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 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.
Season 5 Episode #10 Building Real Estate Client Relationships That Last - Insights from Top Agent Heather Dolin
Season 5 Episode #9. "The AI Agent: Sol Villarreal's Wisdom for Realtors on Understanding ChatGPT"
Season 5 episode #8. How do you support and encourage 60+ real estate agents on a daily and weekly basis?
Season 5 Episode #7. The power in having clients sign in at an open house.
Season 5 Episode #6. Your true worth is about what you give not what you get with Matthew Chapman.
Season 5 Episode #5. Gina Weigum talks about the power of face to face engagement with her clients. Don't complicate it and be authentic.
Season 5 Episode #4. The power of being consistent with routines, keeping it simple, and being coached with Christopher Rigby.
Season 5 Episode #3. The power of being so confident and dialed in you can't be denied with Laurann Turner.
Season 5 Episode #2. Open houses are a great source of business if you have a consistent process.
Season 5 Episode #1. How can you become the trusted sources for real estate with your colleagues in the real estate community using facebook?
Season 4 Episode #10. When the student is ready the teacher will appear.
Season 4 Episode #9. A look at Ninja before, during and after with a recent student Peri Erickson Brown.
Season 4 Episode #8 When you commit to a process and show up daily it's not unreasonable to have an 800% increase in your business.
Season 4 Episode #7. Controlling your fear, single tasking, and creating balance in your days.
Season 4 Episode #6. How did Shelli become #2 in production and #6 in her MLS over the course of a year? It wasn't a silver bullet; it was committing to herself.
Season 4 Episode #5. Surprising and delighting clients, setting your business on fire with Ninja and coaching with Lisa Peterson.
Season 4 Episode #4. Winning your day begins with an early start. What does an early start look like?
Season 4 Episode #3. What top coaching clients do to outperform the pack in work and life.
Create your
podcast in
minutes
It is Free
Navigating Life After 40
Teaching Learning Leading K-12
Regenerative Skills
The Jordan B. Peterson Podcast
The Mel Robbins Podcast