This morning, I checked out the Sensei Grasshopper Group looking for a mentee in search of a mentor. And there was one post where I thought I might be able to offer some useful information. In her post, Mentor wanted, can you help?, Laura Flip asked for help in moving up to a higher price range.
I could tell from her post that Laura already has a lot going for her. Last year, she did an impressive 51 transactions, so clearly she knows how to list and sell real estate. But it was all at prices of under $100,000. Now, I'm not sure what the prices look like in her market area, there are some steps that Laura, or other agents who want to work higher end property, can take to move on up:
- First, you need to really know what you are doing. You need to hone your skills and get all the knowledge you can about what works and the nuts and bolts of your job. Laura seems to have that part under control.
- You need to know the high end market like the back of your hand. Make it a point to preview every house in your market area that is in the price range where you want to work. This will give you the confidence you need when you are at your first listing appointment for that mansion on 30-acres.
- You should put together a really good written and digital listing presentation. It's always good to leave an attractive listing package behind.
- Start to have your listings professionally photographed. If you can't affort that, invest in a decent camera with a wide angle lens, and maybe take a course in your spare time on both photography and photo-shop (or if you use a Mac, their I-Photo program does a decent job).
- Signs on the door of your minivan advertising your serevices as a Realtor probably won't help in this market. I'd get a great real estate car - I love my 2002 Lexus that I bought used eight years ago. It still looks respectable and runs
reliably. While it isn't flashy, it feels right at home in a horseshoe driveway. - Take a look at people you already know who live in these houses. They may go to your church or send their children to the same school yours go to. Is there an off-leash doggie park where you could take your pooch for his daily exercise (assuming the dog is well-behaved and doesn't eat small poodles for dinner).
- Get involved in some community or charitable organizations where you might meet new people.
- You need to look the part. Treat yourself to a day off that includes a mini makeover at a really good day spa. The more professional you look, the more professional you'll feel. The more professional you feel, the more professional you'll act.
- Stage yourself for the high end. I remember investing in a Chanel bag (I found it at a consignment shop), some very cool Ferragamo shoes, and a couple of power outfits for each season. I don't get dressed up every day, but I can look like I belong is a gazillion dollar house if I have to.
- Does you brokerage do any work seliing upscale homes? If not, you might want to investigate moving to a firm that does.
Experience in the industry does help, but I can remember as a newbie agent jumping in at the upper end of the market. My first listing was a beautifully restored mansion just off of Dupont Circle. But that wasn't my only focus. I took every listing I could get my hands on, whether it was a tiny efficiency condo or a great big house. And a few years later, when I decided that condos were for newbies, and it was time to stick to big houses. And my income took a nosedive. Today, I'm back to trying to have a practice with some of everything, from tiny to gigantic.
So bottom line, learn the inventory and get yourself ready to make the transition. But as you change your focus, don't give up on the part of the market that you do today. It's really like the meat and potatoes of the business and will pay for your new Ferragamos and a couple of rich lady outfits.
You'll do just fine!
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