In July, Inman sees its brilliance and glamour. luxury real estate market. A snapshot of the country’s top luxury market, advice from leading agencies, a feature on what affluent homeowners are looking for right now, and a breakdown of 2023’s top sales (so far) are all in the announcement. Included in the card all the way through. Inman Luxury Connect, August 7-8 At the Aria in Las Vegas. Make plans to attend now.
In this weekly column, realtors across the country share stories about lessons learned while working in the industry.
In honor of Luxury Month, I spoke with one of Austin’s premier luxury retailers at The Legacy of Lake Austin, one of the city’s premier hotels. Sotheby’s International Real Estate’s Bridget Ramey is one of the most productive agents in the market, with over half a billion inventory sold since 2020, and is part of the company’s top 100 companies worldwide .
For the full text of our conversation, watch the video above. However, here are just a few highlights from our conversations and tours, edited for length and clarity.
What steps have taken you this far over the years?
In my business, it’s 100 percent the people that have made me the most successful. With every property I’ve sold over the years, I’ve drawn friendships from it. And so they continued and the referral happened.
But when you step into the world of luxury, you really have to learn what luxury buyers want. And I made some big mistakes along the way. I put a price tag on something I didn’t check the box for. Therefore, it is now important to ensure that the buyer of a Super Prime Trophy property has everything they want.
how hard it was to break through that wall and enter that world [luxury]?
You really only need one. Of course, you have to be able to prove yourself. But while everyone wants to be in the world of luxury real estate, it comes with more responsibility. Therefore, I consider myself to be a complete concierge level real estate agent. That’s what you need when dealing with luxury.
We don’t just sell homes. What do you do after the transaction has happened? What do you offer your clients beyond the home? A housekeeper? Are you a boat operator? Are you teaching your kids how to use the systems in your home? Where are you going to throw your 2nd grade birthday party? Where are you going to buy diamonds for that special girl?
So I was able to build my business not just by selling homes, but by all the elements that could happen if I moved to Austin, Texas.
So, are there a lot of people who transfer?
that’s right. In the midst of the madness of the pandemic, we were so blessed to have so many people come from California, and we were so lucky to have some really famous celebrities come along. If you do a good job, you get more out of one. More than just selling our house, we were so happy to welcome people to Austin.
celebrities and super-rich [individuals], because it’s not the A-list or the prospective buyer who lives in that house that actually reaches out, it’s the lawyer and the business manager. Usually that is the CPA or its staff.
Manager controls everything.
that’s true. This was also interesting because this is a private state. One of the first homes I sold was $24 million. And the manager couldn’t find it anywhere in the database because it doesn’t need to exist in the database. Of course, we have an MLS system, but most properties above a certain price range are traded off-market. Nobody knows about it.
So what’s your big takeaway for new agents looking to get their hands on the luxury?
It’s all about relationships. Whether it’s building friendships with other agents, building relationships with buyers, sellers, or your sphere of influence, this is a relationship-based business. Even if you never buy or sell homes, chances are there are people in your area who send you a lot of business.
First, I think you need to know how to play well in the sandbox. Play very fair and stay honest with other agents. That’s what I really want to enforce. In Austin, like I said, so many things are traded off-market, but if you’re friends with other agents and you’re filled with honesty and integrity, they’ll help you along the way. They will help you.
Second, I think you really need to find a brokerage firm that can tell you. There’s a lot of free education out there, but it’s up to you to take advantage of it and join the team. I’ve been in this business for 17 years and sometimes I get deals like no other. And you don’t know real estate until you actually do the transaction.
So I think you find people you trust and have a good reputation, work under them and learn from the best people.
Well, this home we’re in today, Lake Austin’s legacy. Tell me a little bit about that.
Brett Ames is a builder and developer. He is a visionary person.
He and his wife visited another great property on Lake Austin. And she pretty much said, “If you don’t build this, I’m not moving to Austin.” And what he was able to develop in this virgin land is almost unheard of, perhaps as far back as 2016.
Everyone comes to Texas and thinks we have the land. In Austin, you’re lucky if you get a third of an acre.
So we have about 6 acres with 212 feet of water. He was very thoughtful about how he would interact with the land to create different structures. People in this price range will need a compound. And that’s what he made.
we made this word thoughts per square foot At our first meeting here. Because there is surprise and delight around every corner. Brett Ames once thought.
So what is your favorite part of this property?
Well, I’m a water baby. I’m from South Texas and grew up on the Gulf of Mexico. That’s why being on the lake is my peaceful and happy place. It’s a lake house so you can see the lake from every angle.
