Tulsa Mortgage : Podcast 138 – Part 2
Tyler: No. Not happening.
Steve: And have never negotiated a contract on their own house ever. Or here’s a great one. Have never owned a house. Have never bought a house. I’ve never even bought a house or sold a house. Or done anything. I just went and took a 80 hour class and now I got my license. So now I’m gonna come and Tulsa Mortgage negotiate your $250 thousand dollar deal.
Steve: That doesn’t sound sexy to you?
Tyler: That sounds painful to me.
Steve: Which is exactly why it’s not appropriate for you to hire an inexperienced realtor. Say what you want. Get mad at me if you’re a realtor. It’s real easy. Go get some experience. Get some training. Read a book on negotiation.
Tyler: Work for a team.
Steve: Work on a team. Learn. Get a transaction under your belt. You know if you’re watching on Total NNU you will see this. This is your … I’m kinda doing like a graph. And your learning curve can be flat. Because you’re learning on one or two deals a year. Whether you’re doing mortgage or real estate. Or it can be super vertical.
Because like Casey, who works for us. You know between the months of August and January saw more files, applications, credit reports than most loan officers see in their first couple of years. Because she’s working for us and our team. And we’ve given her a bunch of stuff. She took a lot of apps. She’s knows what she’s doing now. She might have … It might have taken her two or three years to get the experience she got with us in eight months. Right.
Tulsa Mortgage Steve: So, I don’t dog the person. It’s not anything personal against whoever your best friend’s next door neighbors cousin’s sister mom is. ‘Cause that’s what it is. I mean that’s exactly what happens.
“Hey who’s your realtor Tyler? Well, my sister’s next door neighbors’ sister’s mom’s brother’s ant is a realtor. Really? Who does she work for? I don’t remember. She works at a convenience store. But she recently got her license. And I was talking to her the other day when we were at the bar. And she’s really nice. And she can do some tequila shots. I mean it’s amazing. I have never seen a woman who’s 115 pounds drink that much tequila and not pass out. So I’m super impressed by that. So that’s why I’m hiring her to negotiate my contract on my $400 thousand dollar house.”
Tyler: I like it, yeah. Maybe she’ll be drunk whenever she drives you to your house.
Steve: Well she wasn’t drunk. She could hold her tequila remember?
Steve: So that’s impressive.
Tyler: Buzz driving is drunk driving.
Tulsa Mortgage Steve: This is true. So maybe I should have said. Alright. So listen I’m beating this horse. It’s dead. This a dead horse I’m beating, beating, beating.
So listen, maybe your mom. Maybe your mom is a realtor. And you want to help mom. Because mom is trying to get a few transactions under her belt. She wants to get the experience. There’s nothing wrong with that.
And there’s really not anything wrong with having an inexperienced realtor that’s working for you. As long you know it. And as long as you can negotiate. Because if you’re going to be the bulldog that knocks the sellers face off. And they’re crying and coming to the table with money. Then yes you need an experienced realtor because they know the rules and all the stuff. And how to write the contract. But you’re less likely to get hurt. Right. Because you didn’t overpay. You negotiated well.
Tulsa Mortgage But having a good agent that knows the market is invaluable. It just is. Having a good agent that knows the market.
Because let me give you an example. I don’t if Tyler you and I have talked about this. But we had one recently where Ryan they had a house they were making an offer on. I think that’s the one they ended up buying. That the people that own it had bought it for $200 thousand bucks. Four years ago. And they had it listed at 235 thousand. Okay.
Well if you don’t know that they bought it. It really doesn’t matter what they paid for it. But let’s say you don’t know what they paid for it. All you see is it’s listed at 235. So your agent is trusting the listing agent on what the house is worth and they just go in and make as offer of 230 with closing costs. And the seller just jumps on it. Because they bought the house for 200 grand. Three years ago. And it’s not worth 235.
Steve: Right? That’s what can happen. You know what happened this clients case. Is he made an offer for 210 or 208 or something. And most people will be like “That’s offensive. That’s offensive.” Like we have our at 235 and you made an offer for like almost twenty thousand thirty thousand below that. They took it. They literally took his offer. You know why because he was educated on the market. And by the way he has a good realtor. I know the guy. The realtor is the one who sent him to me. I’ve done a lot of business with him.
This guy … But even still Tyler me and this agent both said ” I don’t know what’s going to happen here. ‘Cause he’s making an offer that’s thirty grand Tulsa Mortgage below contract price. But they accepted it.
Tyler: That’s what happened to mine.
Tyler: Twenty thousand below.
Steve: That’s exactly. Because Tyler knew the property. He knew the market. He knew what it should sell for. He knew the situation. It was a lady that was elderly. That just wanted to get rid of the house. And it needed some stuff done to it. And so he figured it out. Right.
Tulsa Mortgage Steve: So he still had an agent. This guy Ryan still had an agent. And even if the agent says … This is what people don’t realize. If you go to make an offer on a house. And your agent says “I can’t submit that offer for you ’cause it’s too low.”
Steve: They have to. They have to. And if that … They literally have to submit all offers. They have to. So they do that. Call me and I’ll get you the realtor that knows what they’re doing. That’s what happens. Boom.
Speaker 1: Broadcasting live from the Koala Studios in Tulsa, Oklahoma. You’re listening to the Steve and Tyler show.