Real-Estate Tips from a Mega-Broker to the Stars
Want to Become a High-End Broker? Know the Rules
Sales agents often ask me what it takes to becoming a high-end broker, and I tell them the secret is playing by the rules.
Standards and practices at the upper end of the market differ from those at the lower end where selling a home means holding a public open house. The prevailing sentiment here is that a home is more likely to sell if more people tour it. But that's not so at the upper end.
(Read More: New Housing Fears: Home Prices Are Rising Too Fast)
Before granting access to their homes, affluent property owners insist that all prospective buyers be vetted to ensure financial ability to close on the property. If not, an appointment will not be granted. If a buyer is unwilling to disclose such information up front, a novice broker might find the situation uncomfortable. But when it comes to high-end properties, the precedent has been set.
My advice is to convince your client to play by the rules, or the number of viewings you can schedule will be severely limited. Hopefully, with a little explanation, the client will become more compliant. If not, you should seriously reconsider working with him. Harsh or not, you'll save a lot of time – as well as your credibility.
Watch CNBC's exclusive access to the "Secret Lives of the Super Rich: Mega-Homes." Premieres Jan. 28th, 9ET