13 episodes

If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from The Midcoast Group - your professional California Real Estate Agents.

The MidCoast Group California Real Estate Podcast with Erik Brown Erik Brown

    • Education

If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from The Midcoast Group - your professional California Real Estate Agents.

    • video
    A Closer Look at Our New Luxury Listing

    A Closer Look at Our New Luxury Listing

    Take a tour of this beautiful new listing! Selling in the Beverly Hills Area area? Get a FREE home value reportPurchasing in the Beverly Hills area? Get full MLS access Today I want to show you a luxury home on Celebrity and Billionaires Row off of 952 N. Alpine. It’s a gorgeous 11,000 square foot home that is listed at just under $19 million.  Check out the video above to see the house tour!  Check out the video to see the fantastic features this home offers. If you have any questions about this listing, or if you have any other real estate questions, please don’t hesitate to give me a call or send me an email. I look forward to hearing from you!

    • video
    The Differences You Will Face When Buying a Luxury Home

    The Differences You Will Face When Buying a Luxury Home

    How is buying a luxury home different than buying a starter home or other residential property? I’ll go over a few points for you today. Selling in the Beverly Hills Area area? Get a FREE home value reportPurchasing in the Beverly Hills area? Get full MLS access When you buy a luxury home, it’s a little different from buying a regular or starter home. There are several steps for you to consider.  First, you need to define your search process. Luxury properties are not always listed on the market; they are often pocket listings. So, it’s important to make sure that you have access to a private network of pocket listing properties in addition to the traditional MLS access.  Next, you need to find a reliable set of property photos. Luxury properties often have more than one building. You need photos of the grounds and other amenities, like a helicopter pad, vineyard, or multi-car garage. Many luxury properties don’t have as many listing photos for privacy purposes, but you want that kind of access up front to make sure that the home will meet your needs. The more photographs you have access to, the better.  You will also need the right type of documentation. Not only will you need a standardized purchase agreement, but you may also need paperwork for all of the upgrades that could happen with the property. If there is work that has been done recently or if you are planning on making renovations or making additions to new buildings, make sure that you have the proper permits lined up.  It’s incredibly important that you find the right team of advisors to lead you through the luxury property purchasing process. There is a complexity in these transactions that is not present in the typical real estate transaction. Your real estate team needs to be able to work with your financial planner, family trust, attorney, and more. Having the right team in place will allow you to have a smooth transaction.  Luxury properties are like snowflakes; they are incredibly unique. Remember to look to the future. When you buy a luxury property, it won’t appraise like a standard home because there won’t be many homes like it on the market. Luxury properties are like snowflakes; they are extremely unique. You have to take that into consideration to make sure that your asset will continue to gain value in the market. Try to find comparable properties to work off of.  Knowing that your luxury property will be unique, it’s important to keep in mind that there will be room to negotiate. I have seen $50 million properties sell for 20% less than the asking price. Effective negotiating can save you millions of dollars, which is much different than the typical transaction.  There are a number of differences between buying a regular home and buying a luxury home, so I wanted to give you a brief example of what buying a luxury home looks like. If you would like to know more details, please don’t hesitate to reach out to me. I would be happy to help you!

    • video
    The Importance of Getting Pre-Approved for Financing

    The Importance of Getting Pre-Approved for Financing

    It’s endlessly important to speak with a lender and secure financing before making an offer on a home, and today, I have a story that illustrates this point perfectly. Selling in the Beverly Hills Area area? Get a FREE home value reportPurchasing in the Beverly Hills area? Get full MLS access Unfortunately, I have a pretty rough story for you today. I have a client who has been very excited about buying a home here in Los Angeles, and we’ve looked at several properties. We advised this client to get themselves in a position to be ready to make a purchase. Recently, we looked at a great property that we thought would sell very quickly, so we wanted the client to make an offer quickly. Unfortunately, they weren’t in the position to make an offer because they hadn’t established their financing and they hadn’t talked with their bank about funds. Sadly, a number of buyers made an offer on the property before we even had an opportunity. Now we’re back to the drawing board.  It’s never too early to have a conversation with your lender about financing. That’s why I advise everyone to have a conversation with their lender, mortgage broker, or banker before shopping for a home if they’re going to make a cash or financed offer. Not only is this conversation free, but getting to the point where you’re ready to go with an offer is worth its weight in gold.  If you need a lender, I have a number of great lenders I can refer to you at any point when you’re ready. It’s never too early to have this conversation, and it can give you peace of mind knowing when you’re finally ready to pull the trigger on an offer. If you’d like a referral for a great lender or you have any other questions about buying or selling a home, give me a call or send me an email soon. I’d be glad to help!

    • video
    The 3 Keys to Selling Luxury Properties

    The 3 Keys to Selling Luxury Properties

    Selling a luxury property can be a challenge for a number of reasons. Today, we're discussing the three main points luxury sellers need to cover to ensure a successful sale. Selling in the Beverly Hills Area area? Get a FREE home value reportPurchasing in the Beverly Hills area? Get full MLS access How can you ensure the sale of a luxury property? As I've mentioned before, a luxury property is often like a snowflake. It is one in a million and is difficult to appraise or compare to another property of similar value since it might have such unique features.  So how can you sell a property that's one of a kind?  I always like to break this down to the three P's, which are like the legs of a stool. As long as each leg is sturdy and of equal length, it will stand on its own accord. If one of the 'legs' is weak, the property will be weak and won't sell. The three P's are: price, product, and promotion. On a promotional level, remember that like the house, you might be looking for a buyer who is a needle in a haystack. Events, for example, are a big deal when selling a luxury property. You want to showcase the property and its features. If it's a vineyard, arrange a wine tasting. If it has a multi-car garage, partner with a luxury auto dealer. If the property has a safe room, look into partnering with a local company that provides security services and have them bring their clientèle.  In the promotional leg, we will also use direct targeting. Say we know that a luxury property is oceanfront and has a private dock or helicopter pad. These are areas where we can directly target audiences that subscribe to certain magazines or belong to an association that would be of interest to these types of properties. We can directly send them a very attractive mailable brochure or some form of content in a creative way that allows us to get our information to a buyer who might be interested, even if they're not in the market for a new property.  Luxury houses are usually very unique, making appraisals a challenge we must overcome. Next is the product itself. All properties have their pluses and minuses, but the more you position a home to be sale-ready, the more beneficial it is. This includes taking care of any potential maintenance items, doing updates that would be appropriate for the modern luxury buyer, and an overall decluttering and depersonalizing. That way, when someone walks through, their first impression will be magical. Finally, there's price. With price, we want to be reflective of all the luxurious aspects of that property. It will be difficult to appraise a luxury property because it's so unique, but a trained eye can set and follow trends happening in the luxury marketplace. How much has the home appreciated over the years thanks to its exclusivity? With a luxurious and unique property, we want to price it in a way that will get buyers to engage in a bidding war. There are multiple ways we can add and subtract from each of these three pieces, but in essence, these three legs of the stool are the main points for selling a luxury property. If you have any questions about selling luxury real estate, don't hesitate to reach out to us. We look forward to connecting with you soon!

    • video
    Pros and Cons of Using an Auction to Sell a Home

    Pros and Cons of Using an Auction to Sell a Home

    One of the ways you can sell your home is by putting it up for auction. Here are some pros and cons to using an auction to sell your home. Selling in the Beverly Hills Area area? Get a FREE home value reportPurchasing in the Beverly Hills area? Get full MLS access Today I want to talk about the concept of auctioning homes. There are definitely some pros and cons to using an auction to sell your home.  First, the pros.  Why would you want to consider using an auction to sell your home? The key to selling is getting people to all want the same thing at the same time, which generally drives up the price. That is exactly what an auction does, as it brings a number of people to come see that property.  Instead of potentially dragging out your market time, you have one big pop. You need the best positioning, best marketing, and best experience. Now, onto the cons.  There is a good possibility that you will be very nervous. You’ll ask yourself what happens if it’s not done correctly, how will this affect our market time, what happens after the auction if I don’t get a sale, and will there be a stigma attached if we can’t sell the opening weekend?  There is no right or wrong answer. It depends on the best positioning, the best marketing, and the best experience that you can put forth to be able to push that property in the right direction.  If you have any other questions about auctions or have any general real estate questions, please feel free to reach out to me. I look forward to hearing from you soon.

    • video
    How Do You Plan a Successful Luxury Property Purchase?

    How Do You Plan a Successful Luxury Property Purchase?

    Buying a luxury property is a more complex process than buying a regular home. There are six steps to take to ensure a successful transaction that I want to share today. Selling in the Beverly Hills Area area? Get a FREE home value reportPurchasing in the Beverly Hills area? Get full MLS access What’s different about purchasing a luxury property versus purchasing a regular property? There are several steps you need to consider to ensure a successful transaction.   The first is establishing a great search process. You need to define how you plan on finding these types of properties because, oftentimes, they’re not even on the market—they may be pocket listed. You not only need MLS and Internet access, but also access to private networks of properties through a variety of sources.  The second step is finding the right set of reliable photos. Typically with luxury properties, the property itself doesn’t encompass just one building, but several. It might be an estate, for example, with grounds involved and amenities (helicopter pad, vineyard, multi-car garage, etc.) that are hard to photograph in their proper context. Furthermore, there may not be many photos available due to privacy restrictions, so the more photography you can access, the better. That’s the best way to know that the luxury home you’re looking at matches your needs.  Step number three is to ensure you have the right types of documentation. There’s not only a standardized purchase agreement you can use, but you have to account for all the upgrades that could happen with a property if there’s work that has been done recently, like renovations or additions. You’ll want to track whether there is appropriate permitting involved in these processes.  Buying a luxury property is more complex than buying a regular home. Step four is to find the right team of advisors. With luxury properties, there’s a complexity that doesn’t exist with traditional transactions. In this case, a real estate agent will also work exclusively with a family office, a financial planner, a corporate attorney, a family trust, and any number of other intermediaries. Having the right team in place and having them work in harmony will carry itself in spades and make the transaction that much smoother.  Step five is to look to the future. Know that in buying a luxury property, oftentimes, it won’t just appraise like a standard home because there is no inventory to compare it to. By looking into the future, you’re making sure that your asset will continue to gain value and that there are other comparables to work off of.  Lastly, remember that there is usually room to negotiate. I’ve seen luxury properties listed between $30 million and $50 million sell for 10% to 20% less than their asking price. That’s millions of dollars of discounting achieved through effective negotiating. There are a number of other tips and trends that we can share when it comes to buying a luxury property. If you have any questions regarding this topic or are interested in buying or selling a home, don’t hesitate to reach out to me. Looking forward to connecting with you soon!

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