Testimonials

 

April 6, 1994 

VALLEY BUSINESS | MILLION-DOLLAR BABIES: CASHING IN
ON THE REAL ESTATE BOOM

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Sales: Brokers say it takes more effort to sell luxury properties, doing everything from hiring a limousine to finding a dog kennel.

It takes more than an Armani suit and a new Mercedes-Benz to be an estate broker wheeling and dealing million-dollar mansions. Appearances are important, but brokers say the real secret to success is going the extra mile for clients.

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People with the money to buy a luxury home are often busy professionals who demand a high level of service, brokers say. And because a 5% or 6% commission on a multimillion-dollar sale is a handsome chunk of change, sellers expect to get their money's worth from a broker.

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Other extra touches might include hand-delivering documents or hiring a limousine to view properties--offering champagne and hors d'oeuvres during the ride, of course.

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And picky, brokers said. Still, there is usually some wiggle room.

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Maurice Kozak of Fred Sands Estates once had a client who said he wanted an estate with a tennis court. But the house Kozak showed him had only a small paddle tennis court.

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"Have you ever tried paddle tennis?" Kozak asked. "It's fun."

The client hadn't, so Kozak took him onto the court. They played, it was fun, the client bought the house.

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But it isn't always so easy.

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"There is a tremendous amount of money, work, trust and responsibility involved with listing a multimillion-dollar property," Kozak said. "When you're dealing with millions of dollars, people really have to trust you. There's no room for mistakes. It can be very stressful.

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"I work seven days a week," Kozak added. "You must return phone calls promptly. You must always be available. Everything has to be first-class."

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That goes for marketing, too. Spending their own money, estate brokers hire professional photographers, buy photo ads in newspapers and upscale magazines, and even print and mail full-color brochures.

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Kozak also got his first million-dollar listing "by old-fashioned door-knocking," where he met a corporate vice president who liked Kozak's style and listed with him. "And then he sold me his huge, '78 silver Mercedes," Kozak recalled with a laugh.

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That was 18 years ago, and he hasn't looked back. Today, Kozak sells mostly south of Ventura Boulevard from Studio City to Westlake.