Michael Fanning Podcast host talks to Anders Ibsen and Stevi Fanning about the details on contingent offers.

- Stevi Fanning is a real estate agent in Idaho.

- Anders Ibsen is a real estate agent from the greater Tacoma area with Windermere Real Estate.

Bullet Points:

1. The podcast discusses the power of contingent offers and the difference between types of contingent offers.

2. A contingent offer means buying and selling a property at the same time, where the buyer needs to sell their current home to buy the next one.

3. There are two types of contingent offers in Washington state: Form 22B (buyer needs to accept an offer on their current home) and Form 22Q (buyer has already accepted an offer on their current home).

4. Form 22B is less competitive in multiple offer situations but allows more flexibility in timelines.

5. Form 22Q is more rigid in timelines but more competitive as the buyer is already under contract.

6. Educating clients on their equity position, competitiveness of their home, and occupancy situation is crucial in contingent offer scenarios.

7. Listing agents should actively communicate with the buyer's agent to ease the seller's mind and build trust.

8. Buyers can initiate negotiations on the terms of their home listing, such as reducing the list price if no offer is received within a certain period.

9. Bidding wars can be won with awareness of what it takes to win, emotional preparedness of clients, and a competent agent.

10. The competence of the other agent is crucial for a successful contingent offer transaction.

11. Reputation and ability to work well with other agents can sometimes outweigh the strongest offer on paper.

12. Being in a collaborative and educational environment as a new agent is important for learning about complex transactions like contingent offers.

13. Firm culture and emphasis on professional development play a significant role in an agent's competence.

14. Continuous education on changing contract forms and building trust and confidence with clients are essential.

15. Clients should choose firms and agents dedicated to producing successful, productive agents rather than treating agents as mere sources of monthly fees.

I'm so excited today to have my wife Stevi here.

• Statistics show 63% of sellers and 38% of buyers found their real estate agent through a referral from friends or family, indicating the power of referrals.

• Building a referral-based business has a higher return (3 referrals to 2 closings) compared to other marketing and advertising methods.

• For agent-to-agent referrals:

- Know your market's feeder areas and migration patterns

- Diversify social media content to engage potential referral partners

- Get involved in real estate organizations and events

- Attend industry conferences and masterminds

- Nurture your referral partner database like top clients

• For sphere of influence referrals:

- Have upfront conversations about expecting referrals

- Host client events and allow attendees to bring guests

- Include referral reminders in your engagement plans

- Offer workshops/classes and partner with other professionals

- Incentivize referrals with gifts, recognition, and rewards

• Set goals for incoming and outgoing referrals each year and review them regularly.

• Implement at least one new referral generation idea within 20 days while it's fresh.

In this podcast Joe Galindo hosts Patrick De Leon as our guest. Patrick is a broker with the Windermere Yarrow Bay office in Kirkland, Washington. The discussion focuses on how Patrick uses social media platforms like Facebook and Instagram to build his brand and business as a real estate agent.

Key points:

- Facebook and Instagram are the primary platforms Patrick uses for their wide reach and user engagement.

- He shares a mix of real estate content (listings, market updates) and personal/lifestyle posts to connect with his audience.

- Tactics include testimonial videos set to music, humorous real estate-themed videos/reels, and casual glimpses into his daily life.

- Consistent posting 2-3 times per week, with daily Instagram stories, helps stay top-of-mind.

- Posting between 1-2 pm Pacific time tends to get the highest viewership.

- Social media presence has helped Patrick get referrals from other agents in his office.

- He monitors his sphere's social media for life milestones to personally acknowledge (birthdays, babies, etc.)

Patrick's email ([email protected]) for anyone seeking more tips on social media for real estate.

Host: Joe Galindo

Guest: Patrick De Leon (Windermere Yarrow Bay office broker)

Christopher Rigby is a highly successful real estate agent with Windermere, who has been coaching with Michael Fanning for some time. He has been in the industry for 12 years and primarily works in the Mukilteo area and Harbor Point. He has close to a 100% hit ratio for getting clients from his open houses.

Christopher Rigby's top 3 points:

1. Extensive preparation and research to position himself as the neighborhood expert

2. High-quality, professional marketing materials and presentation

3. Engaging directly with potential clients to understand their needs and provide value

His contact information:

Cell Phone: 425-220-0621

In this episode Michael talks about the power of top of mind in building a referral based business.

1. Referral-based agents build sustainable businesses versus transactional agents relying on bought leads. Referral agents focus on long-term care and value for clients, becoming the hub for their needs.

2. Referrals have higher conversion ratios (3 to 2) than cold outreach (2000 to 1), along with higher retention since agents stay connected. They also incentivize clients to refer more and have the highest ROI.

3. People don't refer due to simply forgetting, lacking recent contact, no incentives offered, non-urgent client need, poor past referral experiences due to lack of follow up. Overcome through consistency, education, promotions, value, and referral programs.

4. Be top of mind by having recency of interactions via check-ins, property reviews, newsletters. Be relevant to client interests as a homeowner resource. Build relationship strength via events. Create distinctiveness with signature programs. Contact frequency is key.

5. Most agents lose contact after transactions close, failing to follow up. Referrals require intention, consistency, and value-added communication on an ongoing basis instead of at closing.

6. Have segmented follow-up checklists for buyers/sellers at 1 week, 1 month, 3 months post-close. Include gift cards, neighborhood info emails, invitations to client events, among other value additions.

7. Use relationship builders like FORD (asking about Family, Occupation, Recreation, Dreams) to understand clients better. This grows trust and advocacy.

8. Don’t cut corners - customized mailings, relationship building events, and high-touch coordination require effort. This shows clients they are valued, increasing loyalty.

9. Social media primes clients by regularly exposing them to your brand. Value-add real estate videos establish expertise over time as subscribers see you more.

10. Author Stacey Brown Randall provides referral advice in “Getting Referrals Without Asking” book and Roadmap to Referrals podcast that agents can learn from.

In this episode Michael Fanning talks about doing hard things daily.

Here are suggested show notes for the podcast transcript:

Show Notes

- Doing hard things daily builds mental toughness and promotes personal growth. Pushing yourself outside your comfort zone forces you to expand your skills and abilities.

- Facing challenges head-on boosts confidence through achieving "micro wins." Meeting difficult situations builds genuine self-confidence and belief in your abilities.

- Hard, meaningful work brings deep satisfaction and prevents stagnation. Easy, mindless tasks often leave you feeling unfulfilled.

- Building resilience through small adversities creates coping strategies to handle life's bigger problems. Developing "mental calluses" builds the mentality to keep moving forward.

- Surmounting difficulties provides opportunities and possibilities that may not have been accessible otherwise. Breaking barriers allows others to achieve the same.

- Obstacles engage problem-solving abilities and push you to find innovative solutions. Necessity breeds invention.

- Pushing yourself leads to mastery and excellence. Doing hard things daily is the only proven path to developing expertise and elite skills.

- Overcoming adversity injects value and makes successes more meaningful. Taking the easy road is comfortable but not fulfilling.

- Find a "growth group" and build a support system with people also challenging themselves. Use coaching for accountability and encouragement when you feel like quitting.

- Identify the hard things in your business and commit to doing them daily. Consistent practice on the edge of your abilities leads to breakthroughs.

Contact Michael [email protected]

Introduction

- Joe Galindo a Windermere coach

- His guest today is Travis

Travis' Background

- After high school, Travis did

- He started working in the

- Travis got experience quickly by

- The appraisal work gave him

- He saw the market shift from hot

Learning from His Mom

- Travis initially didn't want to

- She treats clients like close

- His mom fulfills the need of the

Going Above and Beyond

- Travis shares a story about

Transaction Types

- There are relational

Seeing Homes

- It's very valuable for agents to

Kitchen Remodels

- Travis notes kitchen upgrades

Gifts from Appraising

- His appraisal experience taught

Working with Family

- After appraising and title work,

- He hesitated to work with her at

Referral Power

- Travis shares an example of past

Client Events

- He hosts an annual holiday party

- They also do smaller events like

Ongoing Communication

- Travis stressed the importance

Gifting Strategy

- He is strategic in gifting

- Travis has used services like

Action Steps

- Reach out to Travis with any

- Implement similar strategies of

Contact Travis Stewart. ⁠https://travisstewartre.com/

Introduction

- The speaker is Michael Fanning, a real estate coach with Windermere Real Estate. covering specifics on being Professional and going above and beyond.

- Fanning begins by noting agents are independent contractors without mandates on service levels. However, successful companies in other industries provide consistent service. Real estate agents should focus on professionalism and consistency.

- He states agents worry about getting paid less, but should focus on bringing value rather than the commission gap. The book "Go Giver" says your worth is based on how much more service you provide than payment you receive.

Avoiding Commoditization

- Fanning explains commoditization is when services become interchangeable and competition is on price rather than quality/features.

- Real estate agents experience this when clients see them as the same and focus only on commission prices.

- Fanning states agents should have a "value edge" to avoid being commoditized.

Moments of Truth

- Fanning introduces "moments of truth" - brief interactions when customers form impressions about brands.

- He outlines 3 key moments: the initial research phase (Zero Moment), first experience with service (First Moment), and experience after purchase (Second Moment).

- Optimizing these moments through marketing and service is key to winning customer loyalty.

Key Touchpoints for Providing Value

- Fanning gives examples of touchpoints agents can optimize:

- Having a consistent sales process

- Communication schedule and expectations

- Regular market research and conveying market expertise

- Professional website, voicemail, email signatures to build brand

- Strong negotiation skills to get the best deal

- Leveraging sphere of influence for referrals and resources

- Providing guidance through choices/consequences, not opinions

- Preparing for a smooth closing

- Staying connected post-closing for referrals and business from past clients

Conclusion

- Fanning concludes agents should run a professional business, use company resources, believe in themselves, and provide high service levels.

- This will create value during key moments of truth, build loyalty and referrals, and create an abundance mindset.

- With an exodus of agents, clients will migrate to those providing consistent quality experiences.

Ninja Selling Book

Windermere Coaching

Michael Fanning [email protected]

- Michael Fanning, host of the Windermere coaching minute podcast, shares tips on how to crush your goals and dreams in 2024. He provides strategies to help his coaching clients achieve work/life balance and success.

- Break your big, intimidating goals down into smaller, bite-sized, achievable steps. For example, instead of focusing on running one full marathon, focus first on successfully running a 5K, then 10K, half marathon, etc. Set mini-goals along the way.

- Use tools to track your progress daily or weekly, such as a planner, journal, app, or whiteboard. Tracking provides satisfaction as you see progress, which boosts motivation to keep going. Real estate agents: track your activities, phone calls, property views, etc.

- "Win" at least 40 out of 52 weeks in a year by tracking activities and achieving your targets consistently. Hold yourself accountable. If you miss a target, make sure it's intentional, like taking time off. Don't unintentionally lose weeks by getting distracted or discouraged.

- Get accountability through an accountability partner, mastermind group, or coach. Reporting to someone gives an extra push when you want to slack off. Consider hiring a coach to hold you accountable to agreed upon activities.

- Be patient and give yourself grace. Nobody's perfect. If you slip up, get back on track the very next day. Don't dwell on small setbacks. Change takes time. Persist.

- Maintain a positive mindset through intentional morning and evening routines. For example, exercise, meditate, read, listen to podcasts in the morning. In the evening, follow the "3-2-1" rule - stop eating 3 hours before bed, stop working 2 hours before, get off screens 1 hour before.

- Take care of your body through proper sleep. Let your mind unwind before bed to "park" your brain. Good sleep regulates cortisol, clears the mind, and reduces stress. Follow healthy evening routines.

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