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Staff Reporter
Leading prestige property market agents Bill Malouf and Ross Savas have revealed the inner workings of two of the country’s wealthiest and most exclusive housing markets.
In an article in Saturday's Good Weekend magazine, both agents gave an insight into how they operate, and what it takes to sell expensive properties.
Bill Malouf, principal at LJ Hooker Double Bay, in Sydney’s eastern suburbs, said he relished the thrill of making a deal. The agent, who sold $250 million worth of houses and apartments in 2010, including five for more than $10 million and three for more than $20 million, said he loved the chase of the sale.
“I love the negotiation,” he said.
“I’m a very definite individual,” he continued. “Is that good or bad? I don’t know. I can’t change my personality. Will it rub some people up the wrong way? Yeah.”
Mr Malouf said there was a lot more to securing a deal than just slapping up a ‘For Sale’ sign on a property.
“We’re dealing with emotion in this industry and you can’t put a figure on emotion. So you’ve got to read the signs. You’ve got to read people’s body movements. I’ve had instances where the husband is saying, ‘Look, I’m really not interested’, and the wife is measuring up wardrobe space…Women make, in my opinion, 75 to 80 per cent of decisions on the purchase of a house.”
Mr Malouf said he never discounted his commission, something that couldn’t be said for some other agents.
“They’ll probably go out and ask for 2.2 per cent but they are ready immediately to drop their fee to win the business….No matter what the value of the property, whether it’s $20 million or $50 million, I still charge that fee. And I think I’m entitled to it.”
Ross Savas, director at Kay & Burton, said Melbourne was more conservative market when compared to Sydney’s.
The agent, who broke the Victorian house-price record when he sold a $26 million property in Portsea, said Melbournites were “very conservative”.
“People hide their wealth, they really do. They’re understated…I don’t find that as much in Sydney.”
Mr Savas paid tribute to his clients in the article. “This is a fabulous city full of really beautiful people…I think I’m blessed by God that we have such wonderful clients.”
“These people invite you to their houses, they invite you to their holiday houses. And they refer their family and friends and colleagues and associates to you, so it’s really a very nice way of doing business.”
While the agent was reported to have had health issues relating to his propensity for long work hours, he said he had always loved real estate. When told it might be best if he took a break from work, he said: “Every day is a holiday for me”.
He told the Good Weekend that he was seeing increasing interest from buyers in Hong Kong, Singapore and mainland China. “They’re a very powerful group and they’re looking to raise their children and educate them in Melbourne.”
Mr Savas said being an agent in the prestige end of the market was very different to selling lower-priced properties.
“It’s not about the ‘house down the road sold for this’ and ‘the one up the road sold for that’…It’s about bringing a buyer and a seller together and having a meeting of the minds.”
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