Now that you’ve gotten a solid sales portfolio started, your sights may be set a bit higher.Not sure how to land your first high-end sale? As someone who made the leap and continued up from there, Ben Bacal shares how he made it happen and his advice from that experience.
Already knocking on doors, making cold calls every day? Good. Keep prospecting and don’t shy away from any long-shots.That’s how Bacal got his big break in 2008, going door-to-door in Trousdale, Los Angeles. Despite a rather still market at the time, he got a listing--the same way he’d built a solid track record selling $500-$2M homes since starting in the business. That Trousdale listing sold for $3M, and opened the door to even bigger opportunities.
It’s about who you know, who you meet, and sharing opportunities with them. Another benefit of prospecting everyday: making face-to-face connections and good impressions can set you up to bring value to the table, as it did for Bacal. When Leonardo DiCaprio walked into Bacal’s Trousdale property open house, Bacal was able to offer him the opportunity to tour properties that DiCaprio didn’t have access to. In turn, Bacal got connected to a billionaire, who became the buyer for his largest sale up to that point, of a $20M big-view property.
Use new tactics
Anytime you enter new territory--in this case, listing and selling a high-end property--you can expect to go to new lengths and reach outside your tried-and-true methods. There’s a lot to learn from Bacal’s experience in 2008, where each of the following helped close his $20M sale:
It took a good, polished pitch to get the buyer on board for $16M, but when the seller upped the amount to $20M, it took a whole new level of effort. Bacal created comps where none were available.He also composed lengthy convincing emails to the buyer, highlighting what the property had to offer, why it was a good investment, and a deal at $20M.
Closing a deal both parties are happy with takes good EQ--gauging where the seller and buyer stand on the deal, and navigating that dynamic. Sensing that the seller would change his mind on the $16M offer, Bacal put a 20-day expiration term on the deal, a first for him.Sure enough, when the seller asked an additional $4M, it didn’t make the buyer too pleased, but Bacal was still able to get him on board with personable, effective, and consistent communications to close the deal.
In all fairness, there is a bit of luck involved as far as timing. Being in the right place and meeting the right people, at the right time; the health of the economy and trade markets. These may or may not align in your favor at any given time, but that doesn’t mean stall and wait for a window of opportunity.If anything, it’s a big reason to get out there, prospect, and set yourself up with the right cards to play when you get the chance to make your break into high-end sales.
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