In my last post, I shared on how to transition from Sub-prime to Prime property dealings but peradventure there is still someone there who has some issues with Prime Properties (trust me, I’ve met a few people like this), let me explain further on why I decided to specialize on prime properties and reasons why I think you should too:
THE RETURNS: As an old but very profound saying goes; “dream big, big dreams attract big people.” The flip side of this saying however is that; ‘small dreams attract small people who in turn pose big problems’. From my 10 years plus experience in the real estate world, I’ve noticed that the bulk of the stress is at the bottom. I’m sure this is the same in most industries as well. At the base, you have to put in a lot of effort to convince a prospect to pick a property either for lease or sale and make very little money in return.
In the sub-prime sector, you have clients with limited amount of funds to spare and in a bit to ensure maximum use of their limited resources; they employs the services of numerous agents to attend to one property brief. In the end, after investing so much time, energy and finances on a client like this, the chances of closing the deal is so slim. Personally, if I know I don’t have exclusivity on a brief, I invest very little of my time on it. It’s just an economic decision.
On the other hand, high net worth individuals, always seek out professionals. This is very scarce at the bottom; it’s only available at the top. The hassles involved here are minimal and the returns are greater since you’re the only broker in talks with your client on the transaction.
THE SOCIAL AND ECONOMIC ADVANTAGE: Imagine a company whose clients include, Managing Directors/Chief Executive Officers of Multinational firms, Governors, Ministers, Senators etc. I can’t begin to state the benefits of having such a client database, the social/economic implications are awesome. Of course you must realize that you don’t go calling in favors from such people all the time. They don’t have the patience for that. Once they begin to doubt your professionalism, they start looking for your replacement. In other words, you must ensure you don’t become a pest to them. As much as possible, keep your relationship with them extremely professional (especially if you are a lady). Give your professional advice when required and be of reputable character.
During my wedding for instance, all I did was forward my wedding invitation to some of my clients and they showed financial support without me asking for any. ‘Now, that is dignifying’. Once you start asking them for money, they start losing respect for you. Also, the fact that you know a law maker is not a license to get into trouble, most of these people are very principled and they may just shock you with a blunt turn down of your request for help.
THEY ENCOURAGE YOU TO LEARN: One of the most significant advantages of being associated with high net worth individuals is that there is so much to learn from them. Most of them have very beautiful and inspiring success stories that you can learn from. No matter where you may think you are in life, they have been there and can tell you a thing or two about life. From my experiences with wealthy people, they are always willing to encourage and mentor upwardly mobile people who dare to ask them for advice. They have such wealth of wisdom and very little time or audience to share same with. Nonetheless, they are very good guides and this for me is one of the greatest benefits of having them in your life.
If you are willing to seek and follow their advice, chances are you won’t waste time on the road to success.
I decided to share the above points because I feel there may be someone trying to decide on what aspect of real estate to specialize in. It is however not a must that everyone share my opinion/enthusiasm for prime properties. We can’t all serve the rich; some agents have to attend to the everyday real estate needs of the average person. It is all a matter of choice.