Can an agent who normally handles sales of 300K - 500K also accurately handle a multi-million dollar sale?

Asked by Gary, Paradise Valley, AZ Mon Mar 5, 2012

Would that agent be in over his head if he's not accustomed to dealing with a much higher priced home?

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13
Walt Danley…, Agent, Paradise Valley, AZ
Mon Mar 5, 2012
Each market has its own characteristics. Flying a plane and flying a helicopter share some of the basics, but the processes vary significantly…and just like when it comes to flying, there is no substitute for experience! Can an agent who specializes in the $3-500K range facilitate a sale in the luxury market? Certainly. Are your interests better served by going with an agent with a significant amount of experience in the price range and area in which you are buying? I believe so.
Web Reference:  http://www.waltdanley.com
1 vote
Alan May, Agent, Evanston, IL
Mon Mar 5, 2012
The principles are basically the same, so the answer to your question is that it's possible for them to handle a multi-million dollar sale. We all have to start somewhere, don't we?

I would interview them, and ask what marketing they would bring to the table... and ask the same question of an established multi-million dollar listing agent. See if they offer anything above and beyond the first agent. They often have a network of services they rely on for those upper end listings.
1 vote
John Forsyth, Agent, Scottsdale, AZ
Sat Jul 7, 2012
I think the average Realtor is often out of their element when dealing with high end homes.

Now if we are talking a million dollar home there may not be much difference, but when we get into the Multi Million Dollar home, you need someone who can represent the property properly.

I have sucess with the buyers million dollar homes becasue having been a Regional Director of a fortune 500 company I believe I bring a polished approach and experience that many in the industry just don't have.

If you need help in selling your property or you would like to disucss my marketing plan to get homes sold, please feel free to give me a call.

John Forsyth HomeSmart Elite Group
602-625-4675
j4syth@cox.net
0 votes
Marcia Canady, Agent, Phoenix, AZ
Mon Mar 26, 2012
Hi Gary:

If the Agent does not have any Marketing Experience, yes....he/she would be over his/her head because each home has a different target market and a different message. And the Higher End Buyers need to be handled in a certain manner.

For example, the home I sold for $750,000 was a "starter" home for a young family and therefore marketed to

The home I sold for $1.55M was a "lock-N-leave", so marketing focused on older couples who wanted a 2nd home.

The home I just sold for $1.75M is under construction, but is located near Cherokee Middle School and built and marketed to families with children who will go to the 3 C schools.

The home I sold for $2M was an Authentic Territorial Home...so it had to be marketed to a very niche audience from the Midwest, Pacific Northwest etc. as most people in Arizona do not want a Territorial home.

The home I have listed for $10.9M in Desert Mountain, is currently being marketed to a very high level clientele who are crazy for Golf since Desert Mountain has 6 Jack Nicklaus Golf Courses.

So, if the Agent does not have Marketing Experience, then yes, he/she would not be able to accurately sell a multi-million dollar sale or handle the Buyers/Sellers in a manner in which they expect to be treated.

Call me if you would like to chat. Thanks!

Marcia K. Canady
REALTOR®
Lone Mountain Development, LLC

Tel: 602.515.1161
Email: Marcia@MKCLuxHomes.com
0 votes
Robert G Her…, Agent, Phoenix, AZ
Fri Mar 9, 2012
As a 3rd Generation RE Broker in Phoenix, I can tell you that of all of the comments posted below, the guy you should be listening to is Walt Danley. I've never personally met Walt, but he has represented acquaintances of mine in the Paradise Valley market, and they all have great things to say about him. While all of us would love to specialize in this elite market, I'm the first guy to admit that my specialty is NOT in the $1 Million+ market. I specialize in helping homeowners avoid foreclosure, usually through short sales, and I'm fine with that. If you are looking to purchase a home in PV, call Walt and his team. Don't believe me? Just google "Paradise Valley Homes For Sale" and see what you find...
0 votes
Brad Bergami…, Agent, Prescott, AZ
Mon Mar 5, 2012
Yes. what you might not understand is that your highest producing agents go where the business is.
I can tell you from experience that I sell more Lower end homes than Higher end homes.
When an agent does this they can focus on you not the Price of your commission. It is like when you go buy a car or anything else commission base. You don't want a sales person that needs your sale to make their rent. You want a person that cares about you and your needs and can make the rent with or without you. Some of the best agents I have ever worked with sell homes and commercial at all ranges. Now that being said make sure you trust your agent and then be loyal. Loyalty will beget Loyalty.
Best of luck to you,
Brad
Web Reference:  http://bradbergamini.com
0 votes
Pook Bellini, Agent, Scottsdale, AZ
Mon Mar 5, 2012
A superior agent works hard to be knowledgeable about his or her market area, including properties in all price ranges. I have listed and sold small condos, modest size homes, and large luxury homes in PV and Scottsdale, and the NE Phoenix area, and work extremely hard for clients (buyers and sellers) no matter what their price range. When selling, good pricing and excellent marketing are key, no matter what the price of the home. In all price ranges it is essential to provide exposure well beyond the local MLS. Luxury homes require their own unique marketing exposure. For buyers, it is essential to look at comps for any property they are considering and to be cognizant of the uniqueness of the luxury properties they are looking at. A great real estate professional will educate clients and will be able to handle the numerous details of any sale, large or small... from offer, through inspections and escrow, to closing.
Pook Bellini, ABR, CNE, E-PRO, SFR
Arizona Best Real Estate
azpook@gmail.com
Web Reference:  http://pookbellini.com
0 votes
Alan Ripa, P…, Agent, Scottsdale, AZ
Mon Mar 5, 2012
As a Luxury Home Specialist, I would say, If the agent has already worked their way into the multi-million dollar price range and is going down to help someone in the 300 - 500K price range.... Okay, However, if they have not worked in the Multi-million Dollar price range in The Town Of Paradise Valley, (TOPV) I would say NO WAY!!! There is just too much not to know!!! The Town of Paradise Valley has many, many variables and also there is a wide range in quality construction from various builders during various years and one has to know who the good, the bad, and the ugly are and why. Also all the different levels of builder quality, the different locations in The Town Of Paradise Valley support different pricing. Some area's are stronger, some weaker. Just because a home is in The Town Of Paradise Valley does not mean that its value is the same as anywhere else in The Town of Paradise Valley. I have specialized in The Town Of Paradise Valley since 1991, been through a majority of the homes, represented Buyers and Sellers of many of them. I also grew up in the town of Paradise Valley so I know it really well. You have a choice of someone like myself with 28 years in the Real Estate Business, Proven Luxury Home Knowledge and Area Success or someone who has No Experience in Mult - Million Dollar homes? It's your Millions of dollars at stake... It your choice. Please visit my website http://www.luxuryhomestour.com and let me know if you should have any questions or would like to schedule a personal interview with me at your convenience.... Just let me know. Thank you for your time and consideration.
0 votes
Steffy Hrist…, Agent, Scottsdale, AZ
Mon Mar 5, 2012
Gary,
they probably will be able to handle the transaction. I would encourage you to spend the time to interview several agents about their home search strategy (1), their knowledge of the Buyer wants and needs (2) for homes comparable to the one you would like to have, and their negotiation skills (3).
Think of yourself as an employer - what employers do is they have a job description in mind, and they interview several short listed applicants for the position. They sometimes hire a company to wade through all the applications, and to produce the short list. It usually works.

Good luck!
Web Reference:  http://www.talktosteffy.com
0 votes
Randy Hooker, Agent, Chandler, AZ
Mon Mar 5, 2012
I'm assuming you're referring to a listing/seller's agent - correct? If so, then the issue is more about the agent's marketing and communication skills with luxury properties and luxury buyer's agents. And even the definition of 'luxury' has changed in just a few years. Properties that are priced at $500K today were in the $1M+ range just 5-6 years ago. So another factor for me would be how many full time years he's been in real estate, and how many transactions he's completed.

Best of luck!
0 votes
Nathan Nolley, Agent, Scottsdale, AZ
Mon Mar 5, 2012
It really comes down to if your comfortable with that agent and the marketing they offer you. I've seen many agents with listings over $1M and they're doing nothing more than putting it on the MLS. I would interview some agents and go with who you feel comfortable with.
Web Reference:  http://www.NatesEstates.com
0 votes
Robert Kroon, Agent, Phoenix, AZ
Mon Mar 5, 2012
Depends upon the agent. I would suggest you interview more than one agent....looking for an agent you feel comfortable with. Ask questions about the agent's background in real estate. Ask them how they would handle negotiations to purchased a home. How many years have they been a real estate agent. You might find out they have prior experience in business and industry that would allow them to bring a great deal to bear on your project. A qualified, professional agent should be able to handle the transaction for you.
0 votes
Brad Phillips, , Phoenix, AZ
Mon Mar 5, 2012
They would be able to handle the transaction legally but you would want to make sure they are comfortable and experienced at higher end transactions.
0 votes
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