Real Estate Golden Opportunity - Creating A Succession Plan

By
Real Estate Broker/Owner with Royal Lepage Kelowna

At some point, we all want to retire. One day we decide to move on to other passions or pursuits in life. There is a way to retire from real estate with relaxation and free time, to maintain an income stream and ensure our clients are well taken care of. This week we look at the method of adopting an agent and the retiring agent clients needs are attended to by the adopting agent. The most critical part of this whole plan is how you transfer and maintain client relationships and the trust the retiring agent has spent years to build. These relationships are the baton in the relay race that gets passed from the retiring agent to the adopting agent. If done well the retiring and adopting agents will win the race for them and their clients.

Let's start by looking at the 3 steps to building your relay team. 1. Having a good plan 2. Execute the plan well 3. Everyone is replaceable, but you must choose wisely who will replace you. We have to assume the retiring agent has already compiled a solid database of relationships and detailed information about the clients so we then jump to choosing the adopting agent process which is the most critical choice you will make in the process.

Here is your adopting agent checklist:

     1. Experience – First and foremost, experience should but what you look for. By experience, I mean not only experience in helping clients but also in running a business, marketing and sales skills.

     2. Relationship Building – For every business, the process of working with clients will be different. A retiring agent may rely on mailings, phone calls and client parties. Make sure the adopting agent is open to continuing to communicate and build relationships in the same ways that have worked for the retiring agent.

     3. Resources – Another critical component to look at is the possible successor has the resources. Do they have the resources to see the plan through to completion? Depending on the size of the business, the minimum requirement will be the financial ability to fund the marketing efforts to the database of clients.

     4. Ethics – In a perfect world, it would not be important to include ethics into the equation but sadly some people are just in it for the quick buck and not the full relay race. Choose someone of high character and who will take care of your clients best interest every time.

     5. Energy – Although it might seem like energy and resources are the same thing, there are not at all. Energy is the spark in the adopting agents eyes, their sense of humor or sometimes described as their “vibe”. When you are around them do they make you feel good?

     6. Who Not To Hire – Considering adopting your office friend, assistant, the new agent or the agent who is desperate for business you should re consider. Friends take their friends for granted. Assistants know the back end of the business and not the front end of the business. The new agent has the spark but just not the experience and resources. As for the desperate agent they are thinking about the money and nothing else.

Tips For Adopting Agents

  • Do you have the systems and resources to add the retiring agents business?
  • Take the time to review the retiring agents business and how they market and care for their clients.
  • Prove how dedicated you are to handling the retiring agents business like sharing Testimonials, systems, processes, resources and your plan.

Tips For Retiring Agents

  • Make a short list of candidates to consider.
  • Ask your clients what they appreciate the most about you and want to see continue with the successor.
  • Interview more than one agent and get testimonials from their clients.

This is an exciting opportunity for both the retiring and adopting agents and trust that the content we shared will spark a fire in you and your business to find the adopting agent out there or adopting agents find those retiring agents that never consider the possibility of residual income into retirement.

Strength and courage,
Wade

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Topic:
Real Estate Best Practices
Tags:
real estate industry
realtor personal development
as a real estate agent
3 steps to building your relay team in real estate
adopting agent checklist
how to transfer and maintain client relationship in real estate

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Rainmaker
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Debbie Holmes
John L. Scott - Boise, ID
Gets the job done!

Old real estate agents don't die they become listless. 

Good advice.  

Nov 24, 2019 06:45 PM #1
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Wade. Nice tips for those considering the retirment road! Enjoy your day.

Nov 25, 2019 05:22 AM #2
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Rainmaker
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Wade Webb

Real Estate Coach - Agentsboost
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