Don’t see dollar signs when working with celebrity clients
No matter how successful an athlete or celebrity client is, don’t assume they are freewheeling big spenders who won’t care about how much they pay for a property or how much they sell it for. In fact, the opposite is true. Every dollar matters to them, perhaps even more so than less moneyed clients.
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Many high-net-worth clients have worked extremely hard to get to where they are, and they can be very guarded and protective of that fact. If they sense you are not listening to their wants and needs, pushing them into expensive properties just because, you won’t be working with them for very long.
Listen to their needs, respect their desired budget and treat their financial preferences just like you would any non-celebrity client. If you are suggesting something above a price point that has been established, be sure to explain the reasoning behind it, such as the following:
“You mentioned having X, Y and Z was important to you, and I simply wanted to make you aware of this property because it has these features, which we haven’t seen in other options in your preferred price range. I know it is above where you mentioned budget-wise, but if you want to explore it, I will be happy to find out more information and set up a showing.”
Working with a celebrity client’s entourage
Depending on the level of the athlete or celebrity client, expect there to be some type of entourage and other decision-makers and advisors involved in the process. Just about all athletes have a wealth advisor that they consult for any big-ticket purchase; these advisors may have different levels of involvement in the process.
Some may be hands-on and ask a lot of questions about the market, values and comps. They may want to discuss what price they should be paying for the property and its future resale potential as well as the ability to rent it out in the future if needed.
There may also be various assistants involved, along with a business manager and/or attorney calling the shots. Family or a significant other may also play a role: Parents, if the athlete is young and just starting out, plus trusted friends and, maybe, a real estate agent who is their trusted confidante in another market. Some of these people may be scouting properties on behalf of the client, who won’t be brought in until deciding among the top choices.
Depending on who is present, a remote showing via video tour may be done with the client themselves or any of their decision-makers, so prepare for how that showing should be conducted. This will likely be within earshot of the listing agent inside, so it’s advisable that the person doing the video call have earbuds so that the entire conversation is not heard. Alternatively, ask the listing agent to step outside during the inside tour and to step inside when the video tour heads outside.
Find out which members of the entourage are going to be involved in the process upfront and involve them early. Make sure you know who the client wants to include on communications and take a proactive approach, especially with wealth advisors and other business consultants.
Introduce yourself, and talk about the search as it relates to market conditions in your area. This is your opportunity to set expectations, including whether you’re in a buyer or seller’s market, market statistics, price range and areas of interest so they can correctly interpret average days on market and other relevant market factors.
In this five-part series, Cara Ameer breaks down the ins and outs of working with high-profile, high-stakes clients in the worlds of sports and entertainment. In the next part of Ameer’s series, find out how to be protective, proactive and prepared when working with celebrity clients. Come back every day this week for new ideas and strategies to help you make the most of every opportunity.
Cara Ameer is a bi-coastal agent licensed in California and Florida with Coldwell Banker. You can follow her on Facebook or on X, formerly known as Twitter.
