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In an earlier post, I discussed why working with upper-bracket buyers and sellers may not be for everybody. And it's certainly not as easy as it may appear to be.
Yes, the financial rewards may be greater, but there are risks involved as well:
High net worth clients tend to have deep pockets. If they become aggrieved during the process, they may be more inclined to spend the money and take the time to pursue those grievances. Check your E & O (errors and omissions) policy to see if it offers appropriate coverage for high-end sales.
When you fly higher, you may fall farther. You'll spend more money, sometimes without result, in the high-end market.
There may be greater potential for transaction fraud in the luxury market. At a Luxury Homes Marketing (CLHMS) seminar in Fort Lauderdale last year, I met and listened to Rennie Rodriguez, a Florida agent who also worked for the United States Treasury Depertment. Rennie told the class that there have been more frequent scams in recent years targeting sellers of luxury properties. The purchas scams sometimes involve counterfeit bank wire transfers, counterfeit cashier's checks and so forth.
There's ever-increasing competition in the high-end market. A growing segment among agents and companies are trying to divide an increasingly smaller pie. In the past decade, many national real estate franchises and companies have established a "luxury properties division". Everybody seems to want to get in on the action these days!
Your perceptions of luxury may differ from those of your clients. Building a rapport with clients and understanding their needs and wants is essential to success in real estate.
There's less room for error. If you're not a detail person when it comes to real estate transactions, this may not be your market.
Contact Broker Eric Kodner with Wayzata Lakes Realty about Minneapolis & Saint Paul area properties, including Lake Minnetonka, Edina and the Minneapolis City Lakes area (Lake Calhoun, Lake of the Isles, Lake Harriet). We also sell on the Saint Croix River and on Lake Superior, including Bayfield, Wisconsin and Madeline Island homes. With fourteen years experience marketing and selling waterfront properties in Minnesota and Wisconsin, we know Lake Minnetonka and Madeline Island real estate.
10 Comments
on In the Luxury Home Market the Rewards are Greater and the Stakes are Higher..So Are the Risks!
APR
19
2008
Not sure why I being a detail person would conflict with being in the luxury market -- it would seem to be helpful to appreciate the detailed features of a luxury home?
Ann, you may have misunderstood what I wrote above.
My point was, If you are not a detail person, the luxury homes market may not be for you. Paying great attention to detail is essential if you are dealing with luxury property buyers and sellers. High-end property clients expect it!
Absolutely, Eric. Luxury homeowners do expect you to be on top of all the details - and to be expert in many aspects of the business. Most of them do not tolerate fools.
It can be a tough market but it is what we do. being sloppy or inattentive can get you in trouble. Most luxury sellers and buyers can buy what they want so meeting their need takes discipline and dedication to the client.
Sharon -- The owner of a luxury property is likely to be a busy and successful professional who values detail-oriented people. Most such owners don't have time to micro-manage the sale of their property. They rely upon us to take care of the fine points.
this is very true.. I almost got into some big trouble with a seller... no court ..I am a very young agent for Luxury Market.. 27 years old and I talk with an accent... 90% of the agents in the area think they know everything better than me...is hard working with them.. Because I am young .. does mean I don't know anything... It is hard but I can do anything I put my mind to do...
ooo no Eric.. my accent is something that comes with the deal ... once a client told me... the only thing is that in my area most agents have no accents(you know what I mean) the Luxury Seller the same no accents(you know what I mean) is hard sometimes with people... no mater accent or not.. you could be born and raised in US, and sellers still don't like you
ooo no Eric.. my accent is something that comes with the deal ... once a client told me... the only thing is that in my area most agents have no accents(you know what I mean) the Luxury Seller the same no accents(you know what I mean) is hard sometimes with people... no mater accent or not.. you could be born and raised in US, and sellers still don't like you
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10 Comments on In the Luxury Home Market the Rewards are Greater and the Stakes are Higher..So Are the Risks!
Ann, you may have misunderstood what I wrote above.
My point was, If you are not a detail person, the luxury homes market may not be for you. Paying great attention to detail is essential if you are dealing with luxury property buyers and sellers. High-end property clients expect it!
Leo, I admire your good attitude!
Please don't be self-conscious about your accent or your age. There are luxury consumers out there who will find both to be appealing.
I also like the "Exquisite serivce" tag in your signature.
ooo no Eric.. my accent is something that comes with the deal ... once a client told me... the only thing is that in my area most agents have no accents(you know what I mean) the Luxury Seller the same no accents(you know what I mean) is hard sometimes with people... no mater accent or not.. you could be born and raised in US, and sellers still don't like you
ooo no Eric.. my accent is something that comes with the deal ... once a client told me... the only thing is that in my area most agents have no accents(you know what I mean) the Luxury Seller the same no accents(you know what I mean) is hard sometimes with people... no mater accent or not.. you could be born and raised in US, and sellers still don't like you
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