Welcome back to the luxury code, i'm tom ferry, and we want to unpack, get into the mines and unpack. What's working, what's not working with luxury agents around the world to help us today from corcoran real estate, new york city, randy baru in the house ready? How are you my friend, i'm doing great? How are you i am doing terrific? Thank you so much for asking you know randy the people that the individual right now that's listening to this show they want to know. How do i do more business? How do i get into the business? What are some of the tips? What are some of the tricks to give people some context before we get into all that stuff? Randy's at 27 transactions closed pending year to date about 40 million dollars in volume, so some would some would argue right. You've just got a great business in new york city, but the first question everybody wants to know right now is how's the market like what's going on in the high end of new york city these days.

Well, i'm seeing a little bit of a uh plateauing um. It's the the it's slowed down a little bit. I think, because of the rising interest rates and so much uncertainty, people are they're not as well as a bit of buyer fatigue from the crazy multiple offers so yeah, so you're talking the over 10 million. Because that's what we look at is like the really high end market here, it's it's slowed down a little bit.

That said, there's still such limited inventory and there are still so many more buyers than available properties. People want to jump and lock in this. Their interest rates, while they're still relatively low relative to what we've seen in the recent years, so it's kind of funny um. You know, i always say you know it depends on the market that you're talking about, because certain neighborhoods new york is a very um.

You know there's so many different markets, there's the manhattan market and then the neighborhoods within manhattan, brooklyn and the neighborhoods within the in brooklyn right. So if you're talking about like cobble hill carroll, gardens brooklyn heights, that area of brooklyn, you cannot you put it on the market. It's gone immediately, um certain areas of manhattan depending on the price point, it really depends. So there is a lot of activity right now, but i think buyers overall are making more thoughtful decisions rather than just like throwing money at something and jumping into it.

That's my experience right so interesting, um, one of my clients, george, who was just on my show recently. I asked him sort of off camera. You know how did he feel about the last 24 months and he said i read a survey so we're going to track this down guys. So i'm talking to my team, we got to track this down, we'll get it from george today um and here's basically what happened.

They took a small sample size of home buyers in the last 24 months and asked a bunch of questions. How do you feel you know yada yada? What's your experience like, but one of the interesting questions was like? Are you satisfied with the home that you bought and again we'll get the article and then we'll we'll link it up either to this show or put it on our blog 55 of the buyers said they were dissatisfied with the home that they purchased. Isn't that interesting? Now again, small small sample size right, george is a very thoughtful, very high analytical. I don't want to say skeptical, but, like he's just he's that kind of thoughtful broker - and he was like - i thought that was interesting.

What did you think - and i was like well to your point - a lot of people. Randy were just racing in you know like okay, i'll, take it at whatever price and here's my kidney and here's, my only child, like whatever it takes to get it. There might just be an opportunity there for some right. I think it'd be an interesting thing for everybody, listening to think about going back and maybe surveying your own clients.

So to your point, around buyer fatigue. I think it's very real and i think we also have some situations potentially where people that maybe just jumped into the market now they're thinking about maybe plan b, just food for thought, but yeah. Thank you. Yeah go ahead! Please we do rentals as well as sales.

I mean we'll do we'll do anything to help people whatever whatever we can do, and i just listed two separate rentals in in the last two weeks. One was a two three bedroom with parking listed it previous tenants paid 67.50. I listed it for 82.50 wow within two hours. We had more than 50 people show up to our first open house, it rented for 9 000 a month wow wow the following week.

We had another two bedroom. Two bath condo listed for 82.50. Did a two-hour open house 60 people showed up eight offers rented for eleven thousand dollars a month, yeah how's the market, and here in new york city, we charge 15 of the annual rent for a broker's fee on a rental right um. So those those were just two examples of i think these these tenants just went in full.

All you know a hundred percent, all in a thousand percent and i'll ask them six months after they they have moved in. How satisfied there? I'm sure that they're going to be very satisfied because they're both beautiful properties, but yes, that would be interesting as well. I think there's something for uh, you know for you and i and everyone you know the individual listening right now, um to be surveying your clients about how they feel about you know the last 24 months right and not take any of it personally, just hey! How do you feel, like you raced in you, bought a house, and what do you think i think a lot of people are going to be overwhelmingly thrilled, that they bought it and the home price appreciation's been fantastic and probably pretty stoked, especially if they bought in 21 or 20 that they locked in a bananas interest rate right, so you know i just i'm always curious. How do people feel what's going on? What's in their psychology? You know absolutely.

We have people right now. I just listed a two-bedroom apartment in dumbo. We have an accepted offer pretty close to the asking price in two weeks and the other properties in the same building typically take about 120 days to to to get into contract and these particular buyers. They haven't a low interest rate, they're locked into an interest rate of 3.6, something percent and they had another property.

They were, they had an accepted offer within days. Our property hit the market. They thought to themselves. Oh, we missed out on that one, but we're happy with this one.

Then something came up in their due diligence that they had to bail and and get out of it yeah, and so they needed to find another property immediately um, because their interest rate expired yesterday and they're just going to be paying for the extension. But it's it's cheaper for them to pay for the extension for a couple weeks or a month or so rather than find a new rate right, so they immediately jumped into ours. The offer was in last weekend. Contract will be signed on monday, congrats congrats.

So that's! That's another thing i think that's driving this market is that people have have these rates and they need to find a property before their rate lock expires right. I'm curious was that an arm like a five year arm seven year arm ten-year arm. Something like that. It's a 30-year fixed, yeah, wow, yeah, okay.

That sounds like some. Some really strong banking relationships is my guess, right that didn't come from a mortgage broker, so fascinating, fascinating. All right. Let's go! Let's go to direction so you know when i asked you sort of off camera like hey.

What does it take for someone like you like? How do you get into the the luxury marketplace? You had like two or three things you're like this is how i did it. This is what i recommend um one of them was, he said, calling expired listings unpack that for us someone, someone right now wants to become a luxury broker. Should they be calling expired listings, they should 100 be calling expired listings, and they should also be calling around a farm in an area with high end properties. I started coaching with you in 2014.

Up until that point i was mostly i mean i had done sales, but i started in sales in 2010 uh. I got my license in 20 in 2000, so i've been doing real estate for 20 years. The first eight to 10 years of my business was primarily focused on 800, a thousand dollar a month, rentals wow uptown between 110th street and 214th street um. When i started going into sales full time in 2011, i did not have a big referral base of buyers and sellers to get me to that next level.

And so, when i started coaching my coach at that time, marion curran was like you've got a cold call. You've got a door, knock you've got to get in there, so i started calling expired listings getting getting my scripts down, and the first expired listing that i got was 20 million dollar listing um hold on that's bananas. Your first expired listing in 2014. Was this 14 15? I don't know what you know month: 2014 2015..

Was it 20 million? Did it sell, it did sell it did sell it did not sell with me, but it sold tell me more about that. So, first of all, how did you get? How did you get the listing? I just called the owner spoke to the owner's son. The owner's son put me in touch with the owner, and then i partnered with one of the top agents here at corcoran to help pitch the listing why'd. You do that because this other agent had a massive track record of selling houses in the area.

Okay and i didn't because i i had sold some inexpensive things and done a lot of rentals, but i wanted to get into a different market. I wanted to get into a different echelon. So not only now one might say: oh well, you didn't sell it well. I got a 40 million dollar buyer out of it um and i got to cement and to create some relationships with agents in my industry who i aspired to become like them that okay, so un unpack.

More of that. Why do you think there's just there's a there's, a my my hallucination? Is that there's a lot of agents that they let their ego get in the way and they just they won't go ask that randy or tyreese or katie in my office, like you know, katie, you've done all this before, like hey, i got this opportunity come with Me, let's partner and then i know other, like mega successful agents that say it's like 25 30 of their business. Is they partner with other agents to go? Take these listings, so you know, was there were there any do's and don'ts in that that you would recommend for the person that has never done it before and wants to do it like as a way to take in a mega and see if they can secure The listing for me, some money, is always better than no money. Yes and yes, i look at i'm always focused on big picture becoming better growing, getting cementing relationships, creating relationships.

And so i looked at this as not only a great opportunity to get a great listing and to make money and to have experience working on a big listing, but also to ingratiate myself to to to connect with an agent like. I said who has the career that i envisioned that i want for myself and i'm all about modeling and meeting new people and different people with different ways of doing things yeah, so i did this a lot. I got a lot of these big listings from expireds. I got a 35 million dollar listing from an expired and i'm absolutely happy to partner with a more seasoned agent than me or an agent at an echelon that i want to be in.

I did a deal now. I had a listing, it was seven and a half million dollars. We launched in july of 2020 um good timing. Yes, perfect timing, my my sellers were not motivated.

They were very much like. If i get x amount of money, then we'll sell yeah. So i thought again better to have a listing than not have a listing because having something opens up so many more opportunities and um had this listing for a couple of years had it for two years and then they were. I got a call randy.

We love you, we've had a couple price drops down down over the last years. Randy we love you, we we love everything you're doing, but i think it's time to kind of explore other options and a big big big time. Celebrity broker had been knocking on their door and everybody knows who this agent is, i'm not going to say the person's name, but everybody knows who i'm probably talking about and they were. He was kind of encroaching and checking and what's happening and so on and so forth, and so they said you know we we want to give it a thought.

I said hey before you do that. I have the number one agent in this area for the past 30 years. You get two for the price of one. Why don't i reach out to this person and and how does that sound to you? They thought hey that sounded great, so i just gave up 50 of a commission that i've been working on for two years to bring in a major heavy hitter.

We got the listing, we kept. It pushed this other dude out and now we're at a price where it's gon na sell any minute, and it's just like showings are non-stop now. So what i, the advice that i'd say, is check your ego at the door. If you want to be in this for the long haul, there's people that you can learn from even if you think you're big stuff, you can always get better and why lose the listing to someone else? If you know what, if i'm, if i'm calling up some 70 million dollar expired townhouse on the upper east side, i know for a fact who they're going to be who's going to be competing with me for it.

So i'm just going to like level the playing field by getting the best of the best to partner with me and then they're getting two for the price of one. I think it's brilliant and i think it you know for for someone listening right now that it's like yeah, okay, like i can go, do the gritty work. I can go make the phone calls and then i'll bring in like a randy i'll bring in a katie and boom. If we get the listing winner winner chicken dinner, let's go yeah ellen chapman who's um, always on the top 1000 list, who's a long time.

Client big shout out to allen down in san diego. He did this randy with maxine and marty gellins, who you know from la jolla when he moved his business in life from la to san, diego to kind of start anew. He calls on an expired listing back. Then it was like a seven million dollar listing on the beach and well.

What are you gon na do differently to get my home sold, i'm gon na bring in maxine and marty gallons we're gon na party. You know we're gon na partner on this deal. The seller's like, i know them: okay, yeah. Let's look i'll, i'm willing to hear the pitch, i said, and then they have been planning to call the gallons more than likely.

Yes, this agent kind of got right in there right now. Mcgowan's have to share it with him. That's right, so i asked him i said. So how did you when you guys walked through the door? What did you do he goes? I went like this, mr mr seller, here's maxine and marty.

They did the rest. I got half the deal, but what it did is it launched his career in the you know, it was a little more north uh san diego county, where they're a little more like mid la jolla del mar, etc and bang just like that. He had an up. So tell us about the 40 million dollar buyer.

You got out of it. The original the original listing yeah cash buyer. He had sold his business um for 250 million dollars, one of his businesses. He built these businesses up and sells them um moving from las vegas and just a really brilliant, interesting guy he's like a grand he's like a chess grand master legitimately he's a chess grandmaster.

So, just working with this guy and finding him an amazing place again learned a lot. You know we're people, people and if you're, a good salesperson, you're a people person you want to meet people, you want to meet people outside your sphere. You know you had mentioned this, make sure that your tribe aren't the people, make sure you're, not the the the the alpha dog of your tribe right. I want to be in a tribe where there's people that are doing more.

That know more where i can learn from and grow from and i'll tell you it's not a social climbing thing. It's a learning thing. You know you want to be around the people that can bring out your best that you can help and that can help you grow into who you want to become one day um, and i firmly believe that um, and so i followed that advice, and i and I recommend that to the agents on my team as well: smart, smart, so, let's transition. Let's talk about something that you know you have taken on and won awards for which is you? You just have this creativity in this edge when it comes to video production right, doing it right doing it at scale and marketing it to produce results.

So maybe take us back to the very beginning, like what was your original sort of origin thought around? You know luxury, video or attracting luxury buyers and sellers or marketing luxury property with video. What was the original thought and then, where are you today and then we'll get into the creative stuff? Well, the origin! I come from an entertainment background. I graduated from carnegie mellon university in 1996 with a degree in acting um. I immediately directed a play and i was a professional director, theater teacher acting coach for years.

I got my real estate license after i had won a directing award in 2000 as my day. Job um, after a few years that day, job just became a real. It became my passion and my job, and i stayed with a lot of these creative uh people that i had um and - and i directed i directed an actress who just won an academy award. I've directed an actor in his first shows who just won every single television award on one of the biggest shows on tv, and so i have these great creative connections and then they started becoming clients, and i read a book again.

This was back when i started with you in 2014. It was a seth godin book about marketing and how about all marketing is storytelling yeah. So then, that kind of clicked with me - and i said you know, i'm a ham i like to be on camera and i like to tell stories and entertain people. And how can i marry that to my business and so the way that it started off? Just on my phone instagram things like that tick tock wasn't around and i would just do these fun little instagram and just videos.

I i again got a great idea from y'all was pitching a townhouse in the village many years ago and as i was pitching it, i loved the neighborhood loved the house. So i made a love letter to the area and the home videotape. I cut it together and again. I say that i have this creative background, but you do not need a creative background to do any of these kind of things.

This was just a passion of mine that i brought into my business, yes um, and so i i made this video a love letter, the west village and they loved it. I mean they could see how passionate and enthusiastic i was not about their home, but about the neighborhood of the home, because you know that's you're not just buying the house you're, buying access to the coffee shop and the pizza parlor and the guy at the bodega Who's going to hook you up on anything, you need all right. I have the best bacon egg and cheese in the morning or whatnot, so so that just it just kept going, and so we do a couple different things again. I look at these as short films and so one of the first movie, one of the first movies, one of the first videos that that really um resonated, i think, was this idea that i had of like million dollar listing, meets the office, but with kids and So i i made this kind of meat max who's in who's, my son, and he was maybe five or six at the time and he's gon na be my hot hotshot agent on my team and so um.

It was great. They had the you know the testimonials like you're talking to the camera and that, and that was really really fun. So our purpose with every single video that we do is to create a meaningful experience with our viewer, whether that's something what funny moving you know. These are homes that we're selling these are places where people create memories, people live, we want to connect with them the buyers or the audience, whether that's a buyer seller, renter investor.

Anyone who watches my videos we want to connect with them on an emotional level, yeah and so telling these stories has become really instrumental to our growth and our success. I was literally just pulling up your youtube channel because that was one of the videos that i just thought was adorable. What what happened like? What was the what was maybe the most unexpected or maybe unintended response from that video, so one of the best. So back then, when we did that video, we could target the marketing on facebook right much differently than you can now yeah.

So i targeted that video to the neighborhood that i live and the neighborhood that i'm doing a lot of business. I work all over manhattan and all over brooklyn, and so one of the coolest unintended consequences was getting calls from all of my son's friend's parents, whose kids had just seen that video pop up or whose parents had seen that video pop up. Because it's it's not just a branding video, it's a short television show, it's a two-minute show right, so they loved it. So then i got the idea great.

I'm gon na put more of my kids friends in their video in his in my videos. So then i get the parents of the friends sharing my videos and sharing it with everybody. They know and doing my marketing for me for free right. That is you guys hear that i'm looking at my team, like that's brilliant right, like how do you create a shareable piece of content, you include people that would probably share it right or in this case they're, kids.

Um now did you get any people that were like oh you're, just using children to market yourself? Did you get some of those knuckleheads? You know i didn't i. I really didn't get any okay um, because you could, like my thought again coming from the background. Come on, i would never put my kids in something that's going to reflect poorly on them or that they, when they're a teenager, is going to look back on and get upset. People had so much fun watching it that it was never.

It was never a question. It was like that's hysterical, yeah and, and - and you know someone because we just repurposed it, and i got a really great response from another real estate agent, because again, real estate agents are also my audience and nobody opens up these e-blasts anymore right. It's just spam. Yeah, but at nine o'clock at night, when we're done with dinner and my wife and i plonk ourselves down on the couch, trying to figure out what to watch on television and we just start swiping through our instagram feeds by the time before we know it.

It's 11 o'clock at night and i've seen every single real estate agent's video who's, showing up on my wheels right right right. So the real estate agents are also our audience, and so i've been able to reach buyers directly through these videos, as well as real estate agents, who probably aren't opening up any of our e-blasts and may not have thought of a certain property. Now that they can see our video, it makes it interesting to them. I think that is so smart and i was actually thinking that and of course, agent agent referrals, because you know you know so many people you've made such a splash like in our network.

For so long right, just being you contributing being fun, etc. So all right, let's let's go the last direction. I want to take you down the journey. You saw that i did this with my buddy tim smith.

What's hot, what's not brought to you by randy, so randy, i'm going to give you a whole bunch of words. You just tell me in your opinion, hot or not you ready, so hot or not mental toughness, hot hot okay prospecting expired listings hot ooh! I like that hot open houses, very hot, very hot farming buildings, hot uh, connecting with people in your database, smoking smoking. We got a smoking, ladies and gentlemen, studying the local market on the daily, incredibly hot, incredibly hot short form, video, very, very hot, okay, long form, video super hot. We turn our long form videos into short form videos, so for every long form, video will get five to ten short form ones.

I love it direct mail, pretty hot. Ah that looked like almost a nod: okay, email, emailing, your database, that's hot! Oh, that wasn't that hot that was like a hot. Those are things that we do but yeah like, because you have to yes: okay, uh mindset, super hot super hot work, ethic, very hot, very hot leadership, extremely s boiling hot and randy baru, very hot, very hot. I love it so randy.

If somebody wants to reach out and follow you, i think they should go to your youtube channel or your instagram channel. What's the best place for them to connect with you if they want to know more talk, creativity in terms of you know, videos and more like or even talking, high inspired listings. Where should they? I love helping people, i'm always available to offer any advice, any assistance just to have an ear. You want to bounce some some ideas off of you can always get in touch with me, r b, a r.

U h, corcoran dot um! You can also give me a ring happy to give you my number 917-806-5175, but i don't want to leave out our tick-tock craziness, because now we have about 325 000 followers on tick-tock from some of these videos as well. So we're we're really going the whole full tom ferry, um amplification process here, and it's been amazing man and it's working partner. I am so proud of you. Thank you for just you know, sharing and being your your best self with us today and i love the what's hot.

What's not, we got a few that were like questionable hots, but then we had some smoking, which i loved so randy yeah i'll, look forward to seeing you at the next event. Thank you for dropping these nuggets with everybody and for everyone out there watching. Thank you. So much for being you make sure you like subscribe, hit that notification button and obviously, if this is share worthy, send it out with some friends, maybe some people that are trying to get in the luxury market.

I know randy will definitely help him. Randy we'll see you soon, my friend thank you so much tom have a great afternoon and a great weekend, and thanks for having me you got it partner, see you soon. So you.