– Rich Buyer, Rich Seller –
Paperback / eBook
About the Best-Selling Book
The First Edition of Rich Buyer, Rich Seller hit the market at the end of 2002. It proved to be extremely popular and we SOLD OUT of the First Edition in 2006. In fact, used copies of the First Edition sold for $125+ on eBay! When the Second Edition came off the presses in January 2008, we had over 2,000 orders waiting.
How can that be? The is the book that has helped thousands of agents take their business to the next level. Isn’t it your turn? Find out how to effectively reach top-tier buyers and sellers of luxury homes and successfully position yourself as a sought after expert in this exclusive market.
Updated Third Edition
The Third Edition has been updated to include current luxury market information and more marketing ideas for real estate professionals who want to maximize their success in the upper-tier.
Because the luxury home market has changed in the last several years, rather than reprinting the original book, it made sense to update it with lots of new information and ideas. For those of you who've asked -- yes, there are more stories, too.
The Institute is again the publisher and the book is available exclusively on our website. It's not available in bookstores, so order your copy today.
The eBook format includes digital download files in two formats for Kindle, iPad, Nook and other popular readers.
Curious about what's inside?
Here's one quick idea from the book:
Determine the seller's pricing expectation before doing the CMA
Determining your seller's expectation about what his or her home will sell for before you do your pricing research can simplify the process of coming to agreement with the seller about the best list price.
While, you can simply ask, "Oh, by the way, what are your pricing expectations for this property?" the seller usually turns this question around and responds with, "You're the expert, what do you think?" At this point, it may be tempting to give a ballpark figure. Resist. Instead you want to sidestep the issue of price until you are ready to discuss it. You probably already say something along these lines to avoid the too early discussion of price, "I would never do you the disservice of taking price lightly. It's too important. I want to go back to the office, thoroughly review the comparable listings and sales, give this some serious thought, and when I come back tomorrow, we'll talk about my recommended list price. We'll also talk about the marketing plan for your property."
Here's a more effective question to ask, "As I begin my comparable research, is there a particular property sale you'd like me to pay special attention to?" Chances are they have heard about a neighborhood sale which they are using as a benchmark for the value of their home. Of course, they believe their home is worth much more!
The property they have in mind often sold for much less than the final sales price they heard through the neighborhood grapevine. What's more, the home may not be a reasonable comparable. If you don't ask this question, you may go back to your office and do the best CMA in the history of the world, ignoring the property your seller has in mind because it is not a good comparable sale. However, your seller will look at your perfect CMA and think that you missed the most important comparable. He still has the incorrect price in his mind and nothing you can say seems to change his attitude about price. You are mystified as to why he's being so unreasonable in the face of your accurate CMA.
By asking the question, "As I begin my comparable research, is there a particular property sale you would like me to pay special attention to?" you can go back to your computer, determine the price that home really sold for, decide if it is a good comparable, come back with your recommended value, and then be prepared to discuss the sale your seller heard about. This allows you to overcome what may otherwise be a silent objection to your suggested list price.