Choosing a luxury real estate agent

By
Real Estate Agent with Coastal Properties Group International

If an owner is searching for a luxury agent to list their home, and doesn't have an existing agent or relative or friend - how do they choose an agent? Most will look at who has been selling in the price range of their home and who has the largest market share in their neighborhood.

This week we learned of an owner who did look at those criteria, but who decided they wanted an agent - experienced and with a track record of course, but whose success had been with luxury homes at half the price of their home. Why, you ask? They felt that they did not want their home to be one of many listed by an agent, perhaps to be "lost in the crowd" but wanted to be a trophy listing for agents who would go above and beyond to market and sell their home.

Interesting concept.

Sharon Simms, Real Estate Agent selling homes in St. Petersburg, Florida, the Gulf Beaches and the Tampa Bay area. 

Posted by

Sharon Simms
CIPS CRS CLHMS CRB RSPS
Coastal Properties Group
CHRISTIE'S International Real Estate
238 Beach Drive NE
St Petersburg, FL 33701
www.ssimms.com    www.coastalpgi.com   www.christiesrealestate.com
(727) 898-2582    Sharon@SimmsTeam.com

 

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Rainmaker
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Jane & Jeff Daley, PhD
Scottsdale Real Estate Arizona
Luxury Valley Homes For Buyers & Sellers Phoenix AZ Area

Interesting concept - Not.  It has more to do with a lack of knowledge and a hope for getting more and paying less money.

Marketing luxury homes is a another skill set that's needed to get the job done unless you're a lister and counting on luck or a Buyer's agent to get the job done.  What is the difference?  That would take more time and a lesson plan to convey the knowledge and skills required to market luxury homes.  That would include the marketing of a luxury home.  Typically when I refer to a luxury home, that would mean homes that are price above $1M.

Jeff Daley
www.LuxuryValleyHomes.com

 

July 14, 2007 03:42 PM
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Karen Hurst
Rhode Island Waterfront!
STONEHURSTREALTY.COM
Hmmm. To me marketing a luxury home takes a whole different set of criteria and marketing to an entirely select group that would not be found in normal advertising. I would think that an agent experienced in the area for all forms and prices of homes would always be the best bet. But I suppose that is another way to look at it.
July 14, 2007 03:47 PM
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Missy Caulk
Realtor - Ann Arbor Real Estate
Missy Caulk TEAM
Sharon, I think that is good advice and they made a good decision. Joe and Rudy said they had a awesome time at your house.
July 14, 2007 07:37 PM
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Brad Andersohn
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Zillow - Nat'l Outreach Mgr & Dir. of Zillow Academy
I have to agree with your last statement on this post, "Interesting Concept."  A home is a home is a home, it's the people in the home or looking for a home that make it a luxury or not.  Just M.O (my opinion).  Everyone is different, has a different opinion and a different level of education. As their trusted advisor, your clients must be really happy to have you as their agent!!
July 15, 2007 12:52 PM
Anonymous #5
Anonymous
Anonymous
Sharon, it intrigues me that they want their listing to be special but at the same time be listed with someone who has little experience in their price range. How often do you come across owners like this??
July 21, 2007 07:16 PM
Rainmaker
605,639
Sharon Simms
St. Pete FL - CRS CIPS CLHMS RSPS
Coastal Properties Group International

It's obvious from the comments that I should have put prices in my post, as well as some area statistics for reference. These people have a $4,000,000 home. These sellers felt that an agent experienced in selling $2 Million homes might have more interest in their particular home than an agent with primarily $6 million homes in inventory. It's also helpful to put these prices into perspective in different areas of the country. In the last six months, only 2 out of 3,160 homes sold in our county have been at $4,000,000 or above, less than 3/100 of 1%.  If you extend that to homes sold over $2,000,000 there were 11, or 1/3 of 1%.   As a matter of fact, if someone was looking for agents experienced in marketing and selling the top 1% of the market, that would include homes as low as $1,375,000.

Jeff - I'd totally agree with you if you were talking about an agent who wasn't experienced in marketing and selling luxury homes. And yes, I agree with you, that I'd refer to luxury homes as those priced above $1,000,000 - though in parts of California even the top 10% of homes sold would start above $4,000,000. In this scenario, however, judging from the four homes you have featured on your web site, I'd assume that you'd have the knowledge and experience to market a $4,000,000 home even though the featured homes are in the $2,000,000s.

Karen - as I mentioned above, I really should have put specific numbers in my post. There IS a whole different skill set in marketing and selling luxury homes, but there's not as much difference between marketing a $2 Million home and a $4 million home than there is between marketing a $200,000 home and a $2 million home.

Brad - there's an agent in our office who primarily sells homes ranging from $250,000 to $400,000, occasionally a home up to $600,000. She just listed a $3,500,000 home for someone she'd known for about 5 years. Those clients trusted her advice and judgment. They knew she'd use the resources around her to learn what she needed - in fact, she'd come to my daughter and I before listing the home as well as after, to learn resources, etc. She's not an island - she has a great group of helpful colleagues, who want her to succeed as much as the sellers do. Above all, the sellers trust her, and that means a lot.

Joshua - it's the first time, which is why I posted about it. Usually it's the opposite - the owner of a $400,000 home wants an agent who deals in $4,000,000 homes.

 

July 21, 2007 08:13 PM
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Rainmaker
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Sharon Simms

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