All agents are replaceable, but the great thing is: you have the power to choose who replaces you. Likewise, agents have the opportunity to offer to buy a retiring agent’s business in exchange for a referral fee. How can you get involved in this process? What are the risks? On this episode, author of The Golden Handoff, Nick Krautter is here to explain how to get involved in buying business from retiring agents.
We are all replaceable, but you can choose the person who replaces you. -Nick Krautter
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Three Things We Learned From This Episode
Host client appreciation parties
Building personal relationships with your database is essential. Host parties that provide your clients with a great experience, but don’t forget to offer them value. Encourage them to ask about the market while at the events.
Understand what it means to buy an agent’s business
The way to approach buying a retiring agent’s business is by reminding yourself you’re buying the years it took to accumulate that list. If you find a retiring agent willing to sell their business, you’re benefiting from the work they put in without spending any money until you actually close a deal.
Take immediate action. Don’t think you need to wait.
Don’t fall into the trap of believing you need to wait to buy a retiring agent’s business. The best time to take action is right now. You don’t need to spend years preparing for something when the resource is right at your fingertips today.
As an industry, we often tend to think gaining a client list is a near-impossible task. However, buying from retiring agents is one way to make this happen. You can boost your own database in a massive way as long as you’re going about the process in the correctly.
Nick Krautter is the author of The Golden Handoff: How to Buy and Sell a Real Estate Agent’s Business, which debuted number one on Amazon for mergers and acquisitions. His goal is to teach real estate agents how to grow their business and to help them later retire and benefit from their years of hard work.
To find out more about Nick, check out: