The Full Fee Agent: Steve Shull’s playbook for getting paid what you’re worth
Thought Leaders – Real Estate Re-imagined (formerly The Elevate Podcast)
Overcoming Limiting Beliefs: The Path to Full Fees in Real Estate
This chapter emphasizes the necessity for real estate agents to charge their full fees and challenge limiting beliefs about their value. It explores the importance of trust in client relationships and introduces negotiation-inspired strategies to enhance agents' approaches to potential clients.
A former NFL linebacker who played under legendary coach Don Shula and served as tri-captain in Super Bowl 17, Shull has spent the last 32 years coaching over 60,000 hours of one-on-one sessions with real estate agents. And he’s reached a startling conclusion: most agents could be earning more than they currently are.
In this compelling episode of the Elevate Podcast, Steve reveals why your listing presentations, value propositions, and endless free consultations might actually be hurting your business. Instead, he shares a revolutionary approach crafted in partnership with FBI hostage negotiator Chris Voss that can help you:
- Command full fees without justifying your value
- Know within 15 minutes whether you’re the “favourite or the fool” in any deal
- Deliver bad news in a way that builds trust rather than damages it
- Stop chasing deals and start building a sustainable business
Speaking with host Samantha McLean, Steve explains why real estate isn’t about facts, logic, and reason—it’s about emotion. He also provides a concrete framework for using this understanding to transform your business.
Whether you’re struggling with fee pressure, worried about building a sustainable business, or simply tired of giving away free value only to lose listings, this episode offers a masterclass in modern real estate success.
10 key takeaways from this episode:
- The evolution from linear coaching to an emotion-based approach
Timestamp: 3-minutes - The three-part framework for CRM success
Timestamp: 9-minutes - Why cultivating relationships is job one
Timestamp: 10-minutes - The “Favourite or Fool” concept in winning business
Timestamp: 19-minutes - How to deliver your fee with impact
Timestamp: 30-minutes - The power of tactical empathy in negotiations
Timestamp: 32-minutes - The importance of putting responsibility where it belongs
Timestamp: 38-minutes - The art of delivering bad news effectively
Timestamp: 39-minutes - Understanding the three personality types in real estate
Timestamp: 42-minutes - Building a business vs. chasing deals
Timestamp: 48-minutes
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Detailed Episode Guide
The Evolution of Real Estate Coaching
Steve shares his journey from NFL line backer to Wall Street and finally to real estate coaching. His approach has evolved from purely linear, fact-based coaching to understanding the emotional core of real estate transactions. This shift came after reading Chris Voss’s work and realising that “you can’t overcome emotion with fact, logic, and reason.”
The CRM Revolution
One of the most striking aspects of Steve’s coaching philosophy is his emphasis on CRM management. He advocates for a minimum one-hour daily commitment to CRM work, breaking it down into three essential components:
- Getting the right people in
- Setting up the right cadence
- Following through daily
The “Favourite or Fool” Framework
Steve introduces a revolutionary concept in real estate sales – understanding whether you’re the favourite or the fool in any transaction. This framework helps agents avoid wasting time on unwinnable listings and focuses energy where it matters most.
The Power of Tactical Empathy
Drawing from his collaboration with former FBI hostage negotiator Chris Voss, Steve explains how tactical empathy can transform client interactions. The key is making people feel understood before attempting to influence their decisions.
Delivering Bad News Effectively
One of the most valuable tools shared is the “accusations audit” technique for delivering bad news:
“I’ve got some really bad news. You’re going to hate me…”
This approach helps cushion the impact of negative information and maintains professional relationships.
Summary
Steve Shull’s approach to real estate success combines the discipline of professional sports with a nuanced understanding of human psychology. His message is clear: stop chasing deals and start building a sustainable business based on trust and authentic relationships.
FAQ: Insights from Steve Shull on Real Estate Coaching
1. Who is Steve Shull?
Steve Shull is a former NFL line backer turned elite real estate coach with over 32 years of experience. He pioneered real estate coaching in 1993, has coached thousands of agents, and co-authored the book The Full Fee Agent with Chris Voss.
2. What is Steve’s philosophy on commission fees?
Steve is a strong advocate for agents charging a full commission fee. He believes agents should focus on building trust rather than constantly trying to articulate value. When clients trust you, they are more likely to pay your full fee without negotiation.
3. What’s the biggest mistake real estate agents make?
According to Steve, many agents operate on “hope” by giving away too much for free in the hope of landing a deal. Instead, agents should focus on relationship-building and cultivating a repeat-and-referral business model rather than chasing new leads relentlessly.
4. What is the ‘Favourite or Fool’ approach?
This concept, adapted from hostage negotiation tactics by co-author Chris Voss, helps agents identify whether they are the client’s top choice (“the favourite”) or being used for comparison purposes (“the fool”). Steve teaches agents to determine this quickly via a structured 15-minute phone or Zoom call, saving time and effort.
5. Why does Steve focus on relationships over transactions?
Steve believes real estate is a relationship-driven business. Cultivating trust and maintaining regular contact with a curated database of clients through consistent outreach is key to long-term success. He advises spending at least one-hour daily working on a CRM system to nurture these relationships.
6. How does Steve handle unrealistic seller expectations?
Steve advises agents to avoid making sellers feel “wrong” about their price expectations. Instead, he encourages guiding them to think critically about the market through open-ended questions like, “What happens if the best buyer isn’t willing to pay your price?”
7. What does Steve recommend for delivering bad news?
Steve suggests using an “accusations audit” to deliver bad news effectively. For example, starting with, “I have some really bad news—you’re going to hate me,” disarms clients and prepares them emotionally for what follows. This approach reduces stress for both the agent and the client.
8. How can agents build trust quickly with new clients?
Steve teaches agents to focus on listening and making clients feel understood through a process called “tactical empathy.” This involves articulating the client’s thoughts and feelings, which builds trust and creates a collaborative environment.
9. What’s Steve’s advice for thriving in today’s competitive market?
Steve’s key advice is to stop chasing deals and start building a business. Focus on processes within your control, such as relationship-building and consistent communication, rather than obsessing over results you can’t control.
10. How can I learn more from Steve Shull?
You can explore Steve’s coaching programmes, workshops, and books at performancecoaching.com.
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