right, but they get paid differently based off of the value that they bring. So how do you coach a realtor right now and how to define their unique value?
Speaker 2:So I think so I'll answer it a couple of different ways, but I will say, if I can offer one bit of coaching too, the biggest mistake, I think, as a whole that we do as realtors and lenders and anyone else, is we don't pay attention to a question someone's asking. Ironically, you're asking a question that sounds like I'm not paying attention. I promise I will, but if I can just deviate for two seconds, the biggest question, of course, if you're going to go into an appointment, if you sit with a buyer or you sit with a seller or you go to the grocery store right as a realtor, people like, oh, I guess you're never going to get paid again, or whatever they say or go. It sucks to be you and I'm like it's great to be me. But in people, let's say, lacey asked me oh the lawsuits, oh the lawsuits, oh, what's that all about? Right?
Speaker 2:The irony is I do this discussion with realtors across the country and immediately it's sort of like all right, here we go. Well, I am worth this and this is what I get paid and I'm not a discount broker, and I'm like you're not listening to the question. So if I can like help the real estate world right now, when someone asks you about the lawsuits, smile and say, gosh, let's say that's a great question, cause there's a lot of misinformation out there. What have you? Let's talk about your understanding on it, cause then I can really help explain, fill in the gaps and really kind of correct the wrongs I keep hearing. So let's pause right there, cause I just want to say that again.
Speaker 3:Yes, love that and I think it's the biggest coaching piece. You spoke about that on stage and I loved it, because we instantly go into what our response needs to be and we need to listen to what they know and what they hear first, because it changes, does it not, the whole direction of what you're going to say, based on what they have already know or what they've already heard?
Speaker 2:But again we get to naturally like, look you're, you're in theory in your head someone's attacking your income and I get that, but quite frankly that's not it and usually it's wrong, and get to diffuse it and you get to be the consultant, you get to explain it. Like, to me, nothing is better If I, many times a a day, I can say oh, what have you heard? Oh, that's so interesting because I keep hearing that. Can I just tell you really what's going on? Can I just briefly explain this to you and understand the benefits actually of this lawsuit, for clarity, like if we can make this positive. And, by the way, they didn't ask you what you get paid. They asked you about the lawsuits. Or they say I heard that I don't have to pay a buyer's agent anymore. Well, let's talk about what you heard. Then they answered and said well, you know, you never did. Just to be clear, you still and always could put your own side in the yard. You can offer 500 bucks without whatever it is you, your business model and your ability to do it yourself Hasn't changed.
Speaker 2:What's changed is the field in the MLS, there's no longer a compensation field and what's changed is the buyers have to have a signed buyer agency agreement, right. So the fact that you don't have to pay you didn't right and so and that the buyer's agent now is going to have to be really clear to the buyer what they're offering for their compensation. There is no longer cooperative conversation and the problem too is, if you look nationally, the realtors are confused because I can tell you like EXP, by the way, I'm not an EXP agent but shout out to them on a more national level. If you haven't paid attention, read about it. People lost their collective marbles because EXP said we're no longer offering cooperative compensation. By the way, the whole basis of the lawsuit they're not saying that we're not going to compensate, that a seller isn't willing in their way in a contract to compensate a realtor. They're saying that we no longer, as brokerages, can share commissions. That's the lawsuit.
Speaker 2:And people. I hate eXp. Exp is not for realtors. It's like no, you clearly misunderstood the whole basis of the suit. So I think if people really just sat down and understood it and, by the way, you have to know it better than your client. I can't sit with a client who knows more about it than me Now, at this point they won't, because I've studied this for ad nauseum for hundreds of hours but you have to dispassionately, non-emotionally, say no, actually, this is what it means. And here's the benefit to you. Here's the benefit to you as the buyer, here's the benefit to you as the seller. Here's what I recommend we do. The strategy I recommend is X right, that's why they want us. So this whole, I'm not discount broker. They didn't ask you that, right? So take a breath. What have you heard? Well, that's interesting. What do you mean by that Really? Then go, okay, now I know how to answer this question. So that's that's.
Speaker 1:I'm sorry that was off topic, but um no, I love it Cause it's actually relevant for for lenders to to ask that question because it's something we should ask. All the time People are like oh I, you know rates are rates are going down Right, or you know, whatever it is, it's well, tell me what you've heard. I mean, it is relevant to both of our fields, to everything, to all sorts of topics, not just the settlement. So thanks for dropping in there. When I saw you speak last, that's one of the big things I wrote down. Use the phrase tell me what you've heard about to answer most questions.
Speaker 2:So let's talk about that when? Where do you, where did you hear this? Or what do you mean by that? So I make sure I answer the correct question.
Speaker 2:But finding our superpower is what you were asking earlier, like how do we, how do we differentiate? And, honestly, that's really hard. It just is because in a commoditized business, we all say the same thing. We all say I'm look, and we should be like I'm a great negotiator, gosh, I hope so. Right, I'm a great communicator.
Speaker 2:Okay, marketer, I'm great at marketing, I'm great at social media, like all the things. I can get this done quickly. I'm going to make you the most money. That's all the basics, right? Those to me, are not traits. I mean, they're traits but they're not a differentiator. Those are the basics.
Speaker 2:So to me, the differentiators look, if I've done this for 28 years and I boil down, I think I'm really good at what I do. I think I can help. If you need to sell your house, I can help you between a hundred thousand and probably two and a half, 3 million, right? So then you think, well, that's not a real differentiator. But what am I really really good at? So I'm really really good at a first time home buyer because I have systems and time.
Speaker 2:I will spend a lot of time explaining the process and really making a bunch of complicated noise simple, right? So you don't need to worry about all these things and I'm not just going to send you a form to sign. We're going to sit down and we're going to go through your wants and needs and why this may not be the right time for you to buy. And this is what's important and this is the process that we know works right, and we're going to handhold you every single step of the way, like through the whole thing. We're going to take care of everything for you. I'll make sure your movers are set. I'm going to make sure you have an amazing experience. You're going to have a surprise in your fridge when you're done, like we're going to take care of all of it.
Speaker 2:I know I'm. You know you buy your first house. You just never forget it, right, like it's home ownership. It changes their lives forever. So I'm really good at that. I'm also really good at taking a home sale process. So if you've lived in your house for 30 years and you've got too much stuff and you don't know what to do, I know what to do. I am a wizard at that. So my specializations right are really taking you through the whole process of decluttering, staging, home improvement, getting the contractors in this entire process, the pre listing to get you the most money is what I'm really good at, right. So let's talk about what are they really good at. Now I have realtors that are like I don't like a first time home buyer, cool.
Speaker 2:So is it a downsizer? Is it a corporate move? Are you an expert in relocations? Are you an expert in what phase of the market? Military, like, if my spouse was in the military and I specialize in physicians, right, I know that physicians are my niche because I really know you got no time. I've got this covered for you. Here's how we're going to do this for you remotely. So they've got to come up with what are they really good at, right?
Speaker 1:And what do they want to become really good at? Because there's agents that have not sold you know anything yet, and they're trying to figure out how to navigate this market and how to create their value proposition. So they've got to lean into something, right? Well then, they've got to learn.
Speaker 2:So are you an expert in certain neighborhoods? Are you an expert? Because when you're brand new, honestly, you're not an expert, and then it takes you a long time. And then people I think are scared to define a niche because you alien other people, Not true? If I can help anyone who's really got a lot of work to do with their house, imagine how easy it is for me If I, if you walk in, if I can walk in and your house is already sweet, it doesn't mean I can't help you. It's just that we can proceed more quickly. So I think that expert in everything is expert in nothing. So look, but here's like if I'm 20 years old, I'm not going to say I'm an expert at seniors like I always laughed, because when I started I was 25 and everyone's like you should get your senior real estate specialist. And I was like what? I'm so sure that it's going to be convincing based on not that I can't be a specialist, but like I don't.
Speaker 2:My family, my dad, was in the military. He just passed. But is the military buyer my specialization? I can certainly do it and have worked with tons because of NGIC and DIA here, but is it necessarily the thing I know better than anything else. No, so maybe some people are great. My brother's a licensed home inspector. So can we say we know homes and prepping homes and getting your home, that we're gonna avoid expensive repairs because we take that time? On the front end? Yeah, because I've got a specialist. So I want them to think about are they specialists in marketing? Maybe they can get your home sold on social media better than anyone else. That's what I'm really good at. Then that's what they market mine. That's what I'm really good at. Then that's what they market.
Speaker 2:So the problem is everyone thinks, oh, I'm going to say I'm a great negotiator like everyone else won't. So for me it's like they've got to find. To me it's like what gets them super excited. Like people say, to find what you're really great at. What would you do every day if you didn't get paid? Like what would get you up every day if it wasn't just your bread and butter? But man, I know that better than anyone else. And for me for months it was the lawsuits. Like I've been talking about these lawsuits, I mean, for I know I've read the whole NAR reports, I read every article, I've watched every podcast because it was that important Right, and and that's probably why I got through the noise of it so much faster is I was like, well, this is not a big deal. Right, Like I'm not worried about demonstrating my value, I'm not worried about explaining my opinion.
Speaker 2:And again, if a client says I'm just not paying you or the other agent, that's awesome, they will find a realtor that will do that right. So I think that's the biggest thing right now. What is my line in the sand? And also, like, what are my non-negotiables? Like, if you're rude to me or my team not, Like you're not going to me or my team not, like I you're not going to.
Speaker 2:And if you don't want to follow my process, if you're like no, no, no, no, I'll use my own photographer, we're going to do our own. No, like that's cool, A realtor will gladly probably let you do that because that'll save them maybe some money. That's just not how we work. So I think, if we're clear on my non-negotiables right, Like no jerks and no one that doesn't want to pay me, I mean those are kind of basic right. But I think if people really and I've spent years and continue to I'm getting coached on it now, Like I'm about to go through, with Renee Rodriguez, an entire ethos exercise. It's three weeks. I feel like I know myself pretty well, but I'm like again I got to go to a higher level of what's different about our team and what I'm passionate about to help my niche of clients. So I think it's a constant refinement and it's so much fun, yeah.
Speaker 1:Like, I love it Well that's what you and I bonded over too. Is just that like idea of being a lifelong learner, like looking to elevate constantly and I think that that's where a lot of people miss the boat, right? Is that like, if you just commit to that and you commit intentional time around that thing, you will come out on top with this, like create your niche or into being curious and being creative around that and go for it? Like go go play big with that, right?
Speaker 2:It's just more fun, right, like I mean, I think, look, I'm, I'm very like, authentic to who I am. Right, like I am. I might not be for some people I'm I talk kind of quick I got a sleeve full of tattoos. I I am very loving of all people. I am not going to accept people bullying anyone for any reason. Like, I just know who I am and I think, look part of that. I'm now 52. You know what? Was I that confident at 30? No, because when I was 30, I really wanted to.
Speaker 2:The funny thing is is you evolve right At 30,? You know, in my thirties I was in a coaching program and I just wanted to beat you. I just had to beat you. I was going to, I needed to sell one more than you, because that was my driver and not because I didn'm like, how can I bring you with me? Like I don't care if you're in the office next to me or across the country. How can I? How can I help bring you like, how can I help you evolve into your best? Cause I don't feel like if you do well, it's taking from me and I think that's the biggest problem right now is it's like, oh, I've got to capture this and there's not enough. There's plenty, right. So, like, how can I help you?
Speaker 2:You know, find your thing which, by the way, is not my thing right? Like I'm a sheller. People are like, well, what's that? I go shelling and look for shells with old ladies and most people are like you're crazy but I love it. So you know, my people are not your people. The way I do things is, and me elevating services and doing more and more, a lot of people here are like I don't want to do that. Awesome, don't do it, right? So I think, if we think of it that way, like how we bring our, you know, like to me look as an industry, if we don't fix our names and we don't elevate realtor to another level and what we provide and the services we offer, we go by the wayside. Right, and same with you guys. If we don't team up better and I know Lacey wants to talk about that if we don't really work together not only for ourselves but for the best of our clients, then our value diminishes. And you know, I truly believe that.
Speaker 1:Yeah, Lift as you climb right. That's a, that's a big thing. That's in the back of my mind right now. Well, yeah, so you mentioned it already that's. One of those niches is that you have people like you have a team, not just your real estate team, but you have like your go-to we could say vendors, but like, literally like your dream team You've assembled, you've curated that.
Speaker 2:My tribe. It's my tribe right.
Speaker 1:Right, your tribe, and that's part of your value proposition. And so, not to sound self-serving, but I want to talk about that because, from a lender standpoint, I do believe that we need to be part of that tribe, that we are a more important piece of that than ever. So how do we, I guess how do we bring that together? How do we make sure that realtors understand the value in having that curated dream team, their tribe? That is part of your value proposition. How did you come to that and how do you deploy that?
Speaker 2:So I think, look, you know people, they hear team and they're like oh, she has a big team. Let's be clear, it's me and two people. I do not have a big team, I, that's just not how I roll, but I have a great tribe, and so I think that it's a mistake to not think how do we work together, how do we help each other, but how does it benefit the client, right? So let's talk about I've always it's hugely important for me to have my, my lender partner, because we absolutely are like, the success of this for the client is massive. So we're talking about buyers now mostly, right, so to me, especially now. So here's what I'm going to see, if I see, and that this is so new, like we've been since August 5th for everyone else, it's just been a couple of days right Since these have taken effect. So lenders in terms of adding value. So I'm going to hop around a little bit, but I think it's important Right now. I think, for any lenders that are partners with their realtors, it's reaching out and finding out, like, what's your plan right now that we can work together even better, because I think there's still going to be, I think, a lot of realtors, the world they're going to have to, are they going to get in huge trouble Cause, like I said, big brothers watching are going to adapt to begrudgingly. And I think at the door which is a mistake they're going to get a buyer agency agreement sign. Hey, oh, I can't open this door. Here's my key, but sorry, it doesn't work till you sign this document. That's a massive disservice, right? So, number one, the buyer consultation huge. But how does that bring the lender in?
Speaker 2:Okay, let's talk about how things have changed. So let's just in a selfish way. So if I'm a realtor, I'm going to be selfish about it which, by the way, selfish isn't always bad and I need to make sure I'm going to be compensated, right. So I have to explain that. But, furthermore, I can't assume anymore what that unknown seller in an unknown house that I haven't seen yet is going to offer or not offer, right, and if I'm doing the best job for my client, that means I'm reaching out. So, right now, there's two of you. I'm picking Lacey, lacey, and not because I'm not picking you Chad, but Lacey's my lender.
Speaker 2:Okay, lacey's my lender and actually, chad, you're the buyer. So I'm having my consult with Chad and I'm explaining my. This is the services I offer. This is the fee that I charge and my expectation is and just so Chad knows, as the client, I will be writing that into the contract. By the way, realtors, only way you're going to get paid.
Speaker 2:I don't know what people are telling you, but I hate that people don't say they're writing in the contract. Yes, you must. So anyway, that was an aside. But, chad, let's talk about how we're going to get this, how this compensation is going to happen. I'm going to be writing it into the contract, but we do need to prepare and talk about what if that seller let's say there's 12 offers, right, and that seller now who was offering compensation, says too bad, so sad. So here's what we need to do.
Speaker 2:Like I know, we've already set up a consult with Lacey, we've run some numbers, but I'm going to have Lacey run some scenarios for you, because we need to be prepared in the worst case scenario, that that seller is not going to compensate me at all. I can't have this be a what are we going to do now? So Lacey's going to show you scenarios of what might need to happen with your down payment, your closing costs, adjusting pricing, what the scenarios might need to be in the very worst case. By the way, I don't think that's going to be common, but we have multiple offers and we have to figure something out. I need you to be prepared for what those numbers look like so that we can be on the same page. So Lacey's going to run different scenarios based on the seller paying all the compensation, part of it, you know, maybe again one chicken of it, two chickens.
Speaker 2:I don't want to be fixing commissions, but she's got to have you, chad, prepared so that when that happens and I go show 123 Main Street and they're offering X and I charge Y, I just want to be again we don't fix it. Yeah, it's good that Chad goes sweet. That's option B, I got it. I know exactly what I need to do. All right, we're writing this offer. I'm competing, so I'm not going to ask for more. But, by the way, guys, no one talks about what I charge is what I charge. I can write whatever I want into that agreement, as long as it's the agreement Chad and I have. What is offered anymore is irrelevant. This is the next mistake.
Speaker 2:All the people that are like this is not worth an offer or anything, Write it in any way unless you're in multiple offers. So it's a negotiation piece, but to me the long and short of it is the lender realtor partner. We need to work together even more as soon as.
Speaker 2:Chad comes to work with me and I send him to Lacey to get pre-approved prior to our consult, I need to call Lacey and say Lacey, chad's going to be coming in. Just so you know, my compensation and my agreement is X. So when you're having a conversation with him, I need you to run those numbers because he has to be prepared. And let's, here's the question, the sphere right out here what if Chad just can't? What if Chad can't pay that amount? Well then we're going to have to have another conversation, right? Am I just going to ditch Chad? No, because he's my client, right? This is how things work. So the seller can pay this much. Maybe Chad can pay this much. I have to use my remember our negotiation skills. I have to use my putting things together skills to make it happen. So, listen, lenders listening right now. If you're not reaching out to your realtors, I always think it's funny, because I know lenders are like what do I say and what value do I provide? We think calling your lender, your realtor partners, right now and saying hey, marjorie, I just want to make sure that we are set so that, when we having these conversations, we can make sure that you're going to get paid Right. Okay, that's important to me too. So's the basics. So to me, if I laid it to the wild wild west which I don't understand how people don't do anyway and they go over here to who knows who, 1-800 loans dot, xyz again, I don't know. Um, that conversation is not going to happen. Or does that person say you don't need a realtor? I don't know, because there's an unknown on the other end. So I need it and it's by the way. I'm not working with you, lacy, because you say they need a realtor. I'm working with you because we're solving a problem. The potential problem is that buyer is liable for compensation to me. How do I fix the problem before it happens? So it isn't a shock or a reaction, because I assure you l what's going to happen is these conversations won't happen and your Lacey's going to get a call that says hey, lacey, I need you to find me my 3%. That's horrible. That is not taking care of the client.
Speaker 2:So to me, that relationship, my trust in you, my faith in you, has to be there anyway, because you have to do the process the way I need it done. My job is not to chase you down right, I need to know they've made loan application and if they haven't, you better reach out to me because I promise it'll happen quickly. I need to know the appraisal has been ordered. I need to know that it's come in, and then there's not a major issue. I need to know the closing disclosure has gone out Like cause. We're not gonna close on time, not going to close on time Like that.
Speaker 2:So my partner and I are very clear I need this, you need this. If I need to be bad cop, I will gladly be bad cop right In a very loving, kind way. But what do we do for each other? And what is anyone who has had a bad experience, whether you're a lender that had a bad realtor and yes, we exist too and you think, oh good, god, or vice versa, where we're thinking, man, I crushed it, took the best care of my client, but the lending side was a disaster, or vice versa, I don't care how great you thought you did, it was a bad experience for that client that does not get referrals, or a lifetime client.
Speaker 2:So, but to me, take it further, like if you think, like your inner team is that bullseye and a? You know, like you're playing darts and you got the bullseye. So my three people in our team, that's the inner, and then my next circle is my tribe, because my homeowner's insurance provider has to kill it, my attorney has to kill it, my home inspector has to kill it. By the way, all the vendors that take care of me that get into houses right away. They can't not show up. They can't do a bad job, so these people have to I get the business. They have to make me look good, take care of me, really be great with my clients, which then makes my clients lives easier, which is why they're working with me, right Like. There are still people that are like here's a list of vendors, good luck. I'm like what are you doing?
Speaker 3:How do you, marjorie, when you have a client that comes to you and they've already beenapproved with some lender that you don't know trust is going to get you there, which puts your reputation, you know, at stake, like I think that's the biggest piece with my agents sometimes is is what, what is the best script or what? What do you? How do you like to get through that? Not to steer them to your person, but to make the client believe that the reason you're doing this is for their best interest?
Speaker 2:Well, I think the thing is sometimes it's not just the name. So again, chad's my client and Chad says I'm working with XYZ lender and I'm like, ooh okay. So, chad, I'm going to take one second. So I don't know this lender, so I'm just going to say right away that I have no idea that their processes are like mine. I do not know that this line that we're going to cross isn't going to have things.
Speaker 2:So here's the first thing I need I need you to get me a breakdown of all your costs, because I can't tell you in good faith what's happening unless I know.
Speaker 2:Here's what the fees are, here's what they say. I actually then need to call them because in our area, a full approval includes an underwritten appraisal and most lenders don't do that, and then it messes us up and then it delays closing. So if you could get those numbers to me, I really need to review them, because right now I have to tell you, I have to make sure you're clear, because I don't know this person. I cannot tell you that I have any control over this part of the process or any ability to help you if and when it should go wrong. Are you okay sharing that with me and then letting me have a conversation with that lender, because, quite frankly, I do this every day and you don't know what you don't know, so I wanna be able to say that doesn't look right. Or, and again, if that's your trusted person, great, but I'm gonna have to work really closely with them. So I need that information so we can move forward. I like that.
Speaker 2:I'm not going to talk them out of him yet because, quite honestly, that's their brother or that's their uncle. There's a reason they work with them and I'm going to say that to start now. Often, if they send it to me, I'm like, well, like no. Or they're like, oh, here's our pre approval letter. I'm like it's not a pre approval letter and and hey, you're going to have to get me this letter. We don't do that. I'm like that doesn't work here. And then I say, look, I need you to talk.
Speaker 2:Depending on if I hear a name and I'm like, oh, no, I'll say hey, and we're going to have another consult. I know you did one and you know you can tell them what the credit score is, in case they're always scared by the way of the credit pool. It's like, well, let's, let's talk, because I have serious concerns. Now, if I've had a bad experience, I just say, no, you can do this, but I'm just writing down right now that this is going to be an absolute disaster and this is going to be a nightmare that you're going to regret. So it just depends on what stage it is. But I think that's our job. Like if they recommend a closing attorney that I know is awful. I'm going to say no. Now you can. I can't tell you who not to use, but let me just tell you what's going to happen. They're not going to respond, we will not close on time, they will not disperse, you will not get keys 28 years right. So I think it's my job If Chad says I'm going to use them cool.
Speaker 1:But then when it Well, I think the my assumption and not an assumption, but understanding is talking to a lot of agents is that they just if they hear I'm already pre-approved with somebody else there, that's okay, that's the end of the story, right? Like they're just kind of like, well, they're already pre-approved. They don't ask the question like how married are you to that person? Like how do you find them?
Speaker 2:Problem two again now, listen, I have my chosen lender that I want everyone to work with. There are a couple that I know are really good. They're just they, they're in town and they do a great job. And if they're married to them and I know, listen, I've worked with them and if it weren't for my relationship with my chosen lender, I would, you know, work with them too Then that's a different story than I think our, our loyalty is to, of course, you, but ultimately to the client.
Speaker 2:So when I know it's going to be a you know what show, it's a massive disservice not to say it. And again, I tell them. So part of the consult is, listen, lacey, I have a team of professionals that I work with and have worked with, and they do an amazing job for my clients. I work with them personally. I'm going to be recommending people. You get to ultimately make the decision. I just know for the process and closing to happen as we want. This is how it. It works really well.
Speaker 2:So if they again say, cause sometimes, frankly, oh, it's my cousin, I'm not going to, but I'm still causing, calling like, dude, cousin, here's how we do it here. Like, I need this, I need this. I need this, I need this. No, you can't give me the, the letter that you send at the beginning and call it an approval letter. I need no approval letter Like um. So to me that's our job.
Speaker 2:But I think look as if I want a second opinion. Yes, I will often say listen, I want you to talk to my lender, I want to compare, right, like I need to make sure I want you to talk to them, but I think not asking the questions is the problem, not voicing when we know there'll be concerns. Yep, right, so I think again. So there'll be concerns, yep, right, so I think again, part of the process should be before you meet, I want you to talk to my lender, and I tend to avoid that a lot, except if it's someone that comes in who has this. They're already established with their lender, and I'm new makes it way harder, right, when it's me that starts and then I get to establish. It's way easier because I'm the first person, I'm the consultant, that's referring versus the receiver.
Speaker 1:Yeah Well, and you said it earlier, I think that it makes sense to also bring up the fact that you need to assume that the conversations that any if you don't know what conversations that lender is having you probably should assume the worst. Just looking out for yourself is like they could be trying to talk them out of you using an agent. They could be telling them that they could write up the paperwork for them. There are lenders that are going to get licensed to try to take business away from realtors.
Speaker 1:They're sick of getting business taken away from them, right? So there's a ton of that.
Speaker 2:Here's the funny thing, right, Like the realtors. So the big thing across the country in different areas is the realtors that are also becoming lenders and the lenders that want to be realtors. I'm like guys I'm going to say this in the lovingest way Realtors don't know math and so for, and we need to fill in 20 spots in a contract and if you guys, if realtors work with enough realtors, that's already hard for some realtors, they don't need to be doing the math and vice versa. You got to stay in your lane of getting your part done and I will take care of your clients. Like, I think, if you're really great at what you do, it doesn't mean you can't add services. It doesn't mean you might have a partnership or whatever. But to say the market's gotten tough, I'm going to do this other person's job when I'm not doing mine really well to me is crazy. I agree.
Speaker 1:Amen, amen, marjorie yeah.
Speaker 3:Awesome. Well, this has been wonderful. We I mean, we are, we are out of time. But, marjorie, I just, you're just always so real.
Speaker 1:Yeah, I agree a hundred percent. This was awesome. I think we should do it again because I've got more that I want to ask you. But man, we've got to cut it, cut it off. But I do want to get this in here because you do coach realtors and a lot of realtors that need coaching, and you do it nationwide. So how would somebody get ahold of you, marjorie?
Speaker 2:So what I'm excited about is we're partnering and doing next level coaching for realtors, and so to get in touch with me, probably the easiest is you can go on Marjorie Adam, team realtors. Send me a message on Instagram or Facebook Marjorie at Marjorie Adam A-D-A-M teamcom. Just Google me. Send me an email. We're going to be launching the social and everything else we're really careful about. We're growing slowly, but I think right now, affordable coaching is what's really important. I've done super expensive coaching and now it's like listen, let's help people. Everyone needs help in a way that more people can do, and that's what I'm super passionate about.
Speaker 1:Yeah.
Speaker 3:You guys can also reach out to us. I mean Chad and myself. We can get definitely get you in direct contact with Marjorie as well.
Speaker 1:Yeah, a hundred percent, we'd love to do it. Marjorie as well. Yeah, 100%, we'd love to do it.
Speaker 2:Marjorie, you're amazing. Thank you so much. Thanks for having me. I really appreciate it. This is always great, the more that we can get people excited, focusing on their specialties and partnering with. You know, the lenders and realtors and just you know. Seeing this as an opportunity and not a setback, I think, is what I want to do.
Speaker 3:I couldn't agree more I think we are. So I mean we are an industry together, you know, and and to be able to collaborate together and figure out how to, how to, to keep moving forward and growing together through this is is where it's at. So we appreciate you. Thank you so much.
Speaker 1:Yeah, thanks, marjorie. All right, well, until next time, guys, thanks for tuning in and share this. This was great. Share this with somebody that you like. If you didn't like it, then don't share it, I guess.
Speaker 2:But we appreciate you and share it with someone you don't like.
Speaker 1:Yeah, share it with someone you don't like. If you didn't like it, I'm sure you loved it, though, because Marjorie knocked it out of the park. So thanks, guys. We will see you next time. Bye, see ya. You.
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