In this episode Michael talks with Gretchen Adams on Real Estate and succession planning.
1. Gretchen Adams has been a real estate agent since 2004 and currently holds her license with Red Key Real Estate in St. Louis. She is also a coach with Ninja.
2. Gretchen has noticed that real estate agents often do a poor job documenting processes and preparing for retirement/transitioning their business to someone else. This inspired her to create a “legacy project” focused on real estate succession planning.
3. The four pillars of real estate succession planning she discusses are: identifying readiness, business evaluation, selection/qualification of a successor, and developing a transfer strategy.
4. Proper business evaluation involves documenting all systems, processes, relationships and other facets of the real estate business to accurately determine its worth. This is often the most difficult and resisted part.
5. Selection and qualification involves vetting potential acquiring agents to ensure an alignment of values, trust, and service quality to facilitate a smooth transition.
6. The ideal transition time frame is around 3 years, with the retiring agent slowly phasing out as the acquiring agent phases in through blending of operations, joint marketing, introductions, etc.
7. Payment structures vary case by case based on role of retiring agent, service quality, etc. Often involves an upfront payment and minimum payout by year 3 with ongoing communication about money.
8. Those lacking ability to delegate relationships/businesses are more likely to change their mind and want to remain partially involved, complicating transitions.
9. Taking The Lead Today is Gretchen’s succession planning coaching business launching in January 2023, involving individual and group learning programs.
10. Even agents not nearing retirement should understand these succession planning principles to increase their business’ future value and saleability.
Contact Gretchen. Cell 314-852-5537
Season 8 Episode #1. "Navigating the NAR Settlement: Strategies for Transparent Buyer and Seller Conversations."
Season 7 Episode #10. "The Swap Until You Drop Wealth Strategy: Mastering 1031 Exchanges with Tax Nerd Russell Marsan"
Season 7 Episode #9. "The Power of Contingent Offers: Insider Strategies from Top Agents"
Season 7 Episode #8 How to Massively Increase Your Real Estate Business Through Referrals: Agent-to-Agent and Sphere Strategies.
Season 7 Episode #7. "Realtor Social Media Mastery: How Patrick Uses Facebook and Instagram to Build His Brand and Get Referrals"
Season 7 Episode #6. "The Open House Master: How Christopher Rigby Turns Open Houses into Client Goldmines Through Unparalleled Preparation and Professionalism"
Season 7 Episode #5 The Sustainable Real Estate Agent: How to Shift from Transactional to Referral-Based for Long-Term Business Success
Season 7 Episode #4 "Get Comfortable with Being Uncomfortable: The Proven Benefits of Embracing Daily Challenges"
Season 7 Episode #3 Becoming a Client Whisperer: Lessons on Service from a Generational Agent
Season 7 Episode #2. "RISE and Shine: Boosting Your Real Estate Business with Consistent Professionalism"
Season 7 Episode #1. Unstoppable: The Keys to Consistently Winning 40+ Weeks and Achieving Your Goals
Season 6 Episode #8 "iPhone and Android Tricks to Work Smarter: Sean Werner Shares Tips for Real Estate and Mortgage Pros"
Season 6 Episode #7 "Supporting Families in Need: The Windermere Foundation Comedy Night Fundraiser"
Season 6 episode #6. Relationships Over Transactions: A People-First Approach to launch your career in Real Estate.
Season 6 Episode #5 28 Years Building New Homes: Dana Adams on Working with Builders and Developers.
Season 6 Episode #4 Thriving in Turbulent Times: How Real Estate Trusted Advisors Outperform the Market.
Season 6 Episode #3. Authenticity Sells Homes: How Real Estate Agents are Using Social Media to Attract Their Ideal Clients.
Season 6 Episode #2. Building a Real Estate Business on Referrals and Relationships with Jeanette Eide.
Season 6 Episode #1 Leveraging AI to Enhance Real Estate Marketing: Insights from Industry Experts. Todd Steinberg and Sandy Dodge.
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