Like Anthony Bourdain’s famous book Kitchen Confidential unveiled the complexity and inner workings of the big city restaurant industry, this podcast featuring a sidewalk talk with Lindsey Stokes Robinson, NYC real estate agent and power connector, will drop some major listing and sales knowledge and secrets of the Big Apple's luxury real estate market.
Lindsey shares her story, leadership style, career ups and downs, and some five-star Big Apple wisdom on breaking in, understanding, and crushing any luxury real estate market. During this episode, you may notice the sound is quite different from a normal agent 251 interview. That is due to the fact that you are hearing all the wonderful and lively sounds of a hustling, bustling metropolis. While it may seem a little distracting at first, I promise you're going to feel like you are standing in the middle of Manhattan with Lindsey and Jason talking shop. Enjoy the show.
1. Cultivate the right 3rd party advocates and referrals. Find people who are the best at their jobs, wealth managers, concierges at hotels and residential properties, previous clients, art dealers, and align with them. Partner with these connectors to make introductions for high net worth leads and opportunities.
2. Luxury Market buyers and sellers can be very private and want a very trustworthy real estate source.
3. Make sure that your network is of the same caliber as you in terms of how you deliver service.
4. Streeteasy.com is used in New York City. There is no MLS. The New York Times and the Wall Street Journal are good for reaching high net worth individuals.
5. Real Estate Professionalism Traits and Values per Lindsey S. Robinson:
– An incredible amount of professionalism throughout a transaction, on the part of the agents, the clients, the contractors, the vendors.
– Having an in-depth knowledge of the market and being able to communicate that.
– It’s always about under-committing and over-delivering
– There is a time and a place to vent, but not when doing business.
– Create collaboration and find a meeting of the minds somehow.
– Be patient with all your clients, however, there is a line crossed at excessive disrespect. If a client disrespects you, then you can consider firing the client.
– Be your clients’ expert and advocate to help the client make a decision.
– Stay top of mind with clients through interesting channels outside of real estate.
– Be consumer-centric. Don’t be self focused.
– Confidence is the most important element of the pitch.
“In the beginning it was difficult being on your own and not working under someone, but now I’ve had a team now for about a year, and I’m growing dramatically. It was all worth it. A lot of the hard work that I put in has finally paid off.” Lindsey Stokes Robinson
“In this day and age there is a lot of mass marketing happening, and quite a lot of it is effective, particularly the social (media), but it really isn’t as effective for the luxury market, which needs a more refined approach.” Lindsey Stokes Robinson
“Realtors a lot of time fail to establish, with not only their clients, but also their sphere of influence that, ‘I’m the go-to person. I’m the conduit. Come through me for everything, and I’ll direct you to the right place.’ Constantly remind people you are available if they need a tradesperson or any sort of work done in your home, or need a good person to help you plan a Disney vacation.” Jason Will
“The number one priority of wealthy people is discretion. Be able to advise them that they should put their assets in an LLC in order to remain private. Some clients are recognizable to the public eye. Make sure that you have a car and a situation set up in which you’re not going to be trailed, and establish appropriate meeting points.” Lindsey Stokes Robinson
“There is an expectation that you must understand, not only the real estate market, but how that is affected by the stock market. Many of my clients are in finance or are attorneys, and there is an expectation, beyond your micro-knowledge of the neighborhood, that you should be able to have an intelligent conversation about other subjects.” Lindsey Stokes Robinson
“I go above and beyond in terms of offering video content and drone content, because I think there is something important about branding a property. Right now the NYC luxury market is flooded. We need to really have a unique value proposition for the seller in terms of what you’re going to do to advertise. High net worth individuals expect something visually beautiful.”
“My biggest struggle is about systems and transfer of knowledge. In scaling a team, it is a different mindset. It’s not just about you. It’s about making sure you team is happy and growing and learning. And I want to make sure that I have the right infrastructure for that; that they’re not just using me as a resource; that there are other resources that are already built-in. The Tim Ferry program has really helped me tackle that.” Lindsey Stokes Robinson
“Emotions and Tempers can blow a deal. An agent has a fiduciary responsibility to his client.” Jason Will
“The definition of professionalism: Think about professionals in any other fields. Relate back to professional athletes and musicians and the amount of practice they put in. It really isn’t any different if you want to be super successful (in real estate). If you don’t know know the market, a luxury client will sniff that out pretty quickly.” Jason Will
“The barriers to entry to become a real estate agent in any market should be more like taking the Series 7. It is usually the most significant investment that a person makes. I think we should be highly trained, because we are advising people on huge investments.” Lindsey Stokes Robinson
“There is always an opportunity wherever the market shifts. You just have to be able to react quick enough. If you’re an expert on the buy side and the sell side, you really shouldn’t be in the worst position. Yes, the price points could be lower, but perhaps you could transact more. So it’s all about reading and being involved in the analytics of it all so that you can be an expert either way.” Lindsey Stokes Robinson
“The mega agent mindset is one that seeks every opportunity and takes advantage of every opportunity, and does not limit oneself to one particular segment of a market.” Jason Will
“The power of connections, creating a relationship with each client, asking for business. That is key. People don’t ask enough for business. Be tenacious and believe in yourself.” Lindsey Stokes Robinson
Resources:Lindsey Stokes Robinson Licensed Associate Real Estate Broker | Licensed as Lindsey S Robinson // firstname.lastname@example.org
The Agent 251 team would like to know what you think about the podcast, especially this episode. Do you agree with Jason? Did any of these ideas help you? Do you disagree with any? Let us know by contacting Jason at email@example.com.
Thanks for listening.
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Agent 251 is recorded and produced at Deep Fried Studios. Producer: Johnny Gwin