Every real estate agent wants to score the deal of his life, and that involves a seven- to eight-digit contract. It’s not easy to penetrate the luxury market, more so earn hundreds of thousands in commission from a single deal alone. However, there are realtors who have proven that it’s not impossible to be a million-dollar agent.
We collected some of their lessons to help you learn more about this industry. Of course, these will be particularly useful if you wish to one day join the ranks of our most trusted partners.
1. Experience is the best teacher – Josh Altman
There is no shortcut to it, and that is what Josh Altman learned throughout his career. Mastering negotiation for him is different from mastering the industry, which is the key when dealing with very meticulous millionaire clients. Trust him when he says that you need to explore the industry in as many aspects as you can. He knows what he is saying, and it shows in his hit reality show the Million Dollar Listing in Bravo TV.
Altman started in flipping houses, which he practiced for 10 years. He shifted to finance until he ended up where he is now—selling multimillion mansions. He knows how the industry works, to and from the stage where properties are constructed, financed, marketed, and sold.
You should learn that way too. You shouldn’t limit yourself to just selling if you want to achieve the greatest heights of being an agent.
His biggest deal: a $16.5 million Beverly Park mansion.
2. Industry trends and market preferences are constantly changing – Emily Beare
In fact, Beare thinks that it has already shifted.
Clients used to prefer “Wall Street” type properties—very formal, straightforward, and business-centered. Nowadays though, clients are becoming more artistic, preferring properties that don’t only have commercial value but artistic value as well.
On her experience, some clients are willing to wait for years just to find the right house that they can truly feel they belong to. There is this connection that some people want to feel before considering outright factors in choosing real estate.
Her biggest deal: a $13 million New York apartment.
3. Introduce the property to your clients – Raymond Bolduc
Bolduc is a treasure chest of lessons that new and experienced agents would want to learn. Trust him because his experience in the industry is long enough to see industry bubble blow up and pop. His clientele spans multiple continents as a matter of fact.
When selling a multimillion house, he doesn’t tour the clients to see it; he throws a gala to fit what luxury partying means. He organizes events, showcases luxury items, and allows clients to conduct networking with one another. The food and drinks are far from mediocre as well.
There was even a time when his party by the bay where the house was located happened with the clients aboard different yachts. This is how a multimillion agent pampers millionaire clients.
We think that it’s a little extravagant at first, but hey, if you have an eight-digit property listed, would it really matter to spend a few tens of grand for marketing? Besides, doesn’t building rapport with clients lead to long-term business relationship, more or less?
He really ensures that the clients enjoy the property so much that they would want to have it before they leave the party. Go to the level of your clients and entertain them in a way they mostly prefer. The clients need to feel that the property matches the luxury that they are.
His biggest deal: a $20 million eight-bedroom house on North Bay Road.
4. Approach potential buyers before listing a property – Nancy Callahan
The first thing most real estate agents do is list a property to jump-start the marketing strategy. Doing this may get you dozens of potential clients ringing your business line, but are those potential clients really what you need?
Callahan believes that millionaire clients are too precious to make the call. An agent should be calling them. That’s the way they wanted to be treated.
Before listing a luxury property, Callahan approaches a potential buyer first, someone who fits the high profile and high selling price of the property. She contacts them directly, a tactic that actually works if you have the right offer.
When this tactic fails, she resorts to advertisement before finally going to property listing. It is the “where” that makes an advertisement of a high-end property successful. What’s her personal favorite? It’s a full-page ad in private jet magazines. Her tactic is so straight-to-the-point that she rarely misses her target.
Her biggest deal: a $27 million mansion in Hawaii, the biggest deal for a home in Maui.
5. A client without a face is as good as nothing – Phil Collins
No, he’s not the Grammy-award winning recording artist that you are thinking right now. They have a similarity though. Collins sells multimillion mansions while his singer-counterpart sells millions of albums.
Collins is a believer of advertisement through his own website. However, in his years of dealing with faceless inquirers, he has learned that a client with no face is as good as nothing. You really have to know who your client is to cater to his needs and to make him realize what he really wants.
His biggest deal: a $13.7 million Naples mansion.
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