On the 399th episode of Mail Right Show, Jonathan Denwood, and Robert Newnan invited Gary Gold of Beverly Hills, whose name is synonymous with some of the largest real estate transactions in the Southern California luxury markets. For the first years of Gary Gold’s career, he made his mark in the Valley and then decided to jump to Beverly Hills, essentially starting anew. Collaborating with Jeff Highland, he ignited a new chapter of unparalleled success on the West Side, propelling him to even greater heights in real estate. Robert Newman is the CEO of Inbound REM, an inbound marketing firm, and has been in the real estate SEO business for over a decade. Meanwhile, Jonathan Denwood is the joint founder and CEO of Mail Right. This platform builds beautiful websites on WordPress and combines digital marketing tools in a streamlined, user-friendly package. For this episode, he shared some information and tips on what to expect in luxury-end in real estate and navigating high-stakes negotiations to help agents become top-tier luxury agents.
Differences Between Selling At The Average Price Point And Top Price Point In The Real Estate Market
There is a huge difference between selling at an average and top prices. For example, when someone moves to another place and is already doing high-priced homes, you have to change the game when you move to another side. How did the game change? In numbers. The business is getting more complicated when selling expensive homes, especially regarding paperwork. A listing agreement was usually just one page, while a purchase agreement comprised two pages. However, as property values increase, they become more complicated. According to Gary Gold, when he sold the Playboy mansion, it took three months to finalize the contract, and you wouldn’t want to make mistakes when negotiating these deals.
Things Agents Should Understand When Moving Into The Luxury Market
You have to set yourself apart from others, stay engaged in the conversation, and take some action. Get more comfortable, learn more, and understand what was at stake. Another thing that could change your career trajectory is the effort, character, and trust to develop a relationship with key clients where you can prove yourself. Be sincere and not opposed to trying to sell yourself as an equal.
Significant Mistakes That Agents Make In the Luxury Market
When you are trying to compete against agents to get the best listings, and all the time, you will be up against people with a better track record than you. One of the significant mistakes agents make is not knowing how to be the best agent for them. You don’t have to prove you are the best agent; you have to prove you are the best agent for them.
But remember that every agent will get an opportunity or more than one opportunity to sell a luxurious property and blow up your career! We all get opportunities to see something that can change it and come in many different forms.
Many also ask how they raise their price point or reach the next level. When Gary encountered a client named Paul Abdul from the entertainment industry looking for a modest apartment for $2,000 monthly, he saw potential and deemed it a big opportunity. This client was in the music business, transitioning from a promoter to a manager, and was associated with a budding artist. Over time, as Paula’s career soared, she expressed interest in purchasing a larger house, and Gary saw an opportunity to explore the market for new construction homes on the west side of town and reached out to various developers