Windermere Coaching Minute Windermere Coaching

• Russell Marsan is an expert on 1031 exchanges, having worked in the field for 28 years with Investment Property Exchange (IPX1031), the largest qualified intermediary facilitating 1031 exchanges in the nation.



• A 1031 exchange allows real estate investors to sell one investment property and reinvest the proceeds into a new investment property while deferring all capital gains taxes. It is considered the greatest wealth building tool in the tax code.



• The term "like-kind" is misleading - virtually any type of investment real estate qualifies as "like-kind," including raw land, single family rentals, apartments, commercial properties, etc. The properties don't have to be of the same asset class.



• 1031 exchanges can be done across state lines while deferring both state and federal capital gains taxes. A few states like Montana and California have a "clawback" provision where the state can recapture taxes if the owner leaves after exchanging out of that state.



• Death is the only inevitability, not taxes - 1031 exchanges allow deferring capital gains taxes until the owner passes away, at which point heirs receive a step-up in basis and can sell tax-free up to a generous exemption amount.



• There are strict 45-day and 180-day timelines - the investor must identify potential replacement properties within 45 days of the sale, and complete the exchange by acquiring the new property within 180 days.



• Owners can convert a rental property into a personal residence through a 1031 exchange following IRS revenue procedure 2008-16, which requires limiting personal use for 2 years.



• Marston recommends agents ask clients about any business use of their home (home office, rental, etc) to explore doing a partial 1031 exchange to defer depreciation recapture and taxation on that portion.



Cell Phone: (530) 755-8355

You can call him anytime, even 8pm at night as he said "I'm a tax nerd. I have no life."



Email: russell.marsan@ipx1031.com



He also mentioned that agents can reach out to him about providing training classes or evening educational events for their offices and clients on how to build wealth through 1031 exchanges. He enjoys doing these interactive presentations from 6-7:30pm on weeknights at the venue of the agent's choice.

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.

She's going to be talking to you all about referrals. Specifically, we're going to be talking about increasing your business through referrals in two different avenues. One is agent to agent, the other one is sphere.

And so we just want to give you some ideas around on how you can increase your business because we know that having other avenues of business in today's market is very important. It's great to get those calls when you get referred, but are you enhancing those channels and doing everything you can? So she's going to give you some great tips. So Stevi, thanks for being on the podcast today.



• 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 (patrick@windermere.com) 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 stands out for his exceptional professionalism and attention to detail when conducting open houses
He does extensive research on the area, homes, and market trends to be an expert resource for potential clients
Christopher spends time and money creating high-quality marketing materials and packets for open house visitors
His open house preparation includes setting up numerous directional signs, timing his setup process, and ensuring the home is presentable
Christopher's goal is to get at least one new client from every open house he conducts
He attributes his success to consistency, focusing on a specific area, and providing value to potential clients
Christopher dresses professionally in a suit and tie for all client interactions, setting a tone of expertise
He manages his time effectively, working a 40-hour week while still dedicating time to his family
Christopher believes in an abundance mindset, investing in his business with the expectation of a strong return
He manifests success by setting specific goals and maintaining a positive, confident attitude



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.