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
Episode #22. Build a strategy to engage with valuable information instead of promoting yourself.
Episode #21. As a real estate trusted advisor how well are you at articulating your value proposition?
Episode #20 When it comes to your moments of truth what tool helps you standout virtually and so much more when listing a home?
Episode #19 How to be Authentic, think out of the box and live your life now. Real Estate and life harmonized.
Episode #18. Having a coach is important, but being coachable is just as important.
Episode # 17. Your true worth is determined by how much you give back rather than how much you receive in payment, Diana Patterson explains.
Episode #16. Starting in 2018 Kamila took Ninja right away, then started coaching. Listen how she can maintain an evergreen business by being herself.
Episode #15. There is an audience on Tik Toc that wants to see your value-added post. Kehaulani Keanaaina with Windermere Kona explains.
Episode #14. Not all communication is created equal. Focused, Direct, Compassionate. Nuggets from the book Your Time to Thrive.
Episode #13 How do Windermere Agents/Offices help the communities we serve? The power of giving back through our foundation.
Episode #12. The power of communication is determined by your ability to truly listen.
Episode #11 Can I have a great business and a full time assistant in three and one half years? Mark Chavez says yes.
Episode #10. Three strategies when it comes to having a balanced life and an evergreen real estate business based on referrals.
Episode #9. Are you a consistent go giver? Have you figured out how to not complicate things and just get it done? Well Erin Hoppe has some advice on this topic.
Episode #8. Are you using video today to connect and build relationships? Well Nancy Chapin is doing video and shares here ideas.
Episode #7. It is all about showing up professionally. Listen to what a true expert is saying when it comes to representing your buyer or seller in this frenzied market.
Episode #6. Use the 5 magic questions to tap into your clients’ future dreams and goals.
Episode #5. One aspect of getting and selling listings is keeping your process consistent and cutting edge.
Episode #4. The power of consistent Real Estate Reviews, with Sol Simmers.
Episode #3. You do not have 98% of your business be referral base by accident. It happens when you create quality long lasting relationships.
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