Crazy Sh*t In Real Estate with Leigh Brown - Episode #79 with Gary Balanoff

In this episode, Leigh’s guest, Gary Balanoff talks about the
importance of managing the relationship between developers and
agent—Gary will also share his crazy story about the time an
indecisive couple asked him to see more than 80 homes, before
making a decision that would cost him his commission and a little
bit of his sanity.


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Time Stamped Show Notes:


00:39 – Leigh welcomes Gary Balanoff

00:52 – Gary has been in real estate for 33 years



01:10 – Gary worked as a broker for 18 years, and has
lasted this long because he enjoys the process of working
with buyers and sellers



04:06 – A pastor was moving to town and needed a place in one
area but the availability wasn’t great



04:20 – They looked at more than 40 homes but there was
always something wrong with each place



04:38 – After looking at all the homes, the pastor eventually
decided to call it quits—they decided to rent so Gary set them up
with the rental manager. However, Gary kept looking



05:02 – After 6 months, they resumed looking, and
considered another 40 homes—more than 80 total now!—but
again, told Gary there was just something missing in each
home

5:26 – Gary said those were the only ones that fit in
their price range and they decided to rent for another year



06:11 – Two months later, Gary closed a deal with a young
couple and was welcoming them to the community when he asked if
they had met their neighbors—they said YES, and dropped the
pastor’s name!



06:48 – Three months before that, Gary had shown them
that particular home

07:04– Gary went to the model center and asked why he did
not receive his commission

07:28 – He was told that the couple signed the contract
40 days after they signed the 30-day registration period

07:51 – As a new home builder, they need the cooperation
of agents

08:20 – Two months after that, the company declared
bankruptcy and the builder went out of business



09:02 – Leigh says buyers and builders do not understand what
value a realtor brings when they are buying – they serve as a 3rd
set of eyes and ask the questions others may not think to ask

10:01 – Gary had a chance to work again with the young
couple   



10:40 – They spotted a new development and told the agent
they were working with Gary and the agent called him

11:01 – Gary was present for the actual contract writing
to make sure they got everything they were really looking
for—he also helped them with the move-in process and Gary got
an extra bonus on top of his regular commission

12:01 – The builder was kind enough to recognize that
Gary was working with them and put him on the contract



12:15 – The bottom line is to be proactive in your
relationships with all people

12:37 – Leigh says the main task of an agent is to make sure
the clients is protected, that they have quality construction and
a good location

13:18 – Gary says to always do the right thing by your
client—if you make sure you take good care of people you’ll do
well

14:38 – Gary always asks his client how they want to be
represented

15:19 – Gary thinks there is a decline in the overall ethical
standards as people are leaning on the state standard of
transaction brokerage and clients do not get the first-class
service they deserve

16:01 – Mess with a client’s finances, and you’ll get sued
(and lose)

16:36 – Gary says he knows a productive realtor who is easy
to work with, Gary always asks if they have a flexibility in
price and the guy says to give him an offer and he can make it
work



17:18 – They got a deal for $255k from the original
$275k 

18:18 – Gary says the guy was so willing to work with
him, he thinks he might be a marketplace farmer, taking
advantage of sellers

18:32 – Leigh offers that the guy might have been given
instructions by his client that time was more important than
the price, but agrees there are agents who will short sell
their clients to get the deal done

19:04 – Gary says he is convinced the guy could have
gotten a higher price if he was not so obsessed about getting
the deal done



19:42 – Leigh says we never know what happens behind closed
doors and all we can do is focus on our side

20:43 – Gary says people’s motivational status is a roller
coaster



21:02 – People will change their mind with deals often
and he has learned that people who have the most to lose
always lose the most

22:08 – Those who are going into foreclosure will take
the first offer that comes along and forgo any negotiation

23:16 – In a negotiation, if you are in the weaker
position, agents can only do so much



23:57 – Check out garybalanoff.com or call Gary at
407-366-9797

24:24 – Tweet Leigh Brown for your very own crazy story in
real estate



3 Key Points


As a new builder, you will grow your company by working well
(ethically) with agents—fail to do it, and you will fail as a
builder

As an agent, you must be proactive in all your relationships.

You never know what happens behind closed doors so don’t make
assumptions about other agents.



Credits


Audio Production by Chris Mottram

Show Notes provided by Mallard Creatives

Cover Design by Two Minds Design

Original Music by Rimsky Music