Selling Luxury Homes

John Cotton, Jr.

Copyright 2011 Jack Cotton

All rights reserved

ISBN 978-1-936539-81-9

Smashwords Edition

Like many projects or endeavors I haveundertaken, the writing of this book turned out to be way moreinvolved then I would have ever dreamed. During the 18 months ittook to complete the work, it began at a somewhat leisurely,measured pace. As the work took shape, it became an all-consuming,full-time job.

There are so many people without whom thebook could not have been completed. I list them here with myheart-felt gratitude.

Kyle Conners was immensely helpful in editingmy first draft. We would get together to discuss his questions oncontent I had created. Other times he interviewed me from one ofmy outlines to create content. His questions forced me to clarifyand explain things that seemed obvious to me but probably would notbe to a reader. Thanks Kyle.

If writing 60,000 words wasnt hard enough,try coming up with 400 impactful words for the front and backcover. I first turned to self-publishing guru Dan Poynter(www.parapublishing.com) whohappened to be traveling throughout Southeast Asia during myinquiries. He never failed to send email answers to my queries atuntold hours from all over the globe. He was extremely generouswith his time. He put me in touch with two great people who made ahuge difference in the quality of this book.

Susan Kendrick of Write To Your Market(www.writetoyourmarket.com)was phenomenal in honing my title and subtitle and back cover copy.Dan also suggested Barbara McNichol (www.BarbaraMcNichol.com) as myfinal draft editor. Her painstaking review of each word, endlessquestions, and rewrites benefit you, the reader, in ways youllnever know.

Writing the Internet and social networkingchapters especially challenged me as they constantly evolve intheir relevance to luxury real estate marketing. Gratitude goes toDan Kompass (www.webblotter.com), my own webmaster and web guru.Matthew Ferraara (www.MatthewFerrara.com), theundisputed expert on all things dealing with social networking forreal estate agents, also generously gave me his time. My chapter onsocial networking was created largely from talking to Matthew. Hehoned my manuscript into what I think is an immensely helpfulchapter on social networking.

I asked Ed Primeau (www.primeauproductions.com)to supplement my information on social media. In adtiion, CurtWarner (www.platinumsalesystems.com) was enthusiastic about thisbook from the beginning. He contributed immensely to the section onindividual property websites.

As I mentioned, much of the book was dictatedinto a digital recorder with a voice file emailed to Keith at eWordSolutions (www.eWordSolutions.com). Keiths team transcribes andturns around near-perfect Word documents, usually by the time thesun rises on the East Coast the following morning.

When this book was nearing completion, Ishowed the cover art to various experts with whom I was consulting.Without exception, each one raved about the cover design done byAndrew Newman (www.NewmanDesign.com) Workingfrom his low-key Cape Cod office, Andrew has become a true masterof design.

Lastly, I need to express my gratitude forthe love and support of my family including my four kids, Melissa,Andrew, Maxwell, and Alexa, and most of all my supportive wife,Anne Marie. Aside from being a great proofreader, whenever shehears one of my ideas for a new project, she always says, You cando that.

With heartfelt thanks and love, I expressgratitude to all these people and especially to my family.

CHAPTER 3: Four TruthsSet the Right Mindset

CHAPTER 4: Four EssentialComponents of Perceived Expertise

CHAPTER 5: The ExpertiseHNWIs Crave

CHAPTER 6:Cultivating High Net Worth Clients

CHAPTER 7: The ListingAppointment Two-Step

CHAPTER 8: Seven Steps to the Right Price

CHAPTER 9: ListingPreparation

CHAPTER 10: Marketingthe Luxury Estate

CHAPTER 11: DirectMail

CHAPTER 12: PrintAdvertising

CHAPTER 13: Word ofMouse

CHAPTER 14: SocialNetworking for the Luxury Agent

CHAPTER 15: OpenHouses

CHAPTER 16: Demonstrating the Property by Land, Sea, orAir

CHAPTER 17: World WideWealth

CHAPTER 18: Million$in Your Sphere

CHAPTER 19: ThreeNegotiation Strategies Needed in the High-EndMarket

CHAPTER 20: Keep theRich and Famous Coming Back

CHAPTER 21: The End isJust the Beginning

APPENDIX A: SampleComparable Sales Grid Narrative

APPENDIX B: ThePrelisting Book

What would it be like to sell amultimillion-dollar property? How would it feel to gain aspectacular listing and meet the accomplished people who either ownthat property or have the ability to purchase?

For most agents, such wonderment passes asquickly as thoughts of winning the lottery. Although some earn$500,000 or more a year, few earn that much on one transaction.Thoughts like I could never do that, or I wasnt born into thatsphere of influence, or I dont travel in the right circles, orI dont know the right people snatch away the dream. Suchself-defeating beliefs can keep agents stuck in the classic storyabout the outsider looking in.

I confess. I have felt like an outsider. Iwas able to break out of that story and succeed in luxury realestate because when I started this career at age twenty-one, Ididnt know it couldnt be done. I was lucky. No one told meanything was impossible, so I believed I could succeedand did! Thefirm I started in my college dorm room grew to become one of themost respected real estate companies on Cape Cod. During more thanthree decades in this business, I have been involved in nearly every record-breaking residential sale onCape Cod, either as agent or coach to the agentinvolved.

Many agents not only have negativeperceptions of what they can sell and accomplish, but they take anextra step. They surround themselves with people who only toowillingly reinforce the notion that success in high-end real estatewont work for them.

Understand the Mindset

Youll find that this book helps youunderstand the mindset you need to succeed in this stratum of thereal estate business. It also provides specific techniques andplans of action to launch you on the path to being a luxury realestate expert.

Just as important as adjusting your ownmindset is understanding the mindsets of those individuals youdesire to serve. To assist you, Chapter 2 pinpoints the fourcategories of wealthy individualsWANNAs, KINDAs, REALLYs andSUPERsand how they think. As important as adjusting your ownmindset, we must also understand the mindset of the high net worthindividuals we desire to serve.

In addition, Chapter 4 explains ways to findhigh-end buyers and sellers, and how to provide useful informationthese individuals crave. Becoming a primary source for them buildsthe perception of you as a market expert in your chosen high-endniche.

Your next step is to become a trusted advisorto the wealthyone whos called on time and again for expert adviceabout the market. You can assist them as they monitor theirpositions of wealth and make the necessary plans to maintain,preserve, and conserve that wealth. This will put you at theepicenter of the sphere of experts they access for various aspectsof their financial lives. Your ultimate goal? Preeminence in thefield of luxury real estate.

Whats Your Price Range?

Lets say luxury real estate is defined asthe top 10% of the market. (Look for more on definitions in Chapter1.) Do luxury real estate specialists exclude listings or salesbelow a certain price level? Should you pass them on or refer outproperties that dont meet that definition?