Luxury Connect: Craig Hogan On The Training Luxury Agents Need
Last call for tickets! This summer we take a look at the state of the luxury agent and broker in today’s increasingly complex real estate market. In October, we’ll meet in Beverly Hills at Luxury Connect to share best practices, network, and create a blueprint for tomorrow’s luxury agent / broker. Dont miss it.
If you’re selling luxury real estate, you are probably at the top of your game. Craig Hogan, vice president of luxury at Coldwell Banker, estimates luxury sales account for about 4 percent of the total US revenue market. Once you get to that high level, you probably don’t need an agent training … right?
Not according to Hogan, who believes luxury real estate is “a highly competitive space,” and to be successful you have to constantly absorb new information, new trends, new technology, new tools and new connection methods and understand what it means to apply them then on to your very wealthy sphere. He will speak exclusively at Luxury Connect at the Beverly Wilshire Hotel about luxury agent training from October 16-18.
“I think it’s up to us to be better than last year,” Hogan noted. “When it comes to high net worth clients, there are a lot of misunderstandings. How they see themselves and us is crucial to know – we are not a trustworthy industry. And that puts us at a disadvantage. “
In the book Selling to the New Elite, the authors found through research that high net worth individuals consider themselves “middle class at heart” – meaning that trust is key. “You need to know what questions are being asked and figure out the answers,” Hogan explained. “It is a skill to make the complicated seem simple. not everyone has that. If you can manage to talk about the intricacies of complicated situations and make it sound like you’ve done it a thousand times before, you are in a much better place. “
Hogan will share more details on how he manages luxury real estate agent training at Coldwell Banker at Luxury Connect.
What do you think the luxury agent of the future will look like?
This is a time of change for our industry and being a top professional is a priority. Everyone knows one or more large brokers, and since such a small sector of the market is a luxury, it is competitive. As a brand, we are happy about this change. Selling real estate, especially luxury, is no longer what it used to be.
What are the challenges for you that the luxury market is facing this year?
The luxury market is mostly good. Maybe it’s not the high point of 2016; however, it is still good. I think we have the challenges of inventory levels, price overruns, the evolution of consumer demand for luxury real estate and many areas of the perception of developing markets. We also have an enormous housing stock that is just tired in many parts of the country and the demand is new.
What are some of the biggest problems agents face in growing their business?
Lack of planning and commitment can kill you. You cannot play in this arena without a game plan. This includes working on your skills and presentation skills.
Being an expert in market knowledge is a basic requirement. So you need to bring your A-Game with you if you have a chance of getting on listings that are in the top 5 percent. “Good” just won’t cut it.
And you need a budget. I see this so often and really don’t get it. Many brokers want to play in the luxury realm, but that comes at a cost. Marketing yourself and your real estate is not an option.
I would also say that lead generation is a skill that you can make or break. Only a handful of those at the top don’t have to search for new business.
How has technology changed a luxury agent’s business and what fascinates them most about the fact that they are not currently using it?
Technology has literally changed the way we communicate with customers in every way. Everything can now be largely done on an iPad or phone, so we’ll have to adjust to that.
I recently saw a presentation that had an MLS copy printed in the office and had a post-it note on it to indicate this. I was just ashamed of the agent. Everyone has instant access to everything and we have to deal with this concept.
What question do you hear most from your agents? And what’s your answer to them?
“How do I get into the luxury sector?” is the most frequently asked question for those who want to be there. After that, I’d say skills are the bigger issue. What you say, how you say it, and how it is received is a critical part of this equation. That includes when to shut up! Making the complicated seem simple is a skill that will take you far.
Are you thinking of bringing your team? There are special on-site perks and discounts if you buy these tickets together. Just contact us to find out more.