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. Please subscribe to this podcast in iTunes or in the Podcasts App on your phone. Never miss a beat from Leigh by visiting The Leigh Brown Experience. 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 [email protected] 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.