What They Don't Tell You on The Million Dollar Listing Shows
Prefer listening to audio instead of reading, click the PLAY button below
If you're like most people, if I mention the names Altman, Flagg, Serhant, and Eklund, you know exactly what I am talking about.
Of course, it's the hit reality TV series Million Dollar Listing on Bravo.
Admittedly, I am one of the millions of viewers that watch the show.
In the past, medical TV shows were the rage.
Since I'm not a doctor and EVERYONE in my immediate family is one or married to one, I would ask the doctors all the time what is true in real life and what is not.
Many times the shows were pretty accurate, BUT MANY TIMES they were not.
The Truth About the Million Dollar Listing Series
The same thing goes for the Million Dollar Listing series.
Because of this, I hear all the time how selling luxury real estate for a living is a dream job.
For me, it definitely is.
With that said, let me give you an insight into what they don't tell you on the shows.
An average week for most agents doesn't start with a phone call from a multi-millionaire telling them to come over to list their $25 million mansion on the water, then having a brokers open a few days later, and picking up a $300,000 check at the end of the week.
If it were that easy, the richest people in the world wouldn't pay that much money to sell their homes.
Things that Don't Typically Happen that You See on the Show
So what happens in real life besides the brokers' opens, huge commission checks, and the come list my multi-million dollar mansion calls?
Below are some things that don't happen very often selling luxury real estate.
Negotiating almost always doesn't involve meeting your seller at a fancy restaurant and calling the agent, and going back and forth for a few minutes until there is an offer accepted.
Instead, usually, our team receives an email with an offer.
We'll call the other agent and get all the questions answered that we think are pertinent to the transaction, find out more about the buyer, and speak to the seller about the offer in detail.
More phone calls to the other agent, emails, negotiation, and informing the seller about potential issues with the offer and realistic expectations going forward.
Brokers Opens don't usually get homes sold.
Even though that's the case, in the luxury market, Brokers Opens are much more important than in the traditional real estate market.
Because many of these higher-end homes aren't cookie-cutter homes and are unique, it is important to know the inventory of whether you have a buyer at the moment or not.
Buyers usually take much longer to select a home to put in an offer than you see on the show.
Once in a while, buyers will fall in love with the first home they see and put a full-price offer on the home.
But that is definitely the exception to the rule in the luxury market.
Things that Actually Do Happen Daily Selling Luxury Real Estate
Below are some things that happen daily selling luxury real estate that most Million Dollar Listing viewers aren't aware of.
The thing that is constantly going through our team's minds every single day is lead generation - finding our next buyer and seller clients.
The way our team does it is by creating new content for consumers to watch and read. It can be on YouTube, Instagram, Facebook, TikTok, our blog, or just doing a podcast.
BUT we make sure that every single day we are sharing our lives and not just real estate.
Hundreds of people know that I met my wife on Match Dot Com, and I never told them that I'm married.
Because there aren't hundreds of multi-millionaire buyers and sellers calling us to sell or buy a home, we spend a GREAT DEAL of time and effort growing our relationships with other agents around the world.
Because of this, we get many clients from all over the globe.
Usually, the connection is made through another luxury agent outside of our area or from a previous client.
More and more, nowadays, we are also getting wealthy clients and celebrities because they have consumed our content.
What many Realtors don't know is that the average buyer today takes six months to a year and a half when they first start looking online at homes.
There is so much information online, so it makes perfect sense that buyers would start looking much earlier than in the past.
If real estate agents don't show their value and/or pressure the buyer to do business now, they will lose that potential client forever.
It Cost A LOT to Market Homes
The beautiful drone videos and photos you see online cost a lot!
We're grateful to be complimented all the time about our marketing.
The videos we share online range in price from just under a thousand dollars to several thousand dollars for a video that could be less than two minutes!
Add the cost of photos, 3D VR (virtual reality) Tours, additional marketing and advertising, and before you know it, we're up to several thousand dollars in investment before knowing if we will ever get paid.
Sometimes it could be significantly more expensive than that.
For those of you that don't sell real estate for a living, how many of you would invest several thousand dollars at your job, not knowing if you will ever get paid for working?
To sell luxury real estate, you need to be well connected domestically and globally to the best agents and wealthy clients.
If you are not, you have a much lower chance of getting that multi-million dollar home sold.
As I mentioned, we work on growing those relationships daily.
We're fortunate that we know the best agents in every single state in the US and in nearly sixty states (57 countries to be exact).
These are personal friends, not someone that just happens to be that we connected with on social media.
Because most buyers and sellers of luxury real estate don't live in South Florida, they are referred by agents from other areas.
Many times referral fees of up to 50% are given to the referring agent.
There are many other things that take place in our world of selling luxury real estate for a living.
If you are interested in hearing more or would like to start a job in this industry, contact us.
If you would rather leave all the hard work and investment to us without risking anything, CLICK HERE.
Below is a Typical Day in Our Lives Selling Luxury Real Estate in Miami
Who are we?
We are the ALL IN Miami Group out of Miami.
We are Colombian, Filipino, Cuban, German, Hispanic, Indian, Syrian, and American.
We are Christian, Hindu, and Jewish.
We are many, but we are one.
We sell luxury homes in Miami, Florida.
Although some of our clients are celebrities, athletes, and people you read about online, we also help young adults find their first place to rent when they are ready to live on their own.
All the time!
No matter what your situation or price range is, we feel truly blessed and honored to play such a big part in your life.