State and Local Tax (SALT) has the potential to do serious damage to our economy, so it’s vital that we educate our clients on the matter. As real estate professionals, what should we be aware of in terms of SALT? What should we be telling homeowners? What is the $10,000 cap on deductions, and how could it impact our clients? On this episode, CEO and License Partner of Engel & Völkers Chicago, Jennifer Ames, explains what SALT is, and how we should prepare our clients for it.
Everyone needs to be aware that SALT doesn’t only impact the wealthy, it affects everyone. -Jennifer Ames
Takeaways + Tactics
Homeowners who can afford to leave are moving to states with lower taxes. As real estate professionals, we need to be aware of this.
As agents, we need to know the tax trends across the country, so that we can advise our clients of the pressures they may face as homeowners.
Inform clients of the $10,000 cap on tax deductions. This can have a big impact on homeowners (couples in particular), as that $10,000 applies to entire households, not individuals.
As a real estate agent, you want to establish yourself as a foremost authority in your market and attract consumers toward your business. One of the top ways to do this is through content marketing. With more and more consumers growing reliant on the internet to obtain their information, content marketing allows you to demonstrate the breadth of your knowledge of real estate online, which will cement you as an authority to consumers in your market.
Gaining high profile clients is something all agents, especially luxury agents aspire to do, but when working with these clients, we have to be willing to adjust our strategies. What is the ‘golden rule’ when working with athletes, celebrities and other high net worth individuals? How can we build trust with high profile clients, and is there a way to build stronger personal relationships with them?
On this episode, Vice President at Keller Williams Cambridge, Paul Campano, shares how to gain the trust of high net worth clients.
Here’s a lesson for working with athletes: discretion is key. They don’t appreciate name-dropping. -Paul Campano
Takeaways + Tactics
Most celebrities and professional athletes dislike being ‘name dropped’, so be sure to maintain discretion with these clients. Doing this will go a long way in building trust.
Don’t discount the importance of referrals during locker room talk. Athletes share the details of agents they’ve had great results with, and those they know they can trust.
Sharing our passions is a great way of building relationships, so if we happen to be interested in the same things as those in our target market, we should let them know.
At the start of this episode, we spoke about the importance of using creative techniques to show clients what makes us unique, particularly when approaching high profile individuals. We also discussed that targeting our marketing to a specific demographic is key, and shared ideas on how to do that.
We also shared insights on:
How to tailor our marketing to be more effective
Why our marketing should represent what we do
That by marketing to everyone, we effectively market to no one
Paul Campano is the Vice President at Keller Williams Realty. Having been licensed for over 16 years, Paul has expertise in unique and high-end properties, and despite selling between 30 and 40 units, he has generated around $20 million in volume. Paul has been featured on Million Dollar Listing NYC.
Matched pairs is a term you probably haven't heard of. If you’re thinking of selling your home, it’s always wise to consider making improvements and upgrades. However, you’ve got to know where to spend your money in order to get the highest possible return. Recently, I had a client who spent about $20,000 on leaf guards that were nice but didn’t really add any value to his home.
The most important skills when it comes to successfully selling luxury properties arebranding and creating powerful marketing strategies tailored to each unique property. What is the process of determining the best marketing strategy for each luxury property? How do we play to our strengths? How do we build an authentic brand?
On this episode, Markus Canter, Berkshire Hathaway luxury property director and co-founder and CEO of St. James + Canter Luxury Real Estate, shares on how we can reverse engineer the perfect marketing strategy for our luxury properties.
It’s important to analyze the best media to reach your buyer. --Markus Canter
Takeaways + Tactics:
California is the most sought after market. 82 out of the top 117 listed luxury properties in the country are located there.
When it comes to marketing luxury properties, it’s not about any exposure, it’s about the right kind of exposure targeted towards the buyer you want.
It’s important to establish yourself as a top agent in your demographic, become an expert, offer value and be the best at every level you’re working at. Give the white glove treatment to all your clients and you’ll become known for it.
At the start of the show, Markus shared on what makes Los Angeles such a great market for real estate. Next, he talked about how to reverse engineer the thought process when you take on luxury properties, and the marketing strategy his team used for a property that Frank Sinatra once owned. We also talked about how to create quality video content.
We also discussed:
How to play to your strengths
The importance of being an authentic brand
How to create a white glove experience for clients
Markus is the co-founder and CEO of St. James + Canter Luxury Real Estate, and the head of company strategy and luxury business development. He is also the Luxury Properties Director and Founding Director at New Homes Division for Berkshire Hathaway HomeServices in Beverly Hills. Markus is well-known as a leader in representing buyers and sellers of luxury properties. For more information, send an email to firstname.lastname@example.org.
To make a name for ourselves in the high end luxury space, we have to go above and beyond all expectations. How should we be staging our houses for the ultra luxury market? How can partnering with other agents help us build credibility, and how do we approach commission splits when we’ve partnered up?
On this episode, partner at Berman and Pollinger and dynamic global ultra-luxury real estate expert, Jennifer Berman, shares how to make a name in the ultra luxury market.
If you’re new to the space, find a luxury agent in your market, ask them to go with you to a listing and offer to split 50/50 with them. -Jennifer Berman
Takeaways + Tactics
With ultra-luxury open houses, staging is vital. Even if the property has been professionally decorated by the current owner, stage it so the buyer feels at home.
When we’re new to the ultra luxury space, we have to make a name for ourselves to boost credibility. The best way to do this is by partnering with a more experienced agent.
Be willing to split commission 50/50 with an experienced agent when new to the space. A commission of 50% is a much better deal than 100% of nothing.
At the start of this episode, we spoke about why it’s never a good idea to list a property at a higher price than its value. We also discussed how to approach clients who try to cut agent commission, and shared how lower commissions can have a negative impact on clients themselves.
We also shared insights on:
Why an online presence is non-negotiable
Why ultra-luxury clients are hesitant to buy and sell during an election year
How a seller’s attitude can impact how long a sale takes
Jennifer Berman is one of the partners at Berman & Pollinger. Jennifer is a sought-after expert in ultra-luxury real estate, thanks to her dynamic personality and extensive experience. In addition to managing teams of over 200 agents, increasing sales to $1 Billion within a year for a top luxury real estate firm and facilitating foreign entities, Jennifer is also a TV personality who has been featured on several media outlets. You can catch Jennifer on CNBC’s new real estate show, ‘Listing Impossible’.
When it comes to real estate photography, today’s special guest can do it all. Say hello to Brad Filliponi—co-founder of Boxbrownie.com. If you haven’t already heard of Boxbrownie.com, allow me to tell you what it is they do. For starters, let’s say that you’ve got a photo of your home that, thanks to cloudy skies, looks a little drab. Boxbrownie.com has you covered. Not only can Brad capture great photos of your home, he can also take existing photos from mediocre to marvelous.
With the popularity of voice assistants on the rise, it’s safe to say offerings like Bixby, Alexa and Google Assistant aren’t going anywhere, so we should be taking advantage of them. How can real estate professionals make use of voice technologies in their businesses? Should we be feeling threatened, or can agents work alongside voice technology?
On this episode, CEO and co-founder of Voiceter Pro, Miguel Berger, shares how to make the most of voice assistants.
We need to embrace technology instead of trying to fight it, and use it intelligently. -Miguel Berger
Takeaways + Tactics
Agents can use voice assistants in every area of their businesses, from reminding us about listings and updating us on new market trends, to helping us during open houses.
Stop thinking that new technology is a way for us to lose business; start seeing it as an advancement that can help us reach more clients.
As agents, it’s important to adapt to voice assistant offerings, not only to make our lives easier, but to stay relevant with consumers.
At the start of this episode, we discussed how voice assistants can be used for our MLS. We shared that voice assistants are not meant to replace agents, but to help make their tasks easier and their organizations run more smoothly.
We also shared insights on:
The language barriers faced by voice technologies
Why agents need to know what they want before using new technology
That agents should be educated more about voice assistants before implementing them
To see how MRED (Midwest Real Estate Data), which services around 45,000 real estate agents, brokers, and appraisers is using "Voice Assistant" click HERE. (MRED is the biggest MLS provider in the Midwest in the most densely populated area in the region: Chicagoland)
Miguel Berger is the CEO and co-founder of Voiceter Pro Inc. In addition to being involved in technology, Miguel is also a real estate industry veteran and the owner of Better Homes and Gardens Real Estate Tech Valley. He is a nationally recognized industry leader and forward-thinker, with a passion for new technology.
Do you want to earn 30% more over the next year? Today I’ll tell you how you can. All you have to do is increase the average sale price of the homes you represent and diversify your portfolio. In doing this, you’ll be working smarter, not harder.
Where top luxury agents reveal their best practices PLUS interviews with real estate industry influencers, thought leaders and luxury marketing experts, you’ll come away from each episode with new strategies and tactics to list and sell high-end homes in ANY market. Learn from top agents like Ben Bacal, Gary Gold, Patrick Lilly, Rochelle Maize, Frank Aazami and many more!