Boost Your Real Estate Deals: Insights from Kandis Hall

My business model from the beginning has not been selling you a home. My business model is to be your agent for life. And I can't do that if I don't put your needs first and your goals first and just do what's best for you. And then because we don't do, actually, I personally don't do any paid advertising right now is through word of mouth and that's very, very powerful. What my clients have to say about their experience with me is going to be echoed throughout this community because again, I'm in a niche market where everybody knows everybody else. So taking care of your clients is extremely critical.

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Hi Kwame, thanks for having me.

It is my pleasure. So how about you get us started by telling us a little bit about yourself and what you do?

It's funny because a little bit about myself is that I do not like public speaking. It always surprises, I think my friends, family, soi, anybody that I'm in small groups with because I think I Do present myself as very extroverted. And then if you follow me on social media, you know, I'm on like video doing different things, but actually doing public speaking makes me nervous. So I think it makes me nervous because like talking about myself, like, you know, knowing that the intro to this discussion is like, who's Candace? Like talk about her. That always makes me go, I gotta talk about me for a second. So yes, I'm Candace Hall. I'm with the Thomas Riddle Real Estate Group at New Albany Realty. That is the number one brokerage in New Albany. The number one team with the number one brokerage in New Albany. So we're super proud of that. We've been in business for over 25 years and we've helped over 2000 clients find a home. And we also just broke the billion dollar mark, which is super exciting for our team. So yeah, I'm a top producing agent in this marketplace and a little bit is that I actually entered the in. Most people don't even know this. So I'm like spilling the tea here. I entered the real estate market in 2021. So I actually got started like full time actually the second half of 2021. So I entered the market at an extremely competitive time, which actually I think was a blessing in disguise because I didn't have any like prior conceptions or ideas about the market and have any bad habits based on a market that was no longer relevant. And I actually think that that was really tough for a lot of agents to deal with because they were like, well, it's always been this way. And I'm accustomed to listing homes at X price and having this result. I just really had to, you know, be very studious and be a sponge and understand the market that I was in. And of course being just extremely competitive in general, I think really helped me because I was like, this is like a sporting event. And I was treating, and I do still treat real estate as if it's a sport. And my kind of idea is that I'm going to put in the time, going to put in the time that other people just aren't willing to do so. And if you think about it like a sport, I want to be the last person to leave the gym and I'm going to be the last person making that phone call on that negotiation because I just want, you know, to go the extra mile. But anyways, so yeah, as I joined it the second half of 2021 and I led my team in sales or closings for clients that last quarter and that was pretty cool because, you know, I entered a market that was very competitive with some really great top producing agents. And there was kind of a question where everybody was looking at me, like, what's going on? Like, you know, is this, like, beginner's luck? Like, is this gonna, you know, kind of like, you know, trickle out or, you know. But then 2022 was my first full year in, and I did, I think, like, around $25 million in sales, which in our marketplace is, you know, pretty great. It's also just great. A super competitive space. Yeah. So I just, you know, finished out 2023 as being a top producing agent, a very niche market, and that's great. You know, I. We just continue to work extremely hard to put my clients in position for success in a market that's very, very competitive. And in order to do that, you have got to figure out how to win in multiple offer situations. If you cannot do that as an agent, you won't be successful, and your clients are not going to find homes in the marketplace that we're in, which is a tough reality, but it's the reality.

Absolutely. And it's really interesting, too, because there are all sorts of different businesses and backgrounds that are represented in our audience, but we can all understand what it means to be in a competitive market. But when it comes to real estate in particular, and the circumstance regarding multiple offers, that's pretty nuanced. So can you give us a. Just a general overview of what that looks like before we actually get into the negotiation skills and strategies?

Yeah. So we're living in a state that, you know, there are more buyers than there are homes that are on the market. So we are facing an inventory shortage and a housing shortage in many parts of the United States, but especially in central Ohio. And that's not something that's going to be corrected anytime soon. And I'll just make a little plug there that people that are saying, I'm going to wait to buy shouldn't. Obviously, what's most important is that you find, you know, the home that you're looking for and that you're happy with, but waiting will cost you because it's a simple principle of supply and demand. So what happens in these scenarios is that a home will come to market and that home will not have just one interested buyer. They'll have 2, 3, 4, 5, 6. You know, there are homes that receive 15 offers. And as a buyer, you need to understand and work, be working with an agent who truly, truly is an expert in your marketplace. So that they can set expectations for you, but then also so that they can position your offer for success. And it's not always, you know, the dollar amount. That's very important to understand because my clients, our offers are often accepted over clients, excuse me, other offers that had a higher dollar amount. And I guess we can get into that a bit later about exactly what I'm doing to make sure that my clients are successful and our offers are accepted. But yeah, so we're in bidding wars, essentially. And I do think that it's a really great kind of takeaway for anybody who, like, enjoys negotiations because it's understanding how to position yourself for success. If you want something that somebody else wants. And you're going to be in situations like that for negotiations, it's not always just you have a conflict and it's you versus them. It could be you have, this is the goal. And there are two people jockeying for that goal, three people jockeying for that goal. And I often always like, go to kind of like sports because I feel like I'm like in this kind of competitive race to accomplish a goal.

Absolutely. And I think the analogy, it works because we are. It's multiple people competing over scarce resources. And then that's when the competitive nature starts to come in. And a lot of times that can cause a lot of emotionality. And that's why it's so important to have an expert on your side who can help you guide your strategy and your approach. And when I think about this multiple offer situation, I'm thinking about the expectation setting for clients. You mentioned that. So managing their expectations, and then after you manage those expectations, creating a competent offer that's actually competitive, and then we get into the negotiation side. Can you speak first to the challenge of managing client expectations in these markets?

Absolutely. It's funny because one of the things I was thinking about is, you know, gaining influence. And my ability to gain influence actually starts with being recognized as an expert in the market in which I'm selling homes. So my clients, who aren't even my clients, just people follow me on social media that live in the community, and they start to think of Candace Hall, Realtor, as the realtor you're going to go to to buy or sell a home if you need to in New Albany. So I'm already starting to gain that influence very early on. Oftentimes I'm being connected with somebody through social media, but very oftentimes it's through somebody else in the community or a referral, and then they've seen my work they see what I do, they see that I'm winning for my clients in this marketplace. They see the caliber of homes that I'm selling, and that already kind of sets the foundation of some trust. Of course, I think the biggest thing in these scenarios is the clients want to know that they're working for somebody who has their best interest at heart. My business model from the beginning has not been selling you a home. My business model is to be your agent for life. And I can't do that if I don't put your needs first and your goals first and just do what's best for you. And then because we don't do, actually, I personally don't do any paid advertising right now. It's through word of mouth, and that's very, very powerful. What my clients have to say about their experience with me is going to be echoed throughout this community because again, I'm in a niche market where everybody knows everybody else. So taking care of your clients is, you know, extremely critical. And so I have that foundation of trust. And they can feel it, they can sense it. One of the things too, when I'm thinking about, you know, being on a podcast talking about sales and negotiations, my opinion is that authenticity is the most important thing people are going to sense. If you're trying to pull one over on them or be salesy with them, you have to be of service to the client and find out what they need and how your skill set is going to help them achieve that goal.

What I love about this is that we are right down to the fundamentals. We're talking about building trust and being authentic. And I think a lot of folks who are in business trying to negotiate, they're trying to find these one liners, these zingers, these little things that they can say and do, but those persuasive endeavors will fail if you don't have a foundational level of trust. And a lot of times they might say that these negotiation strategies or expectation management strategies with their clients are not working. But I think if you rewind the tape and go all the way to the beginning of the relationship and you realize the problem isn't the strategies that you're using down the road. The problem is the fact that you don't have a strong relationship that is built on trust. And so you've been able to mobilize that in a way that has led to financial success and you've been able to close these big deals. But again, it starts with trust. So what is it that you're able to do? Early on in your relationship with the clients, that really starts the ball rolling of positivity when it comes to building trust.

I think just getting to know them and understanding what their family needs, so, you know, asking questions and being present and just coming from a position of service, that's so important. And my background in hospitality, I think, has really helped me there. And it's just something you can feel in your interaction with somebody. If my clients are getting the sense that I genuinely want what's best for them. I had a phone call with somebody yesterday and, you know, they're talking about selling their home and they're in a situation, where do they sell it now versus do they sell it next year? Their instinct, I'm sure, is that I'm going to tell them to sell it now because that's what's best for the salesperson in a situation. But I always table that. I don't care what's best for me ever. I care what's best for that client. Because if the client picks up on that, they're going to feel it, they're going to know. And if I don't do what's best for them and guide them with that genuine, you know, truthful, solid advice, they're not going to trust me. So it was funny because I was just like talking to me yesterday, she said, well, we could maybe sell next year. And I said, well, if you could sell next year, I think your home value will go up. I think that you'll probably be able to sell your house for even more next year. So let's work through, like, what fits best for you and your family. Right now. Let me connect you with a local lender so you can get all the information that you need. And that was it. I established a relationship and somebody who trusts me and knew that I wasn't going to, you know, right now is the best time to sell and then tell them some, you know, reason why they shouldn't wait until next year. But I guarantee you, if that person waits until next year, they're going to tell their friend or family member how I took care of them and I'm trustworthy and they're going to be thinking of me. When real estate is on, you know, is top of mind for them because it's just, you know, it's something that as human beings, like innate. We know when somebody is trustworthy and worth referring our friends and family to.

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Yeah, so there are many times where I tell a client so, for example, if a house hits the market, we go see it. They like it. Let's say the house listed for 500. I'm very early on setting the expectation when they're viewing the property, what I think the property is going to sell for, I'm saying, hey, I want you to know the lens in which you should be viewing this home is that this is actually a 550 to 575 home. So that when they're in the house and as they're getting, you know, just like we love it, they need to remove that sticker. And then it's also just education, just letting them know that the most effective strategy in this marketplace is to conservatively list a home, to list at multiple offers. And I tell them, hey, as a listing agent, this is what I would do for my clients to elicit multiple offers. And this is how it's done. This is the psychology behind this approach in the current marketplace and why it works. Because what happens when you conservatively list a property? So this is just, you know, I guess a nugget for any listing agents or anybody who's thinking about wanting to become a listing agent. Conservatively listing that home will ensure that you receive an offer early on. The biggest risk that a home has that comes to market in our current marketplace is the risk of being of receiving a stigma because there's no offer the first weekend on. If that happens, the market goes, there's something wrong with that house. So to ensure that that doesn't happen to the listing, you conservatively price it. So the listing agent, what I'm doing is I'm working to tease that first offer out once I get the first offer. Now we have market validation. Now everybody else that's interested in that home says, I knew it. I knew that home was a great home. And then that's how you then create this bidding war. So it's funny because as a listing agent, I'm creating the bidding war. I know what to do. I know what strategies to put in place. And then when I'm representing the buyers, I take that and I flip it on its head, right? So I am not the first offer in the door. If my client says, I want to make an offer, I say, great.

There's a lot happening. But what I'm really enjoying is the process, the strategy that you're bringing to this, too. Because what I see a lot of people do is when it comes to managing expectations, they wait until there is a divergence of those expectations that is very clear. And it almost boils into a conflict, or it is a conflict, and then they have to work backwards. They're playing from behind. But what you said that was really insightful is you start setting the expectations as soon as you start working with the clients. So as soon as you establish that rapport, you build that trust. And then you start to look at these houses, and then as you're going through these houses and they're starting to fall in love with the houses, you're saying, hey, listen, I know this is what the list price is, but you need to be prepared. If you want to compete for this, it might have to go higher just because we're in that type of market. And so that helps you to make that future conversation a lot easier because you've done a lot of the work. And I love what you talked about when you were mentioning the interaction with the other side too, because again, it starts off with the same thing, building trust and rapport. The person feels a lot more psychologically safe with you. They feel more open to being vulnerable and sharing information because they know you're not the kind of person who's going to take advantage of them inappropriately. And you are competent and credible and you're actually somebody who they would actually want to work with. This is a masterclass because what we're doing is we are pre negotiating all of these things so you don't run into a situation where the conversation is much more difficult than it needs to be.

That is so, so true. I mean, it's. And again, like, people don't even necessarily understand what I do with my job, right? They just see, like, you sell a house and you write an offer for your clients, it's like, no, I am in negotiation wars. And the thing about me that has set me apart, just to make it clear is I don't lose. I don't want to lose. I won't lose. If my client wants the house, I'm going to do, I'm going to pull all the strings. Ultimately, it's going to be up to them, but I'm going to do every single thing that I can to make sure that they're successful. And I will also say the times in which where I'm in a multiple offer situation and my client doesn't come out on top, it's because I've said, hey, this is what it's going to take to win. And they say, I'm not comfortable with that. I say, okay, let's, let's go with the offer that you have. And so we still Write it out, they make the offer that they feel comfortable with. And what it does is they still may very much so trust me, but they still need to experience it in the marketplace. And then they'll say, aha. Like, I get it now. Like, I went through that. Candace told me everything that was going to happen. And even though I trusted her, I just wasn't ready, you know, And I thought maybe I could get this deal at this price. And now I've actually experienced this. And that is very powerful for me as an agent. I tell the agents that are on my team, like that's a part of like building the trust with the client, is going through that process with them and understanding that, you know, in the long run it's still going to serve the client. And you haven't broken that trust.

Oh, this is good. Because what you're doing here is you're continuing to build trust through respect. You're respecting them as an adult to make an adult decision. And you're saying, hey, this is what I think might occur. It's your decision. If you want me to do this, I'm going to do this. I'm going to give you the information that you need to make an informed decision. And then what you said is you allow them to experience it in the marketplace because you can anticipate what's going to happen because you have a lot of experience in the marketplace. But for most people it is a purchase that they only make once or a few times in their life. So you're going to have a lot more experience. And so you're going to say, hey, listen, I'm going to stick with you. If this is what you want to do, let's do that. And that's another mode of persuasion. Instead of doing the other thing, trying to almost patronize them by preventing them from making this decision. And now you break trust and it makes it much more difficult for you to have a good working long term relationship.

Yes. And I think that's something that I've seen agents not understand. This is what I think will happen. But ultimately, like you're making a decision, it's up to you that's so critical that you're not frustrated with them because they're not doing what you're telling them as the expert. Ultimately there are certain people that they just conceptually don't want to pay above list price per home. So what happens in those scenarios is you need. I even set the expectation and okay, that's great. What we're going to need is we're going to need to adjust maybe your expectations for what it is you want to buy. We probably need to look at homes that have made it through the first weekend on the market, maybe need some cosmetic updates. Those are probably the homes. And so then we shift. So based on, you know, what the client needs, based on their expectations. There are certainly, like I said, there are people that just don't want to be in bidding wars, don't want to pay above what the current price is, and you just have to be able to pivot. But serving your client and making sure that you never, ever break their trust is the only thing that's going to lead to you being successful in this market.

I love this. This is great. And now, Candace, with the time we have left, I think this would be a great opportunity to talk about the challenge or maybe perceived challenge of negotiating commissions, because now we're living in the world after that big decision, and there are a lot of people who are concerned, confused, and not really sure what to do. So for the listeners who might not be familiar, can you just give an overview of what happened and then talk about your strategy for handling?

Yeah. So I guess I just want to, like, disclaimer here. I'm not the expert. Frankly, I haven't spent much time following this at all. And it's because of my opinion on the matter. And I'll share with you what my genuine opinion is. I think there was a settlement that was proposed. I don't believe that that's been ruled on. So technically, I don't think that there's any decision that has been made final. But ultimately there was an argument, I think, that perhaps commissions were not being negotiable for consumers. I disagree. I certainly have never entered into a situation working with a client that didn't believe that my commission was negotiable because I've been negotiating my commission since I've started as an agent. There are buyers that want to negotiate the commission that I'm paid. Of course, anytime I'm at a listing, interview or appointment, my commission is discussed. So my opinion on the matter is there's kind of like this overarching idea that commissions weren't negotiable before and now they're going to be negotiable. In my opinion. The only thing that's going to change is going probably be the way in which commissions are disclosed. So there's going to be extra disclosure, disclosure everywhere about who's getting the commission and what they're getting. The other thing that people, I think, need to Remember, is that you've always been able to sell your home for sale by owner. There are discount brokerages that have been in the marketplace for some time that are just known as a discount brokerage that will list your home for 1%. I'll tell you that that exists in central Ohio. Everyone, I'm sure, knows that there's some place that you can list your home for very little commission. Why aren't those the number one teams? Why is that not my competition? That's not my competition because what I deliver, my clients, is valuable. The people that are in our community, the people that are in our marketplace that truly understand real estate understand that they need an expert. I'll tell you, even as an agent, I need to be informed about how the market's changing weekend by weekend. It's just, you know, you truly need an expert. And then the other thing I was. I just, you know, I think I mentioned this to Kwame before a conversation, was that as a listing agent, if I personally listed my home for sale, there's no question that I would not offer 3% to the buyer's agent. The reason why I want to offer 3% to the buyer's agent is because I want to highly incentivize any and everyone to work on my behalf to market that home to as many people as possible. And so when you take that away and you decide how much you're going to pay someone, there aren't a lot of buyers that, excuse me, buyer's agents that would necessarily be willing to work for free or work for very little based on the amount of time and hours that they have to take away from their family to make sure that a buyer has a home. So that's just not something that I would do. I will tell you my opinion that there are times when I say, why is that house still on the market? And I'll look at the remarks. It's because, in my opinion, they're. They're offering 1% to the buyer's agent or they're offering nothing to the buyer's agent. You can't just demand that people work for you for free. You know, you. You do need to pay people for the services that they provide. So, yeah, I just think that that's always been an option in the marketplace. And there is plenty of research that also supports the difference between listing your home for sale by owner or at a discount brokerage and the amount of money that a very seasoned, talented, skilled agent is going to be able to get you for your home. And it's More.

This is a great breakdown because it. It kind of shifts the perspective from panic to just another simple negotiation that we have every single day. And what's really great about this is that we're focusing on the incentives. Incentives drive behavior. And so you might say, all right, I want to just lower everybody's commission to almost nothing so I can take more for myself. Well, we don't think about what behavior we are incentivizing then, because then it makes it more. Less likely for people to want to work with you or even make offers onto that house. And I think that's an element of this that people are not really appreciating fully. And then also, just in the way that you responded, there was confidence in the way that you responded because you're confident in the value that you provide. And if you can just really have that confidence and speak confidently in that way and deliver what you just said in the same way, people would say, oh, well, I did not think about that at all. I was looking at it only through one lens and didn't consider the consequences. Yeah, I'm good where we are. And then the other thing, too. We have to remember that sometimes the worst outcome for a negotiation is a sealed deal that never should have been done. And sometimes you find yourself saying yes to things you never should have said yes to. So if you're a realtor and you don't feel comfortable with this, just say, I'm not the person for you. Best of luck, and if you change your mind, come back to me. And I think that delivers a lot of confidence as well.

Yeah, that's so true. I mean, there are times where, yeah, I go into listing appointments and I'm willing to lose. Lose that deal, lose that. You know, I'm. I'm. Obviously, I want to work hard for that client to tell them everything that I think I'm going to be able to do for them and how my skill set's going to leverage their home and how I think that I'm going to sell their home for the most that it could possibly be sold for. I speak to the records that I've broken and the communities that I've sold homes in, and if they ultimately, if it comes down to them for who's willing to do it for less money, I'm probably not the agent for you because I know how much time and effort and the value that I bring to the table, and I don't need to discount that. You know, it's time and so much time away from my family. It's so funny. My son's always like, oh, you're always working, you're always on your phone. And so that's valuable. It's important to me that I'm compensated for my time, and I know what I have to bring to the table. But as you know, in these scenarios, you certainly, as an agent, better be prepared to explain the value that you bring to the table so that people are educated and they understand why it is that they need you. I had. This is a perfect example. This was perfect. My client, I have a, you know, a friend in the community. She connected me with her dad who wants to buy a home. And I showed them a property, started, you know, had a meeting with them, show them a property. Just my usual kind of going through the, you know, initial introductions and beginnings of working with a client. And she was on a group text, and she said, you know, that her dad was interested in a new build. And there are plenty of people who understand that in new build situations, you can usually work with the sales consultant or sales rep for that community, and you could. And she asked me, you know, my dad wanted to know why we would need your help in this scenario. And I said, hey, I think you could probably get by with not having an agent work for you in this scenario, assuming everything goes well. Assuming everything goes well, it's probably okay. The risk that you take is that everything doesn't go well and you don't have somebody that's able to negotiate on your behalf and look out for your best interest because you haven't gone through this before. So it's almost like when you hire an attorney, like, you could do it, you can do anything without representation, but you have to understand the level of risk that you have there. So it was funny because I said assuming everything goes well, you could absolutely do it without me. I think you need an agent. If things don't go well, if things aren't getting done on time, if the contract's not being followed, if you go to the inspection and things weren't, you know, done properly, you need someone in those scenarios. That's. That's why I think you should consider working with an agent. And she text me back. She said, great. My dad says, we need you. Thank you so much. But just, they needed to understand, like, why would we, you know, have you involved in this scenario? So, yeah, you certainly have to be able to understand what it is you. How you're going to be able to serve your clients. But, no, I'm not worried. I think, you know, it is, I don't want to say like clickbait, but people that don't work in this industry and don't understand just it's this, this news, this what's like on the radar this week, right. So I think that after everything goes into place, we're all going to see that this was always an option, always an option. But I think the argument in this scenario was additional disclosures perhaps needs to occur so that it's just very in your face where the commissions are going, who's paying them, how it works.

Love it. No, this is great. This is great. And it reminds me of one of my favorite sayings in law. They say the, the person who represents themselves has a fool for an attorney. And so I mean, I'm a, I'm a business owner. I've a, is a business. I have lawyers who work for me. Right. I'm not going to do my own stuff. We're going to miss things. We're too close to it. We don't have the right perspective. And then even in now, bringing it back to what you that here, it reminds me of the Dunning Kruger effect. So a lot of times the people with the most confidence are the people who have the least knowledge because they don't know enough to understand how challenging it is. And so people might say, okay, I can handle this. And then they start trying to handle it and they very quickly realize I cannot, I cannot handle this, especially when you consider everything else that is happening in their lives. So I think that is a great response. And I'm just thinking about this as a great piece of, of like coursework and literature for agents who are trying to learn how to negotiate and just get better deals but also have better relationships with their clients too. So, Candace, I really appreciate you coming on the show. And before you go, can you remind the listeners about you and how to get in touch?

Yeah. Well, first of all, thank you, Kwame. This has been so enjoyable for me. It's not every day that I get to sit down and actually talk about what goes on behind the scenes. My clients, you know, see me in that face to face interaction. They seem to closing deals, but they don't know how much time I actually spend on the back end building rapport and working on relationships and doing all these things to make sure they get, you know, their dream home when they decide that they want it. So thanks again. So I'm Candace Hall. I'm with the Thomas Riddle Real Estate Group at New Albany Realty. If you want to get in touch with me. Follow me on Instagram at candacehallrealtor. Hopefully my spelling is somewhere on here, but it's K A N D I S. I spell my name a little bit differently but would love to help you. And if you're an agent that's struggling in this market, definite know connect. And you know, it's always fun to talk about negotiations and how we can get together and leverage the skill set that we provide our clients. Just, you know, keep bringing our industry forward.

This was really, really great. Really appreciate you coming on the show today.

Thanks Kwame.

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