More than 200 real estate professionals attended the Asian Real Estate Association of America (AREAA) Mega Luxury Real Estate Summit in Palo Alto, which featured a panel of experts in high-end real estate and finance. The panelists shared their experience with high-end buyers and sellers, many of whom come from other countries.
Strong demand and price appreciation have placed more homes above the million-dollar mark in California. A CoreLogic DataQuick report ranked Silicon Valley communities among those with the highest number of million-dollar plus home sales last quarter.
Panelists Ken DeLeon (DeLeon Realty), Mary Joseph (Wells Fargo), Christopher Choo (Coldwell Banker - Beverly Hills), and Debbie Sharp (Keller Williams Realty) noted their high-end clients are intelligent and knowledgeable. Many come from other countries or do business globally, so time is of essence to them.
"There are two things important to our clients – time and money. Our clients value their time more than their money," said Ken DeLeon of DeLeon Realty in Palo Alto.
DeLeon, who is a member of the Silicon Valley Association of REALTORS® (SILVAR), a sponsor of the event, explained high-end clients are not interested in dollars and cents. They want the big picture, not details. They expect a quick response time. He indicated 30 percent of his clients are international and texting is their preferred way of communicating.
The panelists said agents dealing with high-end clients need to be knowledgeable about the market and the world, and well-versed in the latest technology. They need to take their game to the next level by traveling, learning about other countries, foreign currency, and immigration laws. The Certified International Property Specialist (CIPS) Institute, which SILVAR is offering Nov. 17-21, provides REALTORS® with training on international business issues, including currency conversion, cultural awareness, legal and tax requirements, and specifics about real estate markets in Europe, the Americas, and Asia.
The panelists said agents also need to always anticipate their clients' needs, and be accessible to them at all times. "Let them know that you are always there," said Choo, whose international clients are 60 percent from the buyer's side and 25 percent from the seller's side.
Sharp said 20 percent of her clients are international. Her team includes a feng shui master.
Ten to 15 percent of Joseph's clients are global. She makes sure she establishes personal relationships with them.
AREAA founding member and past national chair Jim Park said, "This event gave people the opportunity to see what these experts do and learn how they approach their business. More importantly, no matter what you do, if you want to be great at what you do, you have to approach the business with a good mindset."
Evan Huynh, president of the AREAA Silicon Valley chapter, which organized the event, was pleased with the turn out. "At the end of the day, agents learned that entering and succeeding in the luxury market is not much different than any other and with execution of the same fundamental business principles, can be an attainable reality," said Huynh.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.