In this episode, Sharran and Peter talk with the Teles’ agents, Stephany Chen and Andy Geiger, about life working with developers—the ups, the downs, and what it takes to convince developers that partnering with an agent is worth the effort. For savvy agents who can make it work, development projects are a once-in-a-lifetime opportunity to accelerate a career at light speed. The problem is, securing the developer deals is really, really hard. Tune-in to learn about the five things you need to consider when working with developers and much, much more!
3 Key Points
- Working with a developer is great, but it’s not for everyone.
- Developers don’t want to work with agents so you have to sell them with legitimate reasons to work with you.
- Don’t let big opportunities slip away—if you need help to land a whale of a partnership, ask for it!
Show Notes
- 00:21 – Sharran and Peter Hernandez have worked with different developers
- 00:41 – Peter built his career working by working with one particular developer
- 01:12 – Why Peter thinks working with developers is great
- 01:16 – When you get a project, you get a revenue stream—always valuable to your business
- 02:33 – When working on a development project, the listing opportunities practically come to you
- 03:31 – Developers have PR for their projects, and that PR drives prospects directly to your door—a great branding and revenue generating opportunity for you
- 04:22 – If you’re working with a developer, the industry will watch what you do closely—if you’re successful, other developers will aggressively seek you out
- 04:40 – There’s just one small problem…Developers usually don’t need agents
- 06:00 – Developers can work without brokers and agents
- 06:11 – It’s up to the real estate professionals to convince developers to partner up
- 06:22 – Five things to consider when negotiating with developers
- 06:25 – Not all developers and development projects are the same
- 06:28 – Development projects are not for everybody
- 06:48 – Just because it’s in your area, doesn’t mean you can sell it
- 07:17 – Show developers everything they can do, you can do it better because you’re an expert
- 08:06 – “You can never win without a king”
- 08:43 – “You can never win without a great process”
- 09:09 – Layout your process to the developers and why is it better than theirs
- 10:40 – There’s no way you can win with a developer unless you have phenomenal reporting
- 10:52 – Most agents struggle with reporting but it’s important
- 11:35 – Once you’ve put the 5 points together, you can be a great advisor for several real estate developers
- 11:50 – Developers believe they don’t need an average broker or agent
- 12:26 –The only way you can win is giving the developer what they can’t have
- 12:39 – You should be leveraging the Teles platform and demo
- 12:57 –The value of the Teles platform
- 15:33 – Stephany describes the project that she’s working on
- 15:38 – The project is 40-story high rise located in Manhattan, New York with a price range is $5M to $40M
- 16:48 – The developer messaged Stephany on social media
- 17:34 – Stephany flew to Hong Kong to meet the developer
- 20:03 – These kinds of opportunities are the ones you want to take advantage of
- 21:45 – Sharran introduces Andy Geiger who has tremendous experience working with developers
- 22:45 – Andy believes that the best developers recognize they need agents because of the network
- 23:00 – Clients talk directly to the agents before knowing the developer
- 23:17 – Andy left his listing business to go to San Diego
- 23:27 – San Diego’s waterfront has a lot of opportunities
- 24:17 – Andy’s current project is comparable to L.A’s Century building on Santa Monica Boulevard
- 24:27 – The building is 41-story high and where baby boomers are downsizing, moving to condominiums
- 24:47 – Starting price is $1.4M to $2.9
- 25:36 – Andy takes 2.5% for registering the client
- 26:21 – The developer is actually advancing the first half of the commission of the contract
- 29:16 – Working with developers is not for everybody
- 29:53 – You need to have a team and marshal the resources of a team like Teles
- 31:13 – Greg Stanton is one of Teles’ top developer agents in terms of experience and knowledge
Join my VIP List and get the best content of the week directly to your inbox.
[emma_form]
Show Notes provided by Mallard Creatives