Joel Goodrich got his start in real estate selling $125,000 condos. Now, 27 years later, he’s selling $40 million homes for Bay Area tech professionals. In the podcast below, Goodrich, who’s affiliated with Coldwell Banker, discusses what helped him break into San Francisco’s luxury market.
Listen and learn how to position your business as a leader in luxury listings and for ways to market yourself as an expert on high-dollar homes. You’ll also hear about the additional responsibilities that come with luxury listings, get predictions on where the luxury market’s headed and more.
For a quick overview of the four things agents need to win luxury listings, read on.
From his first days as an agent, Goodrich knew he wanted to break into the luxury market. But like most new agents, he didn’t have the money, connections, or experience needed to make it happen.
What he did have, however, was determination.
With his very first listing, a $125,000 condo, he put everything he had into staging, photography, and advertising; it paid off. Goodrich got countless calls on the ad from people wondering why such a great-looking condo was so inexpensive.
Not only did Goodrich’s determination ensure that he did a great job for his first seller, it put his work in front of other agents and helped him identify what it takes to market luxury listings.
2. A business plan
After successfully selling his first listing, Goodrich decided to create a business plan.
In 1992, he started with a two-page business plan and has added to it year after year. It’s now packed with 35 pages worth of ideas that directly contribute to his business’ success.
And while not all of the ideas within the plan had a major impact on Goodrich’s business, working on it consistently pushed him to try new things and helped him identify the activities that were paying off.
One of these activities was networking.
3. A solid network
Networking, or as Goodrich calls it, “dining for dollars,” is an absolutely essential activity for luxury agents. But even if you’re not looking to become a luxury agent, networking will help you grow your business.
Networking isn’t just about making the right connections; it’s about learning what potential clients want so that you’re better able to meet their needs.
Whenever he had the opportunity, Goodrich attended social, business and charity events. The connections Goodrich made helped him evolve to better meet the needs of luxury clients, which included high-quality marketing.
4. High-quality marketing
Early on, Goodrich realized he couldn’t rely on the same marketing materials used by other Bay Area agents — not if he wanted to win luxury listings.
He developed his own marketing strategies and put together high-end marketing materials from scratch, including the “Global Luxury Real Estate Report.” Since he started releasing this report, his subscriber base has grown from 5,000 people to over 30,000.
He packs this monthly report with content tailored to entertain and inform homeowners with high-end properties. Plus, he includes his current listings in each report, giving his clients exposure that other agents in his market can’t match.
To hear what else it takes to refocus your real estate business on luxury listings, listen to Joel Goodrich’s podcast interview. In addition to the topics covered in this article, Goodrich discusses learning the market, winning over sellers at listing appointments and setting yourself apart from the competition.
Pat Hiban sold more than 7,000 homes over the course of his 25-year career in real estate. Now, he dedicates his time to helping others succeed as agents and investors. As host of the Real Estate Rockstars Podcast, Pat interviews real estate experts to explore what works in today’s markets. He also founded Rebus University, an online training platform for real estate agents and sales professionals.