13 luxury real-estate agents reveal what it’s really like working with millionaire and billionaire clients

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Business Insider surveyed real-estate agents around the US about what it’s really like working in their industry.
We asked those who work in the luxury market what it’s really like working with millionaire and billionaire clients.
Many agents said working with affluent clients is easier than dealing with ordinary clients because they tend to know exactly what they want, they have the means to get it, and they don’t waste any time.
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Business Insider asked real-estate agents around the US about what it’s really like working in the industry, what they wish they could tell their clients, and what it’s like working with millionaire and billionaire clients in the luxury market.

Many agents said working with affluent clients is easier than ordinary clients because they tend to know exactly what they want, they have the means to get it, and they don’t want to waste any time.

One agent said wealthy buyers want a good bargain as much as anybody else — and since they have more options, they’ll walk away if the price isn’t exactly right.

Here’s what it’s really like working with ultra-wealthy clients in the real-estate industry.

Several agents said millionaire and billionaire clients aren’t too different from ordinary clients.

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"I’ve only had a handful of truly wealthy clients, but I can say that my experience with them was honestly the same as any other client," Jason Tsalkas, an agent at Compass who sells homes primarily in Brooklyn for between $650,000 and $2 million, told Business Insider. "As a hired real estate advisor, you should be working for the relationship, not solely the transaction. Additionally, we live in NYC on a ‘New York Minute’ — time is everything. No matter who the client is, respond and react in REAL TIME."

And as with any client, honesty is the best policy when it comes to super-wealthy clients, Tsalkas said.

"I remember having to tell a certain famous client a property wasn’t for them, despite how much he thought why, until I laid out the reasons," he said. "No one deal is worth losing the confidence and respect of a client; being transparent will gain you that respect for a lifetime."

Colin Turek, a Compass agent who sells in the $800,000 to $2 million range in New York City, says millionaire and billionaire clients "care about the same stuff — just on a bigger and more luxurious scale."

"Most of them are down-to-earth and want to be treated just like everyone else — in a private car, of course," said Boris Fabrikant of Compass, who sells homes with an average price of $1.5 million in Manhattan.

Many said it’s actually easier to work with clients who have "infinite funds" …

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"I commonly work with millionaires," Barbara Leogrande of Douglas Elliman, who sells homes at an average of $550,000 in Suffolk County in Long Island, told Business Insider. "I find it to be easy, as a millionaire didn’t accumulate wealth by accident. They have a head for business and understand the dynamics of a transaction."

It’s typically a smooth process from start to finish, she said.

"When you work with clients who have infinite funds, it becomes almost easier in a sense because a couple hundred thousand dollars don’t typically make a difference," Eric Goldie of Compass, who handles sales in New York City for $1 million to $5 million on average, said. "Working with clients who are buying their first starter home is more of a challenge because every dollar matters. I once had a client who wanted to put a hot-tub on the roof of his penthouse which would require shutting down a major road in Manhattan. I told him it would cost roughly $100,000 and he didn’t even flinch. "

Jose Laya, who sells homes in Miami for between $800,000 and $2 million, said most wealthy clients make quick decisions, don’t waste time, and tell you exactly what they think.

"Most deals can be quite easy as they pay cash," he said.

… as long as you work around their schedules.

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"This of course comes at a price, as they expect you to be on-call at all times," Laya said. "And always remember… everything will happen on their time. And that is the tough part… working EVERYTHING around their schedules."

See the rest of the story at Business Insider

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Source: Business Insider – kwarren@businessinsider.com (Katie Warren)