Remember that renting is an option
Ever heard the expression that the NFL stands for “not for long?” Athletes coming onto a new team deal with a ton of uncertainty. Ultimately, they don’t know how it is going to go until they get there. They may feel more comfortable renting as the length of their stay is unknown.
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Home base is typically where they are from or in a state that doesn’t have any income tax — here’s looking at you Florida, Nevada, Tennessee and Texas. Or perhaps an athlete or celebrity needs a rental in a city for spring training or for a temporary filming assignment. This means if you are going to work with this kind of clientele, you need to embrace rental listings as much as you do sales.
Make it a point to know the rental inventory in your market and which properties would be a good match for your client. Continually stay current on options, and preview, or at least drive by them, when you can.
Develop relationships with property managers and agents handling luxury rentals, and network with agents who work with the kind of properties the client would be interested in as you may learn of things that are not on the market or coming to the market in the future.
Make sure you learn about any luxury apartment communities as well as furnished corporate housing options, and network with those property managers to build a relationship and create opportunities in your market.
Keep in mind, the client may lean on you for every little thing as it relates to the rental, even if you’re not the property manager, because it’s easier for them to contact you. Navigate that carefully as you don’t want to be unhelpful, but you aren’t the property manager, either. Be prepared for the 1 a.m. text about the air conditioning going out that asks you to have it fixed.
Be the source of the source
The athlete or celebrity may need help with relocating their vehicles, boats or other items requiring a specialty mover. They may need the names of everyone, including contractors, interior designers, dog walkers, pet sitters, nannies, car detailers — and the list goes on.
This is where this is an opportunity to make your connections shine. Always have a list of various service providers and vendors at the ready. They want to feel connected and “in the know,” and your local connections can help navigate that path for them.
Be available and communicative
Find out how the client likes to communicate and whether there are any preferred days and times to connect. This kind of client expects to be able to reach you on their time.
With the most recent athlete transaction I was involved with, the client had decided to write an offer earlier in the day, but they were tied up for a few hours due to several commitments. In addition, there was a three-hour time difference between where they were and were I was.
When they were discussing what to offer with their spouse and myself, the conversation happened after midnight, and I was finalizing the offer to send to them. At the same time, they were doing that, the athlete was still asking about rentals in case this did not work out, so there were multiple things going on at once.
The athlete and his wife requested proof of funds from their wealth advisor who responded and provided that at nearly 1 a.m. I was scheduled to be on a plane early the next morning and negotiated the offer between airports and over Wi-Fi seamlessly. By the time I landed, we had successfully negotiated an accepted offer.
Be prepared for having to handle things at unconventional times — times that may be inconvenient for you. Be prepared to pivot and accept that as part of dealing with this kind of clientele.
Keep in mind that their communication may leave more questions than answers. They may assume you knew something or were told something by someone else in their circle, such as a change in schedule or travel plans. You may be told they want to set up an LLC or put the property in a trust right before closing.
Have a checklist of questions and items that you can run through from your first conversation and keep checking in with the client and their wealth advisor and/or attorney, so you can manage any surprises.
Be ‘the chosen one’
Like most people, this kind of client knows a ton of agents and may use multiple ones in the same market for different things. They may or may not be loyal, or they may start talking to a few and looking at a few properties and then reach out to you. Their entourage may be telling them to work with this person or that person.
Things are a bit more involved now that buyer representation agreements are required. If you can find out who needs to be consulted on these decisions sooner rather than later, you can explain to the wealth advisor or attorney the new rules of the road for showing properties to a buyer and writing offers.
Sometimes the confusion can leave everyone in the dust, and it can be difficult to get a grip on clients who are here, there and everywhere. They want what they want when they want it, and they’re used to having a lot of people cater to their every whim. If you can’t make it happen on a property they are interested in or trying to negotiate on, they may find someone else who will.
Working with celebrities and athletes puts you in a position of incredible trust and responsibility, honor and integrity. You may spend a tremendous amount of time or very little time, depending on what they’re trying to accomplish. Some make decisions quickly (like athletes) and others may look for “property impossible,” where you have to pull out all the stops and then some to find just the right thing.
Your reputation may rise and fall based on how you work with them, which could either pave the way or shut the door to future opportunities. Be prepared for every eventuality, be calm, cool and professional, know your role, stay in your lane and be the best shining, professional real estate celebrity you can be as you show them the way to their chosen home.
In this five-part series, Cara Ameer breaks down the ins and outs of working with high-profile, high-stakes clients in the worlds of sports and entertainment. Come back every day for new insights.
Cara Ameer is a bi-coastal agent licensed in California and Florida with Coldwell Banker. You can follow her on Facebook or on X, formerly known as Twitter.
