In my first year in real estate, I managed to close 16 transactions, totaling $15 million in volume and just under $500,000 in commissions.
This wasn’t due to luck or connections but a relentless dedication to door-knocking. Every day in Venice Beach, where houses are packed close together, I wouldn’t go home until someone finally said, “Yes, I want to sell.” I did this every day for a year, meeting homeowners face-to-face and establishing rapport. Consistency and perseverance paid off.
Even with this dedication, it took five years in the industry before I sold a listing over $5 million, seven years to sell a property over $10 million, and eight years to break the $20 million mark. My tenth year was a significant milestone with an $81 million sale.
Here is how I continually moved my price point higher over the years.
Building a Luxury Portfolio
As I aimed to sell higher-priced homes, I knew I needed to bolster my credentials. Despite securing appointments for these high-value properties, I often lacked the necessary resume to close the deal independently. To bridge this gap, I partnered with top-producing agents from other companies who had experience with similar properties. While I didn’t earn the full commission, I gained invaluable experience and built a resume that eventually enabled me to sell trophy assets independently. Bringing in top producers can help bridge gaps in your experience and credibility until you build your own resume.
One of my most unconventional strategies was door-knocking in the Bird Streets. This area of LA is known for its challenging terrain and properties hidden behind intercoms. Despite the difficulties, I understood that personal growth and career advancement often stem from discomfort. Door-knocking in such a high-profile area gave me access to off-market properties, which I could then offer to other homeowners and interested buyers. This approach resulted in some of the highest sales in the Hollywood Hills.
These experiences underscore two essential principles: embracing discomfort and leveraging relationships, both of which are crucial for success in real estate. If you aren’t making yourself uncomfortable, you aren’t growing.
Strategies for Selling High-Value Properties
The strategies that work for luxury properties are similar to those that work for lower-priced homes. Here is a recap of what works for me:
- Consistent Door-Knocking: Meet homeowners face-to-face and build rapport by consistently knocking on doors in your target area.
- Leveraging Top Producers: Partner with experienced agents to gain credibility and experience in selling high-value properties.
- Embracing Discomfort: Step out of your comfort zone by prospecting in challenging areas to access exclusive listings.
- Offering Off-Market Properties: Secure off-market deals and present them to interested buyers and homeowners.
Once you find a prospecting method that works for you, stick with it. Whether it’s door-knocking, cold calling, or networking, persistence and consistency will yield results. The real estate business thrives on relationships and reputation, and consistent effort in prospecting is key to building both.
The journey from hustle to high-end sales is paved with perseverance, strategic partnerships, and an unwavering commitment to stepping out of your comfort zone. By leveraging the expertise of top producers and maintaining consistent prospecting efforts, you can build a successful real estate career, no matter where you start.
