References Big thanks to bigtex.com/schedule where this schedule originated!
References Big thanks to bigtex.com/schedule where this schedule originated!
One of the first things new agents do when they get their license is create their brand. They decide the look of marketing items such as their business cards, website, email signatures, signs, sign riders, etc. They have nearly full control over what they choose to call themselves. They can, even in their first week of business, even call themselves a ‘luxury’ real estate agent.
There’s no requirement for the label. There are no extra courses to take or designation tests to pass. You can be a luxury agent just because you say so.
That my friends, is where being a luxury agent begins and for 95% of agents, where it ends.
It’s true you can call yourself a luxury agent if you want, but the test is out there in the real world where agents live and die. When you call yourself a luxury agent, you better actually be one.
Exclusive clients are elusive. They don’t run around open houses nor are you likely to find them at the local PTA. These clients have clubs with members, and if you want to be in front of them, you better be a member too. That, however, is just the beginning.
Let’s say, our baby agent got lucky, was a member of some club that landed them in front of a possible luxury client. This fledgling has just stuck his or her neck out in front a very savvy person. Savvy people don’t just practice owning real estate or investing in it. They live for the win.
They don’t make moves without the potential for an ROI. That includes the return on investment of the time they’ve taken to speak to this agent, so the advice this agent gives better be spot-on.
There our hero sits, across from their first luxury client and the clock is ticking.
Did they do their research? Do they know this client or the niche this client represents? Are they confident the advice they’re giving is soluble, credible and accurate?
They better be sure. They better be absolutely sure.
When working in the luxury market there is no second chance at a first impression. One bad meeting in the beginning of a career can be a huge detriment to the reputation that our agent is attempting to build.
A smarter course of action for this agent would be to start as an apprentice with a seasoned luxury professional who’s built a successful agency. Learning the systems and strategies of a reputable agent while building his or her own reputation is a much smarter strategy for success.
It’s a win-win for both the agents and the clients. Successful agents to the ultra-rich focus on the details, become experts on each property and the surrounding communities, learn about each potential client and listen for – and quickly respond to – each client’s questions and concerns.
Handling that level of competency with fineness takes skill, practice, a certain personality type and time.
Success on this level is quite a bit more involved than slapping the words ‘luxury agent’ on a logo and calling it a day. When working in this world, the rest will not just ‘fall into place’.
Why should I talk to a 13 year old about buying a home? The most they’re interested in is their next video game, social outing or meal! Well, they may be true and teens do live in their own world most of the time. They are beginning to assert their own independence and this time can be a bit like the terrible twos or not. Many parents say this is short lived while many others say it’s a span that lasts years. There are those parents who say the teen years was a point where their child turned into someone they didn’t know.
This time can make talking about the most simple topics complicated. It’s also the time when open communication is the most important. Talking to teenagers about subjects that will affect them as they grow in a positive way, like home ownership, can really benefit both parents and children.
How? Well here are some interesting facts about home ownership that kids may get a kick out of knowing.
Just the Facts Ma’am
Can a Teen Under 18 Own a Property?
Something of interest to note here is that a teen can own property, technically. If a parent puts them on a deed, they can technically be a home owner.
So, isn’t a deed a binding contract? Why yes it is but the parent has all the rights to sell or give away the property for tax purposes, etc. as they see fit.
According to lawyerlocator.com:
Children who are minors (under the age of 18 in most states) can legally co-own real estate with their parents. However, the decision can cause legal complications in the future.
Before parents or relatives add a child’s name to a property title, the adults should talk to a real estate lawyer to understand the legal ramifications of the decision. For example, if the property is being transferred to a child in an effort to shield it from creditors, then the court can void the transfer and creditors can still seize the property.
Often parents or other relatives will add children to a property’s title in an effort to make it easier for the child to inherit the property if the parents die. Unfortunately, this act can complicate things if the parents want to sell the property while the children are still young.
So technically, a parent could buy property for a child and the child will grow up as a homeowner.
Talk the Them About Renting vs. Owning
One of the decisions they may face when they’re older is whether to rent or to buy.
The subject itself has so many nuances that the correct answer really comes down to timing, so the advice you’ll give here shouldn’t be based on any today’s real market. Let the talk center around the advantages and disadvantages of each.
People who rent and like renting do so for many reasons. It comes down to two things: financial situation and preferred style of living. Renting a home can be cheaper than buying a home. Your payments tend to be lower than a comparable house payment when maintenance expenses are added in such as heating/air conditioning or roof repair. Also, your rent may cover some utility costs like water which leads to additional savings.
Home ownership however can lead to financial security that cannot be seen from renting. When you own a home, your monthly payments go to building equity in your home which reduces the amount you owe on your home. This reduction is what increases the equity and that cycle continues as your principal portion of your payment increases slightly every month year after year. It’s lowest on your first payment and highest on your last. There are tax benefits through equity deductions and property tax deductions. Long term buying is nearly always cheaper than renting and in the end, you have a home with no mortgage expense with an equity value of the home’s worth at the present time on the market – which hopefully is higher than the original purchase price.
Should you decide to sell and buy another home you would be exempt from Capital Gains tax, keeping profits of up to app $250,000k if you’re single and twice that if you’re married.
Help Them Grow
When they start hearing these numbers and they start thinking of their future as a homeowner, it can give them confidence as they grow.
Yes they’ll ask questions but there are plenty of resources to help you help them see their future in a bright and positive way. Dave Ramsey is a financial guru who has helped many people get on a pathway to living financially secure and debt free.
Take your child to his site: daveramsey.com/ and see the advice that he gives about teens and money, homeowners and investing for tomorrow.
Realtors, Accountant and your lawyer may also help with advice. We here at Ritz Group Realty would be happy to help give you some backup when talking to your teen or preteen about their future.
You can contact us here and we’ll get back to you about setting up at time to talk.
Our children are our future and our country will be it’s strongest when we have a generation of smart, savvy homeowners using their equity and savings wisely. That’s the type of future we want to see for all teens!
Homeowners are living the American Dream. It’s true. As bad as that leaky faucet or how crazy your neighbors may be, it’s still the quintessential financial dream of nearly anyone you speak to who doesn’t own a home.
Now, as a parent, you want to raise your child/children under the roof of that American Dream. They grow up, go to school, make friends, play sports or maybe they’re in the arts. Whatever their interests, your interests are making sure they grow up safe, healthy and happy.
That’s absolutely your job and absolutely what you should be doing. What we may not think about however, is when the proper age is to talk to your child about home ownership. This is a topic that is becoming of great importance as we have seen how Millennials have not been buying homes anywhere near the rate of the previous generations. The question of parents needs to be asked,
“What are we doing to ensure our children will be homeowners in their adult life?”
It’s an easy conversation to have and you can raise children to become homeowners, if you take the right steps. It’s as much about state of mind as it about financial resources. Getting your child to live like a homeowner will set them up to reach that dream because they’ll believe it of themselves. We all know how resourceful kids can be when they want something. That doesn’t change in adulthood if that ‘something’ is wanted bad enough.
Take for example the difference in the past few years. Millennials are finally making their way into the housing market. They’re showing up in real numbers on the real estate buying and selling scene. There were many valid reasons that they weren’t buying or selling homes before, staggering student debt being one of them. Now, however, they’re settling into homes at a new rate.
Raising your child as a homeowner isn’t just about money. It’s also about being responsible around the house. That makes the answer to this question: ‘immediately!”
When you’re child is a toddler or you’re beginning to train their mindset that in adulthood, they’ll be a homeowner, it’s about introducing them to different tasks you do as a homeowner Here are 3 easy steps that you can start at any age:
Homeowners fix, repair, clean, organize, tidy up and care about the appearance of a home. When you involve children in this process, talk to them about what you’re doing and get their input. It can be as small as having your five year-old help you with a toy hammer on a repair. When they have a sense of accomplishment for caring for their home now, they’ll understand that when they grow up, they’ll be caring for their own home.
2. Introduce them to different types of houses.
Different types homes have distinct defining features. When you’re watching a show where people are buying a home, talk to your child about the different type of homes and those features that you see. Chat about what they’re seeing or what each room is actually called and other tidbits about the home. You’re not creating mini-Realtors®. You’re just talking with your child about houses. It’s no big deal, except that it is a big deal, because besides raising a homeowner, your child is enjoying the time you’re actually just… talking.
3. Talk about the bills you’re paying each month
Now, this is the point where you have to resist the urge to blame them for the high price of the electric bill. Though they’re probably a good bit to blame, what you’re doing is showing another part of the responsibilities that come with home ownership. Talk about your mortgage bill and how it’s broken down. Do your taxes come out of it? Older children will love this and younger children will be fascinated by what you’re saying. Even if your money comes out automatically, check your account and make sure it’s been withdrawn and for the proper amount. It’s about including your child in that repetitive tasks that stem from being a homeowner.
These tips are subtle and done early enough, a child will grow with the belief that being a homeowner as an adult is an absolute.
There has been a great deal of speculation as to the health of the luxury market this year. Buyers, Sellers, and the near-silent Investor are hearing conflicting stories from all sides and all areas of the country. It’s for good reason though.
Tax laws effecting sales of luxury homes have made buying properties over $750,000 in areas like New York and California less appealing.
How do Realtors of the Luxury Niche handle all this stress?
Why with first class style of course! The following is an article written by The Institute for Luxury Home Marketing and it details 6 ways Realtors of the upper genre maintain their health and well-being.
The luxury lifestyle isn’t just about looking great anymore. It’s about feeling great, too. Of course, the world’s affluent still want jaw-dropping properties with inspiring views, but they’re also looking for more substance. In today’s fast-paced world, they also want homes that can challenge them physically, calm them mentally, and keep them centered.
As a result, wellness-related amenities have exploded in recent years. In fact, according to a report from ONE Sotheby’s International, properties with wellness-focused amenities sell for anywhere from 10% to 25% more than traditional luxury properties. In the luxury world, that can mean a significant sum of cash.
But what exactly are these amenities that today’s luxe buyers are looking for? The following are just some of the health and wellness features today’s top-tier buyers have on top of their wishlists. The Institute for Luxury Home Marketing is an authority on the world of luxury real estate and works with its members to provide insights and information about the latest trends.
Meditation rooms—quiet, peaceful spots dedicated to self-reflection—are quickly becoming a hot commodity for the world’s elite. Tech-driven virtual mediation spaces are even hotter. These use a combination of virtual reality technology and tranquil design to enhance the owner’s meditative practices.
Dedicated places to unwind and relax are also high on the list for top-tier buyers. They want saunas that can remove all the toxins of the day, private massage rooms where their on-call masseuse can get to work, and in-home spa stations, where they can enjoy a facial, get a Botox treatment or have their hair done without ever leaving the comfort of their own home.
Access to fast, healthy, and sustainably sourced meals is important to the world’s elite, and many luxury developers are finding ways to cater to this need. From bringing in five-star restaurants to deliver door-side, organic meals to on-site nutritionists and rooftop vegetable gardens, luxe real estate is offering buyers their pick of healthy at-home dining options.
Those dedicated to the art of yoga or Pilates often seek out properties with in-house studios—places they can hone their craft or enjoy one-on-one sessions with their trainer. In high-rise builders or condos, these might even take the shape of outdoor yoga decks or rooftop, private studios.
These peaceful gatherings of greenery bring peace to the busy lives of affluent clients. Typically situated on high-rise rooftops in gritty, concrete-filled urban centers, they’re a haven of natural foliage to the affluent city-dwellers who call these spots home. Some developers are even taking this trend to the next level and offering full, on-site private parks.
One of the perks of affluence is getting to enjoy the latest technologies and products before they become publicly widespread. In the wellness world, you can count cryotherapy and hyperbaric oxygen therapy among these. Many of today’s top-tier clients are looking to bring these new and evolving approaches into their homes to improve their health and increase their longevity. They’re especially popular with athletes, runners, and fitness enthusiasts, these high-tech amenities are known to increase blood flow and improve energy.
Knowing what the buyers are currently looking for in your local market—whether that is health and wellness or the latest interior decor trend—is critically important in today’s market, which is predominantly controlled by the purchaser. It can help understand the value of your property and determine whether or not adjustments, renovations or changes need to be made in order to achieve your desired goals, or more importantly help you stand out from your competition!
Marilyn Monroe was a starlet with a career unlike any other. A beauty for the ages, her fans keep her memory alive and well collecting her memorabilia with fervor. Ripley’s Museum in Hollywood paid $4.8 million for her infamous ‘Happy Birthday’ dress making it the most expensive dress in the world! They’re getting a return on their investment though as it’s by far one of their most popular exhibits. Recently another, more expensive collectible that was once Marilyn’s is up for sale, and we can promise you that it’s another one of a kind.
Her $115 hideaway is on the market and this stunner in the exclusive Oswald Estates. Forbes recently published an article about the home stating:
This historic dwelling sits on ten acres in the affluent enclave of Holmby Hills, nestled between Sunset Boulevard and the renowned Los Angeles Country Club. The Italian Renaissance-style house designed by architect Robert D. Farquhar boasts nine bedrooms and ten bathrooms across the main house, guest house, and staff quarters, and has been inhabited by Hollywood moguls and luminaries since it was built in the early twentieth century.
The location was cherry-picked by the original developer and visionary behind Holmby Hills, Arthur Letts for his personal family estate. Ultimately built in the 1930s by Lett’s widow, Florence Letts Quinn and subsequent husband, businessman Charles H. Quinn, the home itself was the largest and grandest residence in Los Angeles at the time and continues to break records in historic sales for Los Angeles County.
The 12,201 square foot opulent mansion incorporates classic European “revival” design with grand proportions, intricate moldings, regal marble fireplaces, hand-carved mantles, elegant crystal chandeliers, and ornate 24-karat gold fixtures. The home also features a full basement with an elevator to all three floors, if you choose to opt out of walking the palatial spiral staircase.
Following Florence Quinn and her family, the subsequent owners of the ostentatious 12,200-square-foot mansion include hotelier Joseph Drown, business partner of Conrad Hilton and founder of Hotel Bel-Air, 20th Century Fox founder and first president of United Artists Joseph Schenck, oil tycoon William Keck, and actor Tony Curtis who sold the house in 1974 for approximately $750,000 to iconic music duo Sonny and Cher. The pair had coveted the property since they attended a birthday party for Tony Curtis, and eventually convinced him to sell.
While Joe Schenck was the lucky inhabitant of Owlwood, he met Marilyn Monroe on a studio lot at 20th Century Fox. Schenck often hosted the starlet at Owlwood for dinner and she visited frequently, so much so that they quickly became rumored lovers although she fervently denied it.
While the property has awaited a homeowner, the estate has been used as an event venue most notably for the star-studded Grammy Awards brunch in 2017 hosted by Jay-Z, attended by Rihanna, Nick Jonas, DJ Khaled, Sean “Puffy” Combs and more.
Listed at $115,000,000, this pedigreed property is represented by Sally Forster Jones, Tyrone McKillen and Tomer Fridman of Compass, and Drew Fenton of Hilton & Hyland. The estate is an iconic luxury property from the Viewpoint Collection portfolio.