How to Beat the Inventory Shortage with Tenacity and Service | Luxury Code

The Tom Ferry Podcast Experience

Tom Ferry

Education, Self-improvement, Business

4.8 • 1.1K Ratings

🗓️ 5 May 2022

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

Times are changing all over the country. In Austin, Texas, there are close to 15,000 licensed agents, and last year they all had to split an inventory of just around 900 homes. As you’d expect from this kind of market, the top 10% of agents rise to the top and close nearly all the deals. So, how do we get into the 10%, and even better – how do we stand out as the luxury agent of choice? Discussing this question with me is Monica Fabbio. We’re talking big money sales and how Monica is managing to double her sales in this tough market.

Transcript

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0:00.0	Welcome to the luxury code where we decode the mindset, the marketing, and the business
0:05.3	approach of successful luxury brokers.
0:08.1	Hey, welcome back to luxury code.
0:11.9	Today I've got Monica Fabio, the of the Fab Property Group, a 20 year veteran of luxury
0:17.8	real estate in Austin, Texas.
0:20.5	Monica, welcome to the show.
0:22.4	Thanks so much for having me.
0:24.7	Exciting stuff.
0:25.7	I've always learned a lot from you and I hope I can teach some now.
0:28.5	Oh, well, I certainly appreciate it.
0:30.0	I know just, you know, having, having sidebar conversations with you and then, you know,
0:33.6	chopping it up with your coach Jeff, he's like, she is a rock star.
0:37.8	So, so I've got really three or four questions that I want to unpack in this show today.
0:42.4	Let's start with the first one.
0:43.4	Like, what does it take in your opinion to sell luxury real estate in Austin and maybe
0:48.4	kind of, secondarily, like, how was the luxury market changed in Austin in the last five
0:53.0	years to a decade?
0:55.8	Well, the luxury market in Austin and to be successful, it's extremely competitive.
1:02.8	The last time I checked, I think they're about 14,000, probably 15,000 licensed agents.
1:08.7	And at one point last year, I think there were about 900 listings, so you can do that.
1:13.2	It's definitely, I would say the top five, maybe 10% doing the top 90 to 95% of the business.
1:21.4	So very competitive.
	...

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