Secrets of a Luxury Agent with Christophe Choo (Part 2 of 2)
Beverly Hills luxury agent and specialist Christophe Choo is so full of rarified expertise, we couldn’t contain it all in just one episode.
So Christophe returns today for part two of the Luxury Code premiere to discuss:
• What makes his videos so legendary
• The passion required to excel in high-end real estate
• How to follow up aggressively without offending the ultra-rich
• Listing objections and more!
Don’t miss this opportunity to get inside one of the most thoughtful and dedicated real estate professionals in the business today.
In this episode, we discuss...
00:00 - Intro
0:18 - Role-playing high-end listing objections
3:06 - Why L.A. “trophy property” sellers seek out multiple brokerages
5:50 - Dealing with losing a multi-million dollar listing opportunity
7:23 - Top marketing tactics high-end sellers want
10:10 - Lessons learned from shooting 2800+ videos
11:50 - Christophe’s most popular video concepts
16:25 - Suggested video topics to make your name in the market
18:45 - Are you passionate enough to succeed in luxury real estate?
23:30 - Aggressive follow-up that doesn’t feel aggressive
31:40 - One final question
For the majority of my life, I’ve been passionate and dedicated about changing lives by giving away the very best strategies, tactics, and mindset techniques to help you and your business succeed. Join me as we take this to level 10!
Keep up with me and what's new on my other channels:
Website - https://TomFerry.com
Facebook - https://facebook.com/TomFerry
Instagram - https://instagram.com/TomFerry
Twitter - https://twitter.com/TomFerry
Podcast - https://TomFerry.com/Podcast
YouTube - https://youtube.com/CoachTomFerry
Beverly Hills luxury agent and specialist Christophe Choo is so full of rarified expertise, we couldn’t contain it all in just one episode.
So Christophe returns today for part two of the Luxury Code premiere to discuss:
• What makes his videos so legendary
• The passion required to excel in high-end real estate
• How to follow up aggressively without offending the ultra-rich
• Listing objections and more!
Don’t miss this opportunity to get inside one of the most thoughtful and dedicated real estate professionals in the business today.
In this episode, we discuss...
00:00 - Intro
0:18 - Role-playing high-end listing objections
3:06 - Why L.A. “trophy property” sellers seek out multiple brokerages
5:50 - Dealing with losing a multi-million dollar listing opportunity
7:23 - Top marketing tactics high-end sellers want
10:10 - Lessons learned from shooting 2800+ videos
11:50 - Christophe’s most popular video concepts
16:25 - Suggested video topics to make your name in the market
18:45 - Are you passionate enough to succeed in luxury real estate?
23:30 - Aggressive follow-up that doesn’t feel aggressive
31:40 - One final question
For the majority of my life, I’ve been passionate and dedicated about changing lives by giving away the very best strategies, tactics, and mindset techniques to help you and your business succeed. Join me as we take this to level 10!
Keep up with me and what's new on my other channels:
Website - https://TomFerry.com
Facebook - https://facebook.com/TomFerry
Instagram - https://instagram.com/TomFerry
Twitter - https://twitter.com/TomFerry
Podcast - https://TomFerry.com/Podcast
YouTube - https://youtube.com/CoachTomFerry
Welcome to the luxury code, where we decode the mindset, the marketing and the business approach of successful luxury brokers. So you were talking about listing presentation and preparation. Did you get everything you wanted there around the objections? Price? Commission price? Commission? One more objection in terms of one more, i wonder how you claim another objection. Yes, yeah, let's go buddy, he told me i was interrogating thanks all right.
Let's pretend let's go back to the highest price home. You've ever sold is 5 million and you're your first listing presentation for 15 or something like that, and they say how many homes have you sold in our price section. Yes, thank you. Well, they didn't say that luckily um, but so you know what i haven't sold.
Many homes in your price range, which is why i'm here today and that's why you called me, i said: there's a lot of agents you're going to meet that sell a lot of homes and they're big teams. Do you want me, one-on-one handling this deal for you and really trying to make a name? My first for myself in the luxury market really doing everything i can day to day, to promote your home or just having one of 10 or 15, where you're getting an assistant. Another agent, that's not really pushing for you. I mean you have a special, unique home right.
Would you agree, i agree and and listen i i believe you're going to hustle for it no doubt, but what's your network, like of other agents in the community, are you going to be able to position my home in the same way? Well, that's a great question and it's not just other agents in the community because i'm not like the other brokers, but i just put up the mls wait for another broker to co-op, sell the house. I'm going to fight to find the buyer for your home and you know me in the social world: that's what we met at the jury. Events right. We have a lot of the same mutual friends.
Don't you think i'm gon na pick up the phone and call those people and say hey. You know, i know you've got a great five million dollar house, but you've always talked about maybe getting something bigger and better. I've got this listing it's coming on the market. In two weeks is that something you want to maybe check out, because the rich people want something off them.
If that's bananas, i'm not getting it. Let's go. Let's go, let's go! That's bananas, so the charity events. You have me at the charity.
Oh, we already know the same people i was like yeah. We know the same people, so i've had clients exactly that that i figured well. You know a lot of the same people as we do. So if you want to sell our house, you'd know the right buyers, because these are the kind of people who would buy your house bingo, but he's giving you some of the big objections, which is i hear that same stuff? Well, you know, like hey, they're, going to ask me about my circle of influence.
If i don't know anybody they're going to ask me, what's the most expensive home you've ever sold and if it isn't x and i'm like, do those objections ever actually come up, that doesn't happen. Sometimes they do. They do everybody's watching. Let's just say that it's the worst listing presentation ever and they're asking all the hard questions, and you get me at that and then i say well since it's your first one and it's important to you, will you do it for four percent? I would probably say the same thing that i can't do it okay or i'll. I will have planned in advance like this one for 30 million. I kind of knew in my mind. Well, i knew that everyone would come in and ask for five yeah and probably do it for four. But i asked for six and i got we ended up closing at five point, two seven percent right, which is better than five and by the way just i mean if you're lucky, if you're looking at the high end there is there is that is the leading Market of discounters, yeah yeah and that's the problem, because most agents in especially over 10 20 million right they come and ask for four right and they split it between six agents.
Yeah. Let's talk about that for a second: why why, in the world, does a seller want six different agents from five different companies? Never got that and then oh hey, we sold that property, for you know 40 million dollars and you made 18. right yeah right right, like after your marketing expenses, everything so and i'm i'm being facetious on that number. Why? What's the mindset from a seller's perspective, i do understand that, because you've got the five top or four top terms in beverly hills all pushing to my for the same cost.
Yes, and if you're, if you've got a trophy property like the ones we're talking about, there are 150 200 300 million dollars yeah. I think you're hedging to you're going to definitely you know, work things out, because you know one percent per broker. One percent of 150 million is still you know, 1.5 million right, so it's still better than you know other ones. So i think you have to it's a business decision right and if you really want that and i'm not knocking it because you know a lot of my our mutual friends that have all been a part of these spectacular transactions and everybody.
So because you got six different people to put out their own just sold card yeah with you know, 200 million dollars on it. You're, like all of you, did it got it. It's like hiring three ceos to run your company like it's a bit of a redundancy yeah. I get it yeah, but university.
You don't see it as much in new york. You don't see it as much in like aspen. You don't see as much in l.a, but you see it in la all the time all the time and one thing i think, if you're getting in the high market, i know about other areas, but i know new york is the same and beverly hills at the High high end over 50 million, plus, it's so cutthroat and agents will lie and make up stories about you just to get you out of the picture. Sure it's happening where the wife wants me. The lawyers want me, the dog likes me and then all of a sudden they get a random call or an email from another agent. They even said: oh blah, blah blah. I mean this is a was a 100 million plus listing i was getting, and the seller had told me. Of course she was very private, didn't want on the mls all that kind of stuff and four years before when it came on off privately on the market.
It was in wall street journal new york times yeah and i recently expired listing uh. It wasn't expired yeah. I love it, but they didn't call me because that i guess it was yes um, so it was in all the new media and i reposted it on my site. So we were about to sign.
She come. We met twice actually three times and she calls me up. She says uh, you know i'm very private and first of all an agent told me: you took a selfie at a party at my house in my living room and posted it all over social media. I said well, first of all, it doesn't exist.
I never took a photo of myself in your house, so let me talk to this agent. Let's meet face to face - and i present this photo because it doesn't exist. Number one yeah number two she says well, she sent me the three links of the articles that i shared on my website four years before from wall street journal new york times and whatever else he said, i told you, i was private and you shared. I said that was four years ago.
I only met you four months ago. Anyways, i didn't get the listing and it was over 100 million yeah because somebody - and i think i know it was but anyways it doesn't matter - let's try. Let's not drop. That name here on the box.
No, i won't. I do want to know i want to. I want everyone to hear so what is it like, uh to lose a listing like that? It's really hard yeah, i mean i get really discouraged and upset and i go home and i'm like yeah. I really don't believe what just happened.
She always says to me, and you know her well that um, if you didn't get it, it's not meant to be. For you right, and sometimes i don't get it the first time second time, the fourth time i get it right, a friend of mine right that had a house for sale for like four years, five agents, all the top agents and every time like i was she Had a jewelry store, i was buying jewelry for my wife, i'm like. Why did you guys call me to talk about so finally, like five years into it? They expired and actually called them. I said guys, you know, we've never had a formal presentation.
If you don't mind, i'd like to come sit down with you face to face and get the presentation i met with them, i got the listing. I sold it two weeks later to my own buyer, six percent for six and point five million dollars right right, but it, but for five years every time i would be so discouraged right, i'm like i'm, never buying jewelry from her again. If that's the kind of friends yeah, but from them and going to their party at their house, that's why i met the guy that sold the 30 million dollar house bingo. So it's our human being! It's yeah, it's hard. We take it. We take it personal and if you don't get it because you don't get it, that's fine. But if you don't get it because someone's lying and saying stuff about you that really bothers me and i wanted to confront the agents. But god was like leave it be.
Don't say anything um and i just have to let the universe take care of it on it's right. The universe is unfolding exactly as it's supposed to why, because it is yeah all right. So let's go back to the seller. So i'm on a listing appointment and i want to know from you what like, i want to know like talk, talk to the agent listening right now in your experience, what are the three to five things from a marketing standpoint that causes a seller to say yeah? I want that.
Hmm um, that's a really good question in my world. It's these like print ads. I never believed in print ads, so i said i'd much rather spend the money on video marketing and i can show them the numbers. You know you put the video on there, you get.
You know, however, many views um print, i think for the more mature sellers print is still of interest, but the bottom line is - and i was asking this question - i'm curious. This is like one of my first qualifying questions. How did you happen to find your home when you bought it, whether it's five years ago, and they always tell me well, i found the l.a times or i was at a party, and my friend mentioned this, where i'd always loved this house - and i heard it Was coming on the market, so i asked that question so that i can direct my marketing in the way they want, and i always ask them this as well when i come out to meet you on monday night at five. What do you want to see, hear or know or feel in order in order for you to feel confident to make decision to list your home with me and depending if you say, i want to see your marketing plan or i want to know the stats and The results or i want to feel comfortable with you and make sure you're just we can work together.
So it's either they're emotional they're, analytical kinesthetic data-driven right. So then my presentation becomes specifically geared towards the way they think. But then you don't always know what the wife or spouse knows. Yes, so yes yeah, but that's always a driver all right, so um thoughts on listing presentations or we talk about marketing.
Now, i'm i want to go marketing. I want to hear what he because i want to so this is a big question for a lot of people. This is an interrogation. Well, okay, so kristoff tell us what we want to know kristoff and i were together uh at a summit and i you know, met this.
You know crazy kid from jersey, gary vaynerchuk, who got on stage and said the f word 458 times cute story by the way, one of our clients from dallas texas. I'm sorry, if i'm forgetting your name, total southern belle, sweetheart miguel. I see her like she's, like a nun, librarian right, walking back and literally, i see her coming and i'm standing next to kathleen kennedy at the summit that was at the summit gary's on stage right all of a sudden. She walks up to me and i'm i'm just waiting for her to like lay into me and i'm just so. I'm like just be empathetic. Just you're smiling i'm leaving your company right yeah. I can't breathe she's like she's like darling. She said.
Are you recording this? I was like yeah. She goes i'd really like to give this to my pastor. This guy's amazing he's like where'd, you go to church. I was like wow exactly your pastor's into gary vee um, but you and i were both there yeah you eileen rivera lisa doyle.
So many of our friends raced out and bought that flip camera five o'clock right here and immediately straight into youtube, shooting videos. So what have you learned on your video journey when it comes to finding a tribe connecting with people? What what do people like? What do they not like? What have you learned so yeah, 20, 800 plus videos later in 12, 14 years yeah? I think we have 36 000 subscribers or something like that, youtube's killer. Thank you. What i've and, of course the youtube followers are.
I do get real deal, clients that really watch and find me and do deals, but a lot of it are just people who like to watch fancy homes and videos and all that kind of that's okay, um yeah um. If someone - and i always ask people when they come how'd, you find out about me if they say it's from a video, i kind of already know they want to work with me right. Otherwise they wouldn't call me oh say that again, please, if they call me from a video - and they said, they've found me from videos and they call me talking about buying or selling. I know they want to work with me why they, like my they like me, and i think jason have you said that ever in an event, maybe once or twice a thousand times - and i think that's aside from all the marketing all of this stuff, it's like Ability right, you don't have to show i've been many presentations where i just talk or ask them questions.
Should we get started and like yeah yeah, i don't show anything. I mean i'm prepared yeah, but they have to like you. Yes, i think that's the number one thing so so you know we talk a lot about like in creating content like finding your tribe, creating content in buckets or themes that you're comfortable in what are some of the themes that you're most comfortable in. And what do you see that resonates the most with clients, some comfortable anything with videos? That's fine! The one thing i'm not i'm, not a tick-tock funny kind of like do funny silly thing i so want to get you dancing and pointing at like like stupid things. Well, i can dance we have to do that today. We have to do it. I want it on my page just to see how much it blows up. Let's do it.
I think i'll just do that before we leave so, oh, my goodness um what people like on youtube are my driving tours for sure. Okay. Thank you very much because it is to this day. It is one of the things i still talk about all the time.
So so explain to the person that hasn't watched one of your driving tours. What do you do? Basically, it's really simple. I take my iphone. I have a little mount in the window.
I do a little hey, it's christophe, i'm going to drive you around. This particular part of la or beverly hills. I turn the camera around and i just drive the streets, and i know my numbers and the houses and well this one was bought by this one. This one sold five years ago for 10 million it just sold for 20 million, and this billionaire lives there, and i have to be careful with who i say lives where and what? But i you know: if it's public, no knowledge, i can say it um that you, but you also talk about architecture and design yeah like architecture, you know, and this is where the park is - and right, yeah everything and the proximity to why it be in beverly Hills versus brentwood or or holmby hills or bel air is more of a country lifestyle but you're applying from beverly hills so you're in the flats, because you want to be you know a few blocks away to walk to the restaurants and stores or you want to Be up in the hills because you want the view, so you have to kind of talk about what those areas accentuate yeah.
Exactly because, because buyers call me they ask for moving into an area, i have to explain to them what what do you really want? What's what are the top three or four things you want? Is it views? Is it privacy? Is it you know whatever? That is so i think that's really an important factor so driving tours, and it's really simple. I just talk about it and drive it. There's no editing it just goes online and and how, when did you shoot the first one, oh god, probably 11 or 12 years ago, exactly right when i started doing my videos, courtney, do you hear that 11 or 12 years ago yeah, and that was probably with A flip video camera uh, i think it was yeah yeah design phones have only had like eight or nine years right, yeah right, so i think i mean so think about for everyone. Listening right now, like that's something you and i still talk about when we share yeah timmy smith, took what you did and did the same thing.
He was like driving communities. Then you guys all went helicopters yeah talk about your helicopter video, because that that's still like how many views did that get. Oh, i think overall, like 3.5 million views overall yeah, since we did. That was like my that was my first production video yeah talk about that.
First production, video! Well, my videos were just flip cam, you know just saying stuff and showing things so uh and it happened in an odd way. I got a random phone call from two guys that were usc um students doing their graduate like film school or something yeah. No, they were no, they were football pros, but they were in business school and they had to do some kind of project and they'd get this. It called 300 of the top agents from santa barbara to san diego to say: hey. We want to do some videos. I was the only person to call them back. I called them: wow, wow, rep, interactive, i'm sure you've heard of them now. Oh yeah yeah, oh yeah.
Yes, two guys came and andy six foot five, you know yeah and i'm not into sports. I'm like who are these guys right like they went to videos, so they walked in the door. I said so what kind of video i said: let's do a helicopter tour, the most expensive houses in l.a and like yeah, yeah, kids. Let's do it and luckily their friend was um uh, not tom ford, uh harrison ford's son who owned the company called helenet.
Who did all the videos for planet earth series? Yes, so it was a special twin blade helicopter with special stabilizer cameras right all the cameras. That's why the footage was so amazing. Let's go so. I came up with the concept.
I said these are the houses we're gon na? Do we storylined it? We did it, we shot it, we filmed it and we created it. It was just just i'm always one. If i like the idea, i just try it if it doesn't work, it doesn't work. Okay, that is so funny.
So in my in my notes of prep uh disciplined early adopter on video right, consistent luxury, real estate, rockstar willing to try anything test, everything once or twice to say, does it work for me? Is it good for me it's good for my clients. So if, if an agent's listening right now, they're like okay, i got it. I'm gon na work on myself on the inside, i'm gon na steal, someone's rolls-royce. Don't actually do that and drive it around town and like get to know the area, i'm going to study the architecture.
I have clients who have things. I have clients who can borrow ferrari anytime. They want from the local dealership for sure and for the video i showed evently, because i didn't have a bentley and i wanted a nice car for the video so right they loaned me the bentley ever since that schleppy mercedes, you've been driving. Yeah loser was better than my first car 1971 orange vw bug i drove around for a year and a half.
You know that was in 1970. I'd probably buy it. Oh wow i had an 81 accord that had nothing but duct tape for upholstery. That's my first car sweet, hey.
We all have humble beginnings and i shared it with my brother right. At least you had a car yeah. Exactly you got a car yeah yeah. I had a car.
I was like hitchhiking, oh yeah. I was walking to school with your mohawk yeah, so if you were talking to somebody today and they were like okay, i want to shoot videos. I want to make my name or my presence more well-known in this higher end marketplace. What are the three to five videos? You would shoot um. I would depending on where you live and work and what's important in that town i mean i would really look at the key influencers in the town, whether it's talking to the mayor or the um principal of the school or the police department or uh. Some maybe especially nowadays with covid, maybe some local businesses that are struggling - they could really use some support. I think that's a really important thing to do. I think anything you can do to help you're not doing the videos.
Yes, you will get stuff from it. Probably, but do it more from coming from a place of service to help them yeah contribution? Yes, yes, i think that's a really critical and i think people get so caught up in. Oh, i don't look good in the video or whatever it's such nonsense. I mean i always tell people you look the way you look whether you've got a camera in front of your adult right.
You meet clients every day, right buyers and sellers. Yes, you don't not go because your hair is messed up or you got a pimple. You still go right, so the only difference you have a camera in front of you yeah. We were talking lunch today.
I don't care if i'm speaking in front of one people, one person or 10 000 or a million yeah, i'm sure. It's the same. I try to connect with individuals in the audience, so just be yourself and just be honest and be real and you make mistakes. You say stupid things which i do all the time and laugh at yourself and move on.
That's all so one is kind of an influencer strategy would be the way you describe it like take somebody of influence create a video for them. Honor them talk about the it's all about them them them. Then them right and it's on your page. Then they share it.
What's video number two talk about what why people would want to live where you live or where you want them to live like what are the? What are the things people want to move to? Beverly hills, for i mean typically it's the safety security, the shopping, the events and the parties, uh, the wonderful weather, the proximity to you know an hour and a half to the mountains and skiing an hour and a half to the desert and golf the beach in 30 minutes so a lot of nice things so talk about talk about what you think would be important to them in terms of what the lifestyle is offered in your community. If i could interject something that strikes me about, you is you're kind of like an art collector in the sense of you. Look at real estate in the communities almost like. I think an art collector would look at art, like you notice, the nuance and the detail.
You are completely passionate about the brands about the areas about the lifestyle, about the different types of finishes and whatnot. Yes, and so i think anybody watching should look at that and say am i that passionate about luxury, real estate and luxury living in my community? Because, if i'm not, maybe i need to really invest myself in becoming the student of those things and also, if you're, going to sell luxury real estate, especially for a lot of buyers that are moving into your community or like or they're buying. At the high end level, they usually have two or three or four homes around the country. You know that so when they come, they bound to buy a house, but then you not just an agent, you become their concierge. Absolutely i mean oh where'd. I go get my hair done where to get my nails done: where's the dry, cleaner, um! Oh, we want a reservation at seven o'clock tonight at spago at 8 30 for 10 people. Let me see if i can make it. Let me call wolfgang yeah yeah.
I know, and i always say let me see if i can make it happen. You know right. Sometimes you can sometimes you can't, but if you can deliver like, i just got you a table for 10 people in an hour at spago you're all set. They really appreciate that stuff and i'm sure buying jewelry, i mean, like you know: people like to buy jewelry and radios love it right.
So i'm like once you go to this store, talk to peter marco or talk to telerico and tell them i'm sent to you and they'll come and say: oh, your friend just bought an 800 000 diamond ring this afternoon. I'm like, oh, he says yeah, but husband was tough. He sat there for two hours, looking at the gia certificate and all the stuff, so you got to help them with. I mean you know that sounded like a real story.
By the way, it did sound like a real story, they want a private chef or they want security guards. They need a new landscape architect, just all that stuff. I think the big thing uh that has always impressed me with you is you do your homework and you do you. You immerse yourself in the market.
You want to be absolutely and i think that's. The message like i was yeah uh chatting with my older son, and he was telling me you know he's like i just look around he's like there's just so many things to do, and i feel like i'm just light on a bunch of things except for one History, which is like his obsession right, he's you've had these conversations. I have never not had a fascinating conversation with him right and what i told him was well. How long did it take you to get really good at history, because i fell in love with history.
In like second grade, i'm like and now you're a senior in college graduating with a master's or whatever your degree is in history. I'm like so you've done this since the second grade, like think about that the person listening right now wants to go luxury on tuesday yeah. It doesn't work like that. Nothing success doesn't work like that.
Everything takes time. So so what would be fun for the listener? Right now is to think about the journey of the next five or ten years, because what is expensive today is gon na be really expensive in real estate in the next 10 years. So so, if you start embedding yourself into the community, if you start doing the right things now and you play the long game, yeah right, you might just end up with a masters in luxury right by studying the architects by knowing who the builders are. Who are the quality builders? Who are the last quality like right? All those conversations that are important to someone that is buying a house like this yeah right, and this is truly a 35 to 40 year journey? For me, yes - and it's not just like. Oh, i want to be a luxury agent, so i've got to learn this stuff. I i i loved always loved architecture and, having been six years old, going to france and seeing chateaus yeah, i didn't even know such a thing. Existed i mean la, is you know? 120 years old, i mean very new yeah, of course, there's new palaces and mansions that we've been to but uh. I just love beautiful architecture and and particularly french architecture or ancient italian art.
You know just beautiful architecture and then, which comes in with landscape design and then a beautiful home or a chateau has incredible antiques and art that spans. You know from third fourth century chinese art and sculpture to romans, art and sculpture from 2000. You know years ago, and i love that and i look at it and i love jewelry and porcelains, and this is something i'm always had a passion about and i collect at a certain level. But i think because i love it, that's why? If it's not really you all, that stuff is not you, then then i don't think it's the right direction to go just because you want to be a luxury agent right, it's not going to be congruent, it's not going to be natural and people are going to Feel it right and you could just also be flash cars money.
Let's go because that also works right like there's, basically like we did a podcaster and the whole thing was like: what's your it factor right like what is it about you and what's so special about kristoff and everybody? That knows you it's the way you dress the way you act. The way you treat people his love for art, his love for jewelry, he's like the finer things in life yeah, but the finer things in life, for you are different from me: correct yeah, i'm from courtney different from jason, brian. You two are exactly the same right, but so so, like everyone needs to get that yeah, you with me and then just be be you yeah. So so i want to end with uh with follow-up.
So you know people in the high end. They just make really fast decisions and just transact instantly right. Oh yeah they've been looking in beverly hills for 14 years, missed three markets. How do you, how do you follow up with people? What are your best, two or three hacks um? First of all, with wealthy people not be overly aggressive with them. You have to be aggressive in a certain way, but you have to be very careful of that. Yes, how do you do that? Um? You have to try to know who they are and what they do and what their lifestyle is about and pick the right moments. Uh, i think that's that's a an art in and of itself had a big dog in the bottom, with, i think, with any clients when they want you, you better be ready for them immediately when you want to get after them, you won't hear from them. For months until they're ready for something they want from you right, yeah, that's just the way.
It is right. It's not easy to do um, but luckily, in the social realm it becomes a little easier because you tend to see people yeah three four times five times a year at different events um, but but the businessmen, typically when they're ready and they find the right thing. Instant decision they may be tough negotiating, but they make it happen, celebrities and artsy people. They take forever to decide.
You know the business manager comes in and the lawyer comes in, and this is why i'm asking about follow-up yeah and then you have to follow up with everybody. Yes, you know and and then, when you know younger people that are buying three four five million dollar house is a first time purchase, then mom comes and the cousin comes and uncle fred and you know - and they all have their advice and they you're not dealing With just the buyer and their wife, you're dealing with the whole family and 15 different opinions right right, it's challenging, so you just have to do the dance yeah it's like dancing on eggs, so is it? Is it? Is it email? Is it text? Is it phone calls? Is it voicemail? Is it video, like primarily text yeah, yeah videos, the the bomb videos i send them and the videos messages they don't really pay too much attention to that yeah. You know it's. The text well text is just so instant yeah.
I don't want to watch it. What might you say in a text yeah exactly and what like what specific you're following up i'll, create a scenario like let's, let's say that it's a 20 million property you've been coming to beverly hills for the last 10 years. For the last five years, we look at property with you and there's never something great, and you just found something great. I just found something great for them.
Oh, i see what you mean: okay um. I will definitely text them and usually, if it's off the market, it's got something really special for you. Do you have a minute to call me about it? I don't tell them, there's something really. I have something really special.
I don't tell them what it is. I like that, it's great information all right. Let's say that you don't have something special for me and you want to reach out to me yeah. Well, if they've been looking for 10 years, i probably would have already thought to myself they're, not really serious, or they want advice. Well, if you find me the 20 million dollar house for 10 million, i want a deal then i'll buy it. I've been looking for three years and you and you one of those you want 20 million dollar house for 10, no, no you're just now, you're serious, but they're just on the market. Let's pretend that i am some kind of an artsy person, i'm not making a decision and we just kind of look. We have the means we just haven't taken a step, you're looking to buy a vacation home or you want to buy a permanent home.
Just one of my additional residences additional residents, i'd probably keep touch touch base with you and say by the way, there's great opportunities, and i would know if they're paying cash or not paying cash. I mean right now. My line is hey. Look interest rates, most people are paying cash, but not everyone does right, yep or even though, if they have the cash they're borrowing the money, because it's much cheaper, they can make more money and i'm like.
Well, you know, rates have been changing and the projections are next year. It's going to be in the you know, upper threes, maybe even potentially in the fours. So have you thought really about making a decision sooner, because the prices aren't looking to go down yeah. So i would just really very thoughtfully think about who they are.
Where they've been in the process. What our conversations have been, but sometimes buyers will come two or three years in a row and look and look and look at everything and don't find anything. And when i remember one of the last foreign buyers i did they were looking at a house. We were negotiations on, it was 10 million and i just didn't think it was the right house and there was a house for 16 million that had offers on it and i said uh.
I said this one house, oh the husband, said to me. We were um because he didn't want to pay the price for this house. He says what do you think about this house? I think it's a good investment. I said: well, it's a good investment, but it's the most expensive house in the east end of the flats.
It's brand new, it fits your lifestyle and your needs, but you're going to go to this house very quickly. There's one house you haven't talked about i'd like you to see it tonight. Where is it? What is it? The wife says i said nope, i'm just going to take you. There took them there at five.
We came back at eight o'clock, they went to the poll lounge for dinner and i said there are the two offers in the house. If you want this house, you got to call me tonight after dinner and make a decision and i called the listing agent. I said i think they're going to buy this, so if they write an offer tonight i said, can i present the offer he says the seller gets home at 11 i'll meet you at the house. 11 30.
at night never happened before i gotcha, so they called me a dinner said we want to make an offer. I left the house went back to the office, met them, wrote the offer. I said you guys come with me in your car. You wait outside which they did i walked in, and it was a 14 million dollar deal all cash five-day, escrow, two-day contingency inspections. I think five million dollar deposit yeah, and so i'm talking to the seller. He just came back from the hospital and the agents looking at the offer, he says to them, sign it and they signed it and they bought the house and now they're buying another bigger one, and the funny thing is one of the other offers was one of Their friends that had made an offer and as we're leaving the agents said to me look the other buyers will only pay a million dollars more, but i just told them that we signed the deal. The other million dollar mark was their friends so now, of course, yeah you know so the day of the inspection they brought me a louis vuitton briefcase and a louis vuitton show. As a thank you, i said we haven't even closed escrow.
We just want to thank you for what you've done so yeah yeah. Sorry, sorry, i really try to think about people and who they are and where they are, and sometimes you have to spend three four years showing all these houses - and i remember the first day she wanted to look. You want to look at 27 houses like three to five million yeah. I'm like these houses are not for you yeah, it's only six days right and like we go to a couple and she's like.
I don't want to go see that house and i'd have to go in the i'm. So sorry, my clients are there, but they don't want to come in and you know the agents get upset um. So it was like two years of that and then they came and they bought like just like that, and a heartbeat um timmy smith, says to a billionaire client of his oh yeah. He's like.
I want to look at like this, like 600 million dollar house and he's like, i really thought you were worth more than that and the guy bought a multi-10 millionaire. Exactly he's like. Was there anything good for me to see yeah and yeah? You probably know the transactions, if you're talking about people - and you know - and you have rapport income property right. It's like what is this.
Is it for your daughter? Look, everybody wants a deal yeah, but when you're rich, they don't mind paying what they have to pay. If it's, what they want period, yeah rapport, knowing what to say, confidence willingness to do whatever it takes, also willingness to be directive. That's what i'm hearing too, like the willingness to say. Look if you want, like hey you're gon na, go out of this house, yeah right what the average person - oh, my god, please buy this house for five million dollars - oh my god, i'll all be in seventh, heaven you're like yeah.
That's not gon na work! For you yeah and there's something so powerful about telling people. No, you shouldn't do this and here's. Why? Because it's so not self-serving for you, it's only about them, yeah and knowing and knowing. Why is because you're, a student of your craft bingo, completely bingo and also the same sales technique? Yeah one of my clients had made offers on several of the 300 million homes when they first came on the market. But when mikowski came on at 350 we all knew it was worth 100 plus or minus, but when it's you know a month in the market and you offer 85 million when he's asking 350 it's very difficult and then finally, you know two years later he sells For the number we offered day, one exactly that happened on three or four different houses, but you know it just the timing. Wasn't right so right and that's, but that's that's tough pill to swallow for sure, because you're sitting there offering like you're, counting the commission checks and all the stupid you're gon na buy and right one could argue everyone listening right now knows exactly how that feeling is Because just the the pressure of taking any buyer out in any price range and writing an offer and not getting accepted like i've gone through it myself trying to buy a house like i'm just what do i have to do? Do i need to call that agent yeah? You know like? No, please don't do that exactly right, so i think we all we all get that all right. So as we wrap this up. First of all, i love you.
I appreciate you right with dinner. Last night was super fun. I can't tell the funny story that we had quite a few laughs. Last night we did jason, closing uh questions or thoughts or arguments for uh.
Yes, exactly. Can i ask one more question, of course, maybe i don't know how long it will last or not um, it's not a big one. We're on reel to reel jason, we're running out of tape. Do you travel to other markets to learn other other related markets um? I don't do it specifically to learn the markets, but whenever i travel around the world, especially with my international buyer pool i'd, definitely take a day or two of the trip to do that.
When i went to dubai, i spent i remember that trip in particular um when i go to paris, lauren vonda own co-banker, france and monica yeah i'll have lunch with them i'll go tour. A couple properties like they have big big listings i'll speak at their office and share my social media stuff with their office meet the agents absolutely and because you know in the world of wealthy, whether it's they have a house in la they want a place in Arizona, maybe palm beach or miami and new york city and maybe paris, so you got to know those places, especially in the higher high end. It's not uncommon that they have a new york place, a london place la maybe maui palm beach. So right you got to know and go what's going on in the marketplaces, so i definitely spend time touring properties with my best friends in those areas and just learning the market, even though i've known buyers, particularly at that time right. Very so smart, you think stevie cohen right coming to la all the time. The same exact thing last time steven came, he took me to lunch, we sat down and we had lunch yeah, patrick mclaughlin, who's in in the hamptons and he's like wait. All the buyers are coming from new york city, i'm like well, you should go network with agents in new york and he's like yes yeah. So much of it is agent agent networks.
Yeah, you talked about broker relationship, am i being burned? Obviously, i'm one that still pains you sorry for bringing it up but brokered about relationships. So that's the other thing for everybody. Listening right now, if you want to get into the high end, go get some knowledge of their agents yeah. When i was in york class, i went with josh, we had breakfast and we went to look at a couple penthouses on park, avenue and fifth avenue, and i got in this car him driving through oh and you're still alive alive, shout out to josh.
Oh, my god, have you ever driven with josh exactly yes, i have, and i can, but we have so many wonderful people in your ecosystem that have become so many, my closest friends in the business because we're like-minded. We all are mostly willing to work hard and we're great at our craft and we all have the same vision and goals and mindset to go forward. So it's great to be around those kind of people love it. Man love it.
Thank you. Thank you. My friend really appreciate jason, always appreciate it always a pleasure. Thank you guys.
So much for listening uh make sure you follow christoph chu on every platform go to his youtube channel. Absolutely! Yes, you should probably go to this guy's youtube channel too. Oh yeah. I was kind of getting into this whole video thing.
I've been working on him a lot so he's. Finally, like he's progressing just doing what you do he's just doing it better buddy all right. So listen thanks! So much guys we'll see on the next podcast take care. Thank you.
You.
Choos’ voice just sounds luxury does it not?
Going for my license exam the 28th and this just motivated me even more to shoot for the stars thanks Tom!
As a 20 year old who is obsessed with getting into the Luxury market, this is awesome thank you guys!!!
This is a great conversation. So many nuggets of information to learn from it. Thank you all. ☺️
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Tom ferry is the best