Professional athletes, particularly those who move to a new city and want to purchase real estate, face many challenges in obtaining reliable advice. These athletes earn an average of $1.6 million annually but often turn to other sources for help in negotiating the real estate market.
In the NBA’s 2022-2023 season, players’ median salary is approximately $4.3 million, with the average salary at $8.5 million. Professional athletes often earn additional income from endorsements and investments. NBA players generally reach their physical peak between the ages of 26 and 30.
This is where “luxury” real estate comes in.
“Luxury” is a term used to describe a property that is far more than just the sum of its price tag. A luxury residence in a quaint, small town might be priced at $1 million, whereas one in a vibrant, bustling city could reach tens of millions of dollars. The price plays a role in determining whether or not a property is considered “luxurious,” but there are additional factors that can classify it as such: its exceptional location, expansive acreage, exquisite construction materials, incorporation of cutting-edge technology, association with a renowned architect or other famous personages, or even its historical background.
In times of financial stress, some athletes choose to keep their finances private. Royce Baptist, a commercial syndicator specializing in sports and entertainment professionals, highlights the troubling issue of unscrupulous advisors taking advantage of athletes. For those committed to ethical practices and prioritizing their clients’ well-being, such exploitation is deeply distressing.
Baptist emphasizes that advisors who drive solely by personal financial gain exploit athletes, leaving them with minimal returns despite their hard-earned achievements. Athletes are often subjected to opportunistic exploitation, with their value reduced to mere profit-making opportunities. There is a responsibility to educate and safeguard these athletes while holding accountable those who seek to exploit them for personal gain.
Here’s a 3-step formula to mastering real estate sales for pro-athlete clients:
- Connect with their sports agents as they can play an important role in the real estate transactions of professional athletes. They negotiate player contracts, endorsements and various agreements on behalf of their clients, and they frequently play a pivotal role in the real estate sphere as well.
- Athletes’ real estate needs can be addressed by recognizing their inclination towards strategic investments and the desire to broaden their financial horizons. By aligning with their goals, real estate professionals like you can provide tailored guidance to assist in achieving optimal results.
- Be flexible. As a real estate agent, flexibility and the ability to accommodate clients’ unique requirements are essential. This may entail arranging property viewings beyond traditional business hours and ensuring constant accessibility through various communication channels like phone calls, texts, WhatsApp, FaceTime or email.
Professional athletes are a highly valued client base for real estate professionals – because of the distinct nature of their industry. This uniqueness has positioned them as an excellent source of referrals, which can unlock the keys to success in the world of sports-related real estate.
By harnessing the power of referrals from this influential clientele, realtors can elevate their reputation and establish thriving businesses in this dynamic market.
Stay tuned for our upcoming blog posts, where we’ll continue to deliver valuable content that will help you navigate the ever-changing real estate landscape with confidence. #ForwardwithFairLead
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