Do You Sell With Soul?
-
Your best friend from college (who lives across the country) calls to tell you that she's shopping for her first home. She's using a real estate agent she met at an Open House last weekend. Do you:
-
Ask for her agent's number so you can arrange a referral fee?
-
Offer to find your friend a better agent through your referral network?
-
Congratulate her and ask her to keep you posted on her progress?
-
Have you heard about Selling with Soul? It's a fresh new approach to the art of selling real estate (or anything else, really) without changing who you are or becoming someone you don't recognize. If you're dismayed by the Old School training techniques you're learning about, Selling with Soul might be just what you're looking for! Following See moreis a short quiz to evaluate your existing knowledge of the Sell with Soul philosophies. Please note that agency laws and protocols vary from market to market, so don't get too caught up in the details. Just respond to each question from your gut, not necessarily what you've been taught in real estate school or other training you've received. You might find yourself saying "it depends" on many of the questions and that's fine! Part of the fun of our business is the fact that there are rarely black & white answers. . .
Quiz Preview
- 2.
You meet a young couple at a mutual friend's wedding who is looking for an investment property in a town 45 minutes away. You aren't familiar with the market, but do have access to the area's MLS. Do you:
-
Tell them you'd love to help and schedule an appointment?
-
Tell them you aren't familiar with that market, but you'd be happy to learn it with them?
-
Refer them to an agent who specializes in that market and collect a referral fee?
Correct Answer
A. Refer them to an agent who specializes in that market and collect a referral fee?Explanation
If you want to learn an unfamiliar market, do it on your time, not the valuable time of your clients. Especially when working with investors, it's important that a real estate agent know the nuances of the neighborhoods he or she works in and is able to speak intelligently about the current and past market activity and trends. If you were searching for an investment property, wouldn't you want the neighborhood expert on your team?
However, if you know YOUR area well and feel you can help this prospect find a great deal, by all means, tell them about it! (Read more in Chapter 15 of Sell with Soul)Rate this question:
-
- 3.
As a seller's agent, you just put your first listing on the market and receive a decent offer right away. Within a few hours, you have four other agents call to tell you they're writing offers too. Do you:
-
Discourage the additional offers because it's ethical to work with the first offer presented?
-
Tell all five agents that a bidding war is brewing and encourage them to bring their best offer?
-
Tell the first agent about the pending offers and promise to give her offer priority?
-
B or C
Correct Answer
A. Tell all five agents that a bidding war is brewing and encourage them to bring their best offer?Explanation
Never forget whom you represent. In this case, you represent your seller and it is your duty to get your seller the best price for his or her home. Generating a bidding war only helps your seller and if this means that you upset the buyers and/or their agents; that's okay. While it's nice to "play fair" with other agents, it's not your primary responsibility. Imagine how you would feel if your attorney was more concerned with building relationships within the legal community than getting you the best settlement?
However, I realize that in some markets, it's appropriate to work on a "first-come/first-served" basis, so if that's the case in your market and you missed this question, you are forgiven! (Read more in Chapter 11 of Sell with Soul)Rate this question:
-
- 4.
You are holding an open house for your seller client. Do you:
-
Immediately offer all visitors a brochure you created of all available homes in the area?
-
Describe the features of the home you're holding open and offer to answer any questions?
Correct Answer
A. Describe the features of the home you're holding open and offer to answer any questions?Explanation
Remember you are there to sell that home. That is your first obligation. Put yourself in the seller's shoes - he or she is excited about your open house and is imagining you are enthusiastically marketing all the special features of the home - not hungrily trying to build your business. Imagine the seller is watching you with a hidden video camera (who knows...?) Don't do anything the seller wouldn't approve of. (Read more in Chapter 7 of Sell with Soul)Rate this question:
-
- 5.
Should you discount your listing commission for good friends and family members?
-
Probably - they'd do it for you.
-
Of course not. A true friend would never ask you to.
-
It depends on whether or not you're competing for the listing.
-
B or C
Correct Answer
A. Probably - they'd do it for you.Explanation
Surprised? This is a touchy subject that can generate hours of debate among both new and experienced real estate agents. But the fact is there's nothing wrong with discounting for the people who are close to you. If you make them feel special, they can end up being your biggest cheerleaders. Besides, wouldn't you expect your family and best friends to give YOU their best deal? (Read more in Chapter 9 of Sell with Soul)Rate this question:
-
- 6.
You represent a seller who specifically asked you to exclude the washer and dryer from their home's inclusions. You forget. You receive an offer with the washer and dryer included. The sellers sign the offer as written without noticing. When the sellers move out of the house, they take the washer and dryer with them. The buyer's agent calls you afterwards to discuss. Do you:
-
Offer to replace the washer and dryer for the buyer. After all, it was your mistake.
-
Call your seller and ask them to return the washer and dryer. After all, they signed the offer; they should have read it.
-
Apologize to the buyer agent for the misunderstanding. Explain what happened and hope she understands.
Correct Answer
A. Offer to replace the washer and dryer for the buyer. After all, it was your mistake.Explanation
Yep, this was your mistake and your problem to solve. Even if it means purchasing a washer and dryer out of your own checkbook. Don't risk your reputation and credibility with your seller client by asking them to "pay" for your mistake. (Read more in Chapter 11 of Sell with Soul)Rate this question:
-
- 7.
You have a listing that is generating a lot of interest online. Many buyers contact you directly to show them the property, even though they already have their own buyer agents. Do you:
-
Refuse to show your listing to represented buyers? After all, that's why they have a buyer agent and you don't want to step on another agent's toes.
-
Show your listing to the represented buyers with the appropriate disclosures?
-
Show your listing to the represented buyers, but afterwards insist on a referral fee from the buyer agent if the buyer makes an offer?
-
B or C
Correct Answer
A. Show your listing to the represented buyers with the appropriate disclosures?Explanation
Unfortunately, there are lazy buyer agents out there who let their buyers run all over town pestering listing agents. Again, unfortunately, that's not your seller's problem. If you refuse to show your listing to an interested buyer for any reason, you are not serving your seller. Neither are you serving your seller by insisting on a referral fee from the buyer agent after the fact. All you've done is provided a disincentive for that buyer agent to "sell" your listing to his buyer client. He'll just take his buyer elsewhere. Read more in Chapter 11 of Sell with Soul)Rate this question:
-
- 8.
You're on floor duty at your office and a potential buyer walks in. You meet with the buyer for a few minutes and he asks if you can show him some homes later in the day. Do you:
-
Ask him to sign a 3-month Exclusive Buyer Agency agreement with you before heading out to look at the homes?
-
Ask him to sign a one-day Exclusive Buyer Agency agreement with you before heading out to look at homes?
Correct Answer
A. Ask him to sign a one-day Exclusive Buyer Agency agreement with you before heading out to look at homes?Explanation
The laws in your market or rules in your company will likely govern the "right" answer to this question. However, from a soulful perspective, B is correct. It is inappropriate to ask someone you just met to commit to you long term before that person knows more about you and how the two of you will relate. Buying a home is an emotional process and if you and the buyer don't have a good rapport, it will be miserable for both of you. You also need to prove to this buyer you are competent, responsive and knowledgeable. This takes time.
Would you agree to become engaged to someone as a pre-requisite for going out on a date with them? (Read more in Chapter 8 of Sell with Soul)Rate this question:
-
- 9.
You are committed to prospecting at least three hours a day, from 9am to noon. On Tuesday, you sit down to prospect and your phone rings. You see on your caller ID that it's your client with whom you have a closing at 4pm today. Do you:
-
Let it go to voicemail and call him back at noon?
-
Answer the call?
Correct Answer
A. Answer the call?Explanation
The day a cold-call to a stranger becomes more important to you than a client with whom you have a closing is a grim day indeed.Rate this question:
-
- 10.
You interview for a listing on a busy street. Due to the high traffic, you know your FOR SALE sign will get a lot of exposure. However, you also know the home will be difficult to sell unless it is priced appropriately for the high traffic location. The seller wants to price the home $30,000 higher than your recommendation. Do you:
-
Take the listing at the seller's price because you know you will generate a lot of buyer leads, and later, ask for a price reduction when the feedback starts coming in?
-
Take the listing at the seller's price, but have the seller sign a disclosure that he acknowledges your pricing recommendation?
-
Politely decline the listing at the seller's price?
Correct Answer
A. Politely decline the listing at the seller's price?Explanation
Page one of the Code of Ethics and Standards of Practice of the National Association of Realtors actually states that: "Realtors, in attempting to secure a listing, shall not deliberately mislead the owner as to market value." We are not For Sale Signs For Hire; we are professionals who have more knowledge and expertise than our clients and should be trusted to share that knowledge with them.
Besides, once your sign goes in that yard with a too high price, it will be All Your Fault when it doesn't sell. It doesn't matter how many disclosures you made or how much money you got up front for advertising, your seller will blame you when the home doesn't sell. Agents who take overpriced listings do a huge disservice to their clients who they have committed (in writing on a legal document) to look out for. (Read more in Chapter 9 of Sell with Soul)Rate this question:
-
- 11.
You are interviewing for a listing and your savvy seller prospect asks you how you handle "double-ending" the sale of their home (i.e. if you handle both the buying and selling sides, thus potentially entitling you to the entire commission). Your response is:
-
You politely explain to the seller that you would be entitled to the entire commission.
-
You offer to reduce your commission by 1% if you "double-end" the sale.
-
You offer to waive the co-op commission if you "double-end" the sale as long as the buyer understands that he or she has no agent representation.
Correct Answer
A. You politely explain to the seller that you would be entitled to the entire commission.Explanation
By agreeing to reduce the co-op commission if you procure the buyer is actually providing you with a disincentive to sell your listing personally. If you agree to a reduced co-op fee, and during the course of marketing your seller's property, you find a ready, willing and able buyer for your listing, it may be tempting to take this buyer elsewhere and make the full co-op.
Besides, if you procure the buyer, you are entitled to a fee for doing so. Being soulful does not mean you are a pushover! (Read more in Chapter 9 of Sell with Soul)Rate this question:
-
- 12.
You meet with a buyer for the first time. The buyer tells you upfront that she has not yet talked with a lender and doesn't know exactly what she can afford. Do you:
-
Ask her to call a lender and then call you back to reschedule?
-
Give her some lender recommendations and proceed with your appointment as planned?
-
Refer her to someone else who has more time to waste with someone who isn't ready to buy?
Correct Answer
A. Give her some lender recommendations and proceed with your appointment as planned?Explanation
Give a new buyer the benefit of the doubt in your first meeting. If you shuffle her off to a lender as if you couldn't be bothered talking to her at this point, you will probably lose her business. It won't hurt you to spend some time with her, even if it does turn out she can't purchase any home right now. She may well be back to see you in six months and could even become an important referral source for you. (Read more in Chapter 8 of Sell with Soul)Rate this question:
-
- 13.
You've had a listing on the market for a month when the seller changes his mind and doesn't want to sell. He offers to reimburse you for your marketing expenses. Do you:
-
Cheerfully terminate the listing and either accept or decline his offer of reimbursement, depending on how much money you've spent on marketing?
-
Refuse to terminate the listing?
-
Agree to terminate the listing, but insist on a 1% cancellation fee?
Correct Answer
A. Cheerfully terminate the listing and either accept or decline his offer of reimbursement, depending on how much money you've spent on marketing?Explanation
There is nothing wrong with the seller reimbursing you for your out-of-pocket expenses. This does not include your time or any trumped up charges. Never hold a seller hostage who doesn't want to sell. You have better things to do!Rate this question:
-
Quiz Review Timeline (Updated): Mar 21, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
Feb 04, 2009Quiz Created by
Jenniferallan
Back to top