Windermere Ask A Coach.

Episode Summary:

In today’s episode of "Windermere Ask a Coach,"

Host: Michael Fanning Michael is a dynamic real

Guest: D-Lisa West D-Lisa is a former real estate

Thank you for tuning into today's episode of

Host & Guest Introduction:Key Topics Discussed:Quotes

complimentary gift for your listeners  ⁠https://coachingwithd.com/ultimate-stress-relief-meditation/⁠this

7/#10 Ask a Windermere Coach Podcast - Episode Show Notes

Date: August 19, 2024

Episode Summary:

In this episode of the *Ask a Windermere Coach* podcast, host Michael Fanning sits down with the newly appointed Windermere economist, Jeff Tucker. They discuss the current state of the housing market, the implications of rising inventories, and the potential trends for mortgage rates as we head into the fall season. Jeff shares his insights on buyer behavior and the importance of local market conditions compared to national trends. Whether you are a buyer or seller, this episode is packed with valuable information that can help you navigate the ever-changing real estate landscape.

## Host and Speaker Introductions:

**Michael Fanning** - Host

Michael is the dynamic host of *Ask a Windermere Coach*, bringing insights and expertise to real estate professionals and clients alike. His engaging style invites in-depth discussions on real estate strategies and market trends.

Jeff Tucker- Windermere Economist

Jeff Tucker is the new economist at Windermere, bringing with him extensive experience from Zillow, where he served as a senior economist. With a passion for understanding the housing market and data-driven analysis, Jeff is dedicated to helping real estate professionals navigate complex economic landscapes.

Key Discussion Points:

- Overview of Jeff Tucker's background and journey into economics and real estate.

- Current outlook for the fall housing market and how it differs from past trends.

- The importance of active listings and inventory levels in influencing buyer dynamics.

- An analysis of mortgage rates and their potential impact on buying behavior.

- Strategies for buyers: when to purchase and what to consider.

- Insight for sellers: how to price homes competitively in the current market.

- The critical role local market conditions play compared to national trends.

Contact Information:

Jeff Tucker:

Email: [[email protected]](mailto:[email protected])

Twitter: [@Jeff_Tucker](https://twitter.com/Jeff_Tucker)

Michael Fanning:

- Email: [[email protected]](mailto:[email protected])

Closing Remarks:

Thanks for tuning in to this episode of *Ask a Windermere Coach*! If you enjoyed today's discussion, please share this episode with your network. Don't forget to reach out to us with ideas for future podcasts or if you’d like to be featured in an episode. Remember to stay awesome, help someone today, and make it a great day!

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Speakers:

- Michael Fanning (Host)

- Shelly Bean (Guest) - Designated Windermere Summit trainer, coach, and content creator

- Beth Kellan (Guest) - Real estate veteran with 20 years of experience, former Ninja Mastery leader

In this episode of Ask a Coach Windermere, Michael Fanning interviews Shelly Bean and Beth Kellen about the innovative Summit office concept and real estate training.

Key points discussed:

1. Introduction to the Summit office: A new concept in real estate training

2. The Summit program's structure and goals

3. Linear approach to real estate education and skill-building

4. Importance of accountability and coaching in agent development

5. Adapting to changes in the real estate landscape

6. Benefits for new agents and experienced agents looking to reset their careers

7. The value of community and "hive mind" mentality in real estate

8. Retention challenges in the industry and how Summit addresses them

9. The importance of being purposeful and systematic in building a real estate business

10. Encouragement for agents to show up, engage, and continually learn

The podcast emphasizes the unique approach of the Summit office in providing comprehensive, structured training for new and experienced agents alike, setting them up for long-term success in the real estate industry.

Contact Information:

- Shelly Bean: [email protected], LinkedIn, Summit-specific website and social media pages

- Beth Kellan: bethkellan.com, email available on windermere.com

Both speakers will be attending the Windermere Symposium on October 1-3 at Caesars Palace in Las Vegas.

I'm excited to have Michelle Becker from Windermere Real Estate in Spokane, Washington, joining us to share her experience in organizing a highly successful and impactful civic-minded client event. Michelle has been in the real estate business since 2007 and has extensive experience in hosting client events.

Michelle's Civic-Minded Client Event: A Step-by-Step Guide

Step 1: Identify a Worthy Cause

Michelle's event revolved around packing food bags for Second Harvest, a local organization that provides food assistance to schools and families in need. She had been volunteering with them regularly and was inspired to involve her clients in this noble cause.

Step 2: Plan and Coordinate with the Organization

Michelle reached out to Second Harvest and secured a date and time for her group to volunteer. She also gathered essential details, such as the event duration, maximum capacity, and any specific requirements.

Step 3: Invite Your Clients and Network

Michelle promoted the event through social media and personal invitations. She encouraged her clients to bring friends and family members, expanding the reach and impact of the event.

Step 4: Provide Clear Instructions and Logistics

Michelle communicated all the necessary details to her attendees, including arrival times, parking information, and what to expect during the event.

Step 5: Facilitate the Volunteer Experience

On the day of the event, Michelle and her group participated in packing food bags at Second Harvest's facility. The process involved rotating through different stations, allowing for teamwork and interaction among participants.

Step 6: Celebrate and Debrief (Optional)

After the volunteer activity, Michelle organized an optional gathering at a nearby brewery, providing an opportunity for participants to unwind, connect, and share their experiences.

The Impact and Benefits

Michelle's event was an overwhelming success, with 65 attendees out of an 80-person capacity. Participants expressed their gratitude and shared that they had created lasting memories while giving back to the community. The event strengthened Michelle's relationships with her clients and facilitated new connections.

Advice for Hosting a Civic-Minded Event

Michelle encourages other real estate professionals to explore similar opportunities in their communities. She emphasizes the ease of organizing such an event and the immense rewards it brings, both personally and professionally. By aligning with a cause that resonates with her values, Michelle found a meaningful way to engage her clients while making a positive impact.

Connect with Michelle Becker

If you'd like to learn more about Michelle's civic-minded client event or seek her advice on organizing a similar initiative, you can reach out to her at [email protected].

Remember, as real estate professionals, we have the opportunity to make a difference in our communities while strengthening our relationships with clients. Michelle's example serves as an inspiration for us all.

Introducing Dana Ferrell, a private wealth advisor with Servitium Wealth Management, who has been in the financial planning industry for 28 years. In this insightful conversation with Michael Fanning, Dana shares her expertise and valuable insights on wealth management, particularly for real estate agents and entrepreneurs with variable incomes. Here are the key points covered:

1. The Importance of Financial Planning: Dana emphasizes the significance of having a financial planner who takes a holistic approach to understanding an individual's goals, values, and aspirations, and creates a comprehensive plan to achieve financial independence and sustainable wealth growth.

2. Cashflow Management: For real estate agents and those with variable incomes, Dana stresses the importance of managing cashflow effectively. She recommends setting aside a fixed monthly living allowance and stockpiling commission checks in short-term positions to maintain a consistent income stream during slower periods.

3. Retirement Planning: Dana highlights the need to prioritize retirement savings and encourages maximizing contributions to tax-advantaged accounts like 401(k)s, Roth IRAs, and SEP IRAs. Time in the market and compounding interest are key to building significant retirement wealth.

4. Insurance Protection: Self-employed individuals often lack adequate disability and life insurance coverage. Dana advises implementing strategies to systematically pay for these essential protections.

5. Wealth Diversification: Dana advocates for diversifying wealth across taxable, tax-deferred, and tax-free accounts, as well as across short-term, mid-term, and long-term investments, to ensure tax efficiency and risk management.

6. Lifestyle Choices: Dana emphasizes the importance of making mindful choices, such as avoiding frequent car leases and prioritizing paid-off assets, to build and preserve wealth.

7. Collaboration with Professionals: Dana stresses the value of working with a team of professionals, including accountants, attorneys, and insurance specialists, to ensure a comprehensive and cohesive wealth management strategy.

8. Continuous Education: Dana highlights the importance of ongoing education and professional development, attending conferences and networking with industry experts to stay up-to-date with the latest planning techniques and strategies.

9. Finding the Right Advisor: Dana advises on the importance of finding a trustworthy and competent financial advisor who understands your values, goals, and risk tolerance, and can guide you towards achieving your financial objectives more efficiently.

10. Reducing Stress: By entrusting a financial advisor to manage and oversee their finances, clients can experience a reduction in stress and anxiety, allowing them to focus on their careers and personal pursuits.

To connect with Dana Ferrell and explore her wealth management services, visit https://www.ameripriseadvisors.com/team/servitium-wealth-management/.

In this episode Michael Fanning talks with Cassie Walker Johnson.

1. Introduction and welcoming Cassie Walker Johnson, a real estate agent with Windermere since 2005, who has been prolific in helping agents understand the changes happening in MLSs, particularly the buyer agency agreement process.

2. Cassie's motivation for writing the article "Why Buyer Representation Should Matter So Much to the Sellers" on Inman was to address a client's question about unrepresented buyers and to highlight the crucial work that buyer brokers do, which benefits sellers.

3. Cassie emphasizes that sellers may not fully grasp the significance and impact of these changes, particularly the fact that homebuyers currently cannot roll their buyer agent compensation into their loan, meaning they must bring cash to the table to pay their agent.

4. Buyer brokers provide valuable services, such as:

Lender connection: Ensuring buyers work with reputable and responsive lenders who can perform and close on time.

Documentation management: Helping buyers understand the extensive paperwork and contracts they are signing.

Market analysis: Providing a comparative market analysis to ensure buyers pay a fair market value.

Contract guidance and contingency explanations: Guiding buyers through the purchase and sale agreement and explaining contingencies like financing, inspections, appraisals, and more.

Earnest money handling: Delivering earnest money funds to escrow on time.

Transaction deadlines: Ensuring all deadlines and timelines are met.

Inspection access: Facilitating inspections and managing the inspection process.

Appraisal assistance: Providing comparable properties and supporting the purchase price to ensure the property appraises at value.

Negotiation support: Helping negotiate and collaborate with listing agents if appraisals come in low.

Transaction coordination: Keeping all parties on track to ensure closing on time.

5. Cassie suggests that agents can benefit from understanding and articulating the value they provide to clients upfront.

6. Cassie offers classes through ProDev to help agents improve their buyer broker skills.

7. In July, Cassie will be speaking on the main stage at Inman and conducting buyer workshops.

8. Cassie emphasizes that the process for buyer brokers will not change much, but they will need to systemize and determine when and how to introduce the buyer agreement.

9. The industry has shifted many times, and this is just another change that agents will adapt to through education and learning from leaders.

10. Persistence, consistency, and being open to learning are keys to success in the face of change.

11. Cassie invites people to reach out to her through her website, cwjmarketing.com, or her blog, where the referenced article is available for free.

12. The host, Michael Fanning, thanks Cassie and encourages listeners to share the content, provide suggestions, and reach out if they want to be on the podcast.

Cassie Walker Johnson's contact information:

Website: cwjmarketing.com

Blog: (The referenced article is available here)

This podcast is hosted by Michael Fanning, and he discusses strategies to combat burnout, particularly for real estate agents.

Michael Fanning, the host of the Windermere Ask a Coach podcast, addresses the issue of burnout that many real estate agents are facing, especially as the market picks up after a challenging period.

1. Five life skills to fight burnout: time management, stress management, work-life balance, assertive communication, and self-care.

2. Time management strategies: Triage tasks, schedule downtime, say no strategically, conduct weekly reviews, and use time blocking.

3. Stress management techniques: Exercise regularly, practice mindfulness meditation, and journal to process emotions.

4. Achieving work-life balance: Set limits on work hours, take regular breaks, plan vacations, and nurture relationships.

5. Assertive communication: Learn to say no politely but firmly, set boundaries for working hours, and communicate the need for support.

6. Self-care routine: Own your mornings, establish a wind-down routine, prioritize sleep, exercise, and a healthy diet.

7. The four R's: Readiness (prepare mentally and physically), Richness (be present and give to others), Rejuvenate (schedule breaks and recharge), and Role Model (lead by example).

8. Daily tools and practices: Meditation, journaling, setting intentions, time blocking, exercise, regulating self-talk, and surrounding yourself with a supportive "growth group."

9. Recommended books: "Burnout" by Emily and Amelia Nagoski, "Deep Work" by Cal Newport, "4,000 Weeks" by Oliver Burkeman, and "The Burnout Fix" by Jacinta M. Jiménez.

10. Consistency is key: Develop new habits and practice them consistently to prevent burnout in the long run.

Speaker's Contact Information:

Michael Fanning

Email: [email protected]

Michael Fanning talks to Cliff Taylor, who has been in the mortgage industry for 34 years, 27 of those years with Penrith Mortgage, an in-house lender owned by Windermere.

1. Interest rates have been high, but buyers are adapting to the new normal through "hedonic adaptation."

2. Ensuring the quality of the buyer's financing is crucial, as last-minute issues can arise.

3. Penrith Mortgage offers a "second look" process to validate buyers' pre-approvals and ensure they're getting a good deal.

4. Penrith's "certified approval" process involves full underwriting, allowing them to guarantee a closing date.

5. The NAR settlement decouples buyer and seller agent commissions, impacting buyers' out-of-pocket costs.

6. Lenders clarified that buyer agent commissions paid by sellers won't count against interested party contribution (IPC) limits.

7. IPC limits vary based on loan type (conventional, FHA, VA) and down payment amount.

8. VA loans have unique rules, like allowing sellers to pay off buyers' debts.

9. Financing buyer agent commissions may require a higher loan amount and mortgage insurance.

10. Sellers are still contributing toward closing costs and rate buy-downs, though less than before.

11. Rates may decline later in 2024, but waiting could mean competing with more buyers and higher home prices.

12. Building equity through home appreciation can offset higher interest rates.

13. Penrith offers tools to analyze the cost of waiting to buy and IPC scenarios.

14. Strong lender relationships benefit agents by protecting their buyers and providing expertise.

15. Continuous education is crucial as lending rules and processes evolve.

Contact information:

Cliff Taylor

Cell: 818-436-2022

Email: [email protected]

Cory Brewer is the Vice President of Residential Operations within King and Snohomish County for Windermere and specifically Windermere Property Management. He oversees Windermere Property Management, Lori Gill and Associates, which serves King and Snohomish counties and prioritizes leasing and property management services.

Key Takeaways:

1. Legal Changes: At the state level, no significant housing bills were passed this year, but smaller jurisdictions at the city level may start taking up issues like longer-term notice for rent increases, caps on late fees, and security deposits.

2. Intent to Sell Condos: Windermere is working on a bill to allow condo owners the same rights as single-family homeowners to end a tenancy when they want to sell their property.

3. Electronic Notices: Windermere is also working on a bill to allow tenants to opt-in for electronic communication from landlords, instead of the current requirement of physical service.

4. Market Activity: Despite some tech company layoffs, people continue to move to the Seattle area, often from other states and countries, driving demand for both rental and sales properties.

5. Rental Expectations: Tenants expect higher-quality, move-in ready properties, so Windermere advises landlords to properly prepare and market their rentals.

6. Inventory and Vacancies: Rental inventory is down about 10.5% in the first quarter of 2024 compared to the same period in 2023, with properties leasing more quickly and rents increasing by around 5.5%.

7. Retaining Good Tenants: Landlords may be inclined to renew leases with good tenants rather than risk higher turnover and finding new tenants.

8. Real Estate Agent Relationships: Windermere encourages real estate agents to have a property management specialist on their team to serve clients who want to rent out their homes.

9. Eviction Challenges: The eviction process in King County can take 6-12 months, which presents challenges for landlords and tenants alike, and there is ongoing effort to address this issue.

10. Contact Information: Cory Brewer can be reached at Windermere Property Management's main number, 425-455-5515.

Podcast Show Notes: Windermere Ask a Coach Podcast

Speaker: Maggie Cooper, CEO of Moreland Insurance

Introduction:

Maggie Cooper is the CEO of Moreland Insurance, a company with an affiliation with Windermere Real Estate. She has over 20 years of experience in the insurance industry and graduated from the University of Washington. Maggie lives in Issaquah, Washington with her husband and three kids.

Outline:

- Windermere's affiliation with Moreland Insurance

- Windermere invested in insurance as a resource for realtors and brokerages

- Moreland has doubled in size over the last 3 years

- Acts as the insurance back office for Windermere real estate offices

- Insurance products offered by Moreland

- Personal insurance (home, auto, umbrella, etc.)

- Business insurance for real estate brokerages (E&O, liability, property, etc.)

- Employee benefits and life insurance

- Benefits for real estate agents

- Insurability checklist to ensure homes are insurable

- Early quoting to avoid issues with affordable premiums

- Identifying potential problems like lack of flood insurance

- Current hard insurance market

- Factors like catastrophes, reinsurance costs, and regulatory environments

- Impacting home affordability and deal closings

- Strategies like raising deductibles, claims coaching

- Benefits for Windermere owners

- E&O, cyber, crime insurance customized for Windermere

- Moreland as a dedicated insurance team for Windermere

- Reviewing coverage annually

- Ensuring proper insurance to value amid inflation

- Accounting for life changes that impact premiums

- The importance of umbrella policies

- Extra liability protection over home, auto, rentals

- Protecting against lawsuits, accidents, etc.

Contact Moreland Insurance at www.morelandagency.com or 206-594-1126 for more information.