Consult the Coach - Summer 2017

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RE Magazine — Summer 2017

Dear Coach:

I have been a real estate broker for over 30 years. I am ready to start winding down my business so I don’t have to deal with this crazy market. The constant, multiple offers required when working with buyers is wearing on me. Thankfully, I have a fairly steady stream of referrals from past clients. It would be an even steadier stream if I called them once in a while. Suggestions?

Signed, Winding Down

Dear Winding Down,

It seems like you would like to work mostly, or exclusively, with sellers and avoid working with buyers. In addition to that, it seems as if you’d like to begin formulating an exit strategy. Here are some options to consider:

The number one suggestion is to form a team. Find a younger broker who relates to their clients like you relate to yours. This broker should enjoy working with buyers and be compatible with your personality and temperament. Other important characteristics of a good teammate are trust, flexibility, emotional maturity, and collaboration. A good place to start looking is in your office. Ask your managing broker for suggestions of brokers who they think would work well with you. One way to determine if a broker will make a good teammate is to co-list a couple properties. If this works well, create a written agreement around compensation. Then, have your new team member begin working with your buyers. An added benefit of having a trusted teammate is to have someone who can cover for you when you’re on vacation.

It’s never too early to begin preparation for exiting your real estate business. Find a class or mentor that will show you how to sell your book of business. You have built relationships, over the years, with clients who know, like and trust you. Those relationships are valuable and worth something. A likely buyer is your teammate.

Meet with your financial planner to review your financial position to determine how much money you need to be earning now, and when you might be able to retire. This will give you a realistic view of how and when you can dial back your business.

Finally, overcoming your reluctance to contact your sphere will get you more leads and referrals that will turn into business for your team. Your past clients enjoy hearing from you and appreciate that you are thinking of them.

Thanks to Seattle broker Al Johnson for contributing to this article.

 


 

About the Coach


Stuart Kaufman

Stuart Kaufman, MS, MBA, is a Real Estate Columnist and Business Coach who motivates, coaches, trains, and inspires real estate brokers to focus on lead generation, being accountable, and living a balanced life. Stuart offers a complimentary coaching session to help Brokers begin to plan, execute, and close more transactions. To contact the Coach, send an e-mail to coach@stuartkaufman.com. © Copyright 2017, Metamorphosis Coaching. All Rights Reserved.

 
 

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