Crazy Sh*t In Real Estate with Leigh Brown - Episode #103 with Aaron Hendon

In a day and age where there seems to be shortcuts for
everything, Aaron reminds us to slow down and think. After all,
as a client buying or selling a home you’re choosing a realtor,
not simply tonight’s dinner! Tune in to hear how Aaron compares
waiting tables to selling homes, and why choosing a realtor based
upon likeability over competence can leave you paying more and
getting less. Listen to Aaron’s advice on interviewing your
realtor to ensure you don’t end up calling voicemails and wishing
you had stopped to think.


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Time Stamped Show Notes:

00:43 – Aaron’s background

00:50 – He lives on a small island off the coast of Seattle
called Vashon Island; it’s an island of hippies and artists

01:01 – He’s been selling real estate for 5 years, has
invested in it for 15, and has an entrepreneurial and art
background

01:18 – He worked in food service, opened a bakery, got into
a sales career, and found his way to real estate; he loves it

02:00 – Like waiting tables, being a realtor focuses on
taking care of people and Aaron loves that

02:26 – You need to mirror and match and find out what they
want

02:51 –The way people choose a realtor is insane; it’s with
the same diligence that we use to choose dinner

04:35 – In residential, clients tend to choose likeability
over competence

04:45 – His team sells for 5% more than average; he
researched why people don’t ask questions about these statistics

05:10 – Aaron loves podcasts and learning, so he was
listening to Freakonomics Radio and an interview with Michael
Lewis, author of “Moneyball” and “The Big Short”

05:32 – Michael also wrote the “Undoing Project” and
discussed behavioral economics and “mental shortcuts”

06:45 – As realtors, we always want to stay “top of mind”
because the brain shortcuts to what is top of mind instead of
having to think

07:28 – Aaron wrote a book on those shortcuts called
“Shortchanged by Shortcuts”

07:45 – Aaron believes we are thinking less and less, but he
battles it by pointing it out and slowing down

08:25 – Just slowing down a little bit can allow for some
real thinking

09:30 – If someone is committed to using shortcut and not
slowing down, he’d rather not work with them; they won’t see the
value in truly thinking about the process

10:56 – Some sellers treat their real estate investments with
a cavalier attitude when they should be choosing their agents and
decisions wisely

12:09 – Realtors did this to themselves: There’s no
apprenticeship program, no journeyman master, conversation, or
framing for the consumer

12:44 – Real estate has the lowest bar to entry; the person
who cuts his hair must do 1000 hours, a realtor only must do 90

13:26 – Consumers should interview and ask for track records
to see who has done the best job

13:55 – The first question every consumer should ask their
potential realtor: the percent over asking price that they’ve
gotten for a home, this shows how good they are at pricing and
advertising

14:49 – Other questions: Do you work on a team or alone? What
is your commission?

15:00 – Someone on a team is usually better and if they can’t
defend their own equity (commission), they won’t be able to
defend yours

15:27 – Leigh disagrees with the anti-team approach and
believes it depends on the individual’s structure, focus, and
availability

16:20 – Many people complain about realtors not calling them
back

16:40 – When Leigh was making phone calls for RPAC (Realtors
Political Action Committee) investments for the year, the active
and dialed-in realtors all answered while the others went
straight to voicemail

17:27 – This a good way to tell who is active and
professional; these are the only people she recommends in other
markets

17:51 – One thing Aaron thinks will happen in 2018

17:59 – Two more interest rate hikes and a leveling off of
the market as a whole

18:37 – Contact Aaron via email at aaron@eandgo.me and find
his books here

3 Key Points Slow down and think when choosing a realtor; your
property is one of your most valuable assets. As a consumer, you
should always ask the percent over asking price that they’ve gotten
over a home and their commission; if they can’t defend their own
equity, they won’t be able to defend yours. Whether on a team or
solo, be active and professional; you’ll be respected and referred
by other realtors and clients.