Windermere Ask A Coach‪.‬ Michael Fanning

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)


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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: fanning@windermere.com


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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: cliff.taylor@penrithloans.com


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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.


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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.


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1. Stacey Brown Randall is an author, speaker, and entrepreneur who focuses on referrals. She wrote the book "Getting Referrals Without Asking".



2. Referrals should happen naturally based on science and human behavior, not by directly asking others for them.



3. Referrals start with the referral source knowing someone who needs help, not with you. You are simply the solution they connect people to.



4. Creating desire and opportunity are key - you control desire by providing value, caring about others, etc. You can't fully control opportunity but you can put yourself in a better position.



5. Have genuine conversations focusing on others, listen, and follow up in a structured way. This builds trust and plants "referral seeds".



6. Thank people for specific referrals in handwritten notes. Mention the name of who they referred to picture that person.



7. Consistency over time with referral sources is critical, not just doing one-off things. It snowballs as you build trust.



8. Categorize and understand who your true referral sources are. Not just everyone in your database. Look at history.



9. Have systems and processes in place to be "referable" - repeatable professionalism. Experience matters when people refer you.



10. Stacey outlined specific strategies to unlock referrals without asking. Dive deeper through her book, podcast, website, and training.



Contact Stacey. https://www.staceybrownrandall.com/


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