Real Estate Agent
What Do Wealthy Home Buyers Want From Their real estate Agent?
Wealthy home buyers who buy multi-million dollar homes are typically self-made millionaires with new money, according to a recent online survey of 683 Coldwell Banker Previews International property specialists. The study revealed the top professions of these affluent customers. According to the respondents, 88 % of their customers are business or corporate executives, 37 % are physicians, 31 % are lawyers, 30 % are financial professional and 14 % are entertainers, entertainment executives or professional athletes.
Wealthy home buyers require their real estate agents to be equipped with special skills, according to the Coldwell Banker’s survey. Given the magnitude of the financial transactions involved in luxury home purchases, 78 % of sales associates said that the top most need their clients require from their real estate agents is privacy and confidentiality. The luxury customers also want their real estate agents to exercise discretion while dealing with their multi-million dollar transactions. Almost 70 % of respondents polled that their wealthy clients want their real estate professionals to offer customized services while 44 % said that the luxury home buyers want their agents to have good network and work relationship with executive assistants, CPAs and attorneys.
Wealthy home buyers also want their agents to know the inside scoop on the real estate market, according to 36 % of the respondents in the Coldwell Banker’s survey. Seventeen percent of the sales associates surveyed indicated that one of the necessary skills for real estate professionals working with affluent customers was the ability to provide emotional support to their clients. And according to 11 % of respondents, luxury customers want their real estate agents to establish personal rapport with their clients.
The study also included queries on the “must have” amenities that the affluent clientele want in their luxury homes. Wealthy home buyers want media rooms in their homes, according to 60 % of respondents and another 60 % polled that their affluent customers want “wired” homes. However, there are a few home design elements that are out among luxury home buyers. Gourmet kitchens, granite countertops and wet bars are no longer counted as luxuries by wealthy home buyers, according to the survey respondents.
The survey also found that the multi-million dollar home buyer pays a typical down payment of 20 % to 30 %, while a quarter of clients put down 30 % to 50 % of the sale price.
About the Author
San Diego Homes
What to look for in a real estate agent and what to know?
We are at the absolute beginning of the home-buying process and recognize we need a real estate agent. What do they do for you? What fees are associated with a real estate agent? What should we know?
These are some very good questions to ask your agent:
Q: Does your agent mostly work with buyers or seller?
Lot’s of agents know how to list homes on the MLS but really suck when it comes to finding homes for their clients. Some agents are really good at finding homes and don’t have many listings. Some are good at both.
Q: Does the agent own her own home.
A big red flag here if your agent doesn’t own real estate themselves then don’t use them. How can they possibly be looking out for your best interest when they don’t even own their own home. This is more common that you might think. Many agents getting started out and even some experienced ones do not own real estate and are clueless about many of the problems that come with home ownership.
Q: is the agent showing you their own listings?
A commission is split 50/50 between the buyer agents (The agent representing the buyer) and the selling agent (Representing the seller) So on a $100k house a $6k commission is split $3k/$3k to each side. If your agent is showing you their own property they are trying to get you to buy it so they can get an extra big commission check.
In this case do not be pressured into buying it the agent is doubling their commission and this is usually the only motivation for showing it to you and getting you to buy it. If you do end up actually liking the house that you agent has listed ask for a 2% reduced commission. This will lower your purchase price and or be able to get you some or all of your closing costs paid.
Q: Get references
Ask your agent for references and call them this will tell you tons. Calling around and asking lots of questions will tell you much more about your agent than anything else.
Q: Trust but verify
Most agents are highly educated in Real Estate Law but not in other issues. Anything your agent tells you should be trusted but verified. I have multiple times experienced agents telling buyers and seller things that are not at all accurate. I am often consulted with to set the record straight. In fact as I am writing this I have a family member being told to rent their old house instead of selling as it will not affect their current purchase. This is the Agent saying this, however it is not at all true. The Realtor has not bothered to verify this fact with the lender or anyone for that fact. I have had to set the record straight and save this deal otherwise their will be no new home purchase. Agents are not always as knowledgeable as they seem.
Lenders in many ways are far better sources for real estate related questions as they are dealing day to day with the constant changing regulations.
Last but not least “Trust your gut” if something seems off with your agent their probably is something wrong.
Feel free to contact me if you have any questions. mike@4realestatesuccess.com
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