GH: We had a deal involving a high net worth buyer which became unnecessarily complicated by an attorney from a large law firm that had very little experience in the nuances of NYC Co-ops, ultimately killing the deal. Luckily, we were able to pivot to another property and leverage our teams experience selling in this particular building, collaborate with a skilled and trusted NYC real estate attorney as well as with the Compass brokers who had the exclusive listing to successfully close the deal for our buyers who are extremely happy in their new NYC pied a terre apartment. Q: When tackling a highly competitive market, how does leveraging Compass tools like the Network Tool or Collections translate into a tangible competitive advantage for your sellers? (Focus on the lifestyle aspect). MR: Certainly, the Collections help with quickly getting properties to buyers which helps the sellers. It also makes a cohesive curated group of listings the buyer can go back to and the listings update in the Collection when anything changes (price, sold, contract etc..). Running all day and working mostly from my phone the app makes it so easy to get listings to my buyer in real time. The current and modern marketing and digital advertising helps get our sellers’ properties out to the market place in various ways. Insights is an amazing tool that tracks the traffic of the listing which we can share with our sellers - it’s a great tool! GH: When I have a listing, I’ll set up a collection for my sellers of comparable listings in the building and neighborhood. This is an excellent way for them to keep up to date, in real time, on the market activity and how their listing is competing in the market. Q: Looking ahead to the next five years, what major trend do you believe will most dramatically change how high-net-worth clients buy and sell property? MR: I think high net worth clients will always go to an agent who is knowledgeable about the market and the inventory. Knowledge is always key in any business. You need to know the market, what is happening with various properties; for example, with new construction, what is being offered to a buyer and the new projects that are on the horizon. I also think that private listings or off market will continue to be impactful with both buyers and sellers. I have found many high network clients like the idea of having their property being marketed discreetly and I have found high network clients appreciate having an opportunity to be offered a property that is off market. GH: I think with the massive transfer of wealth happening with high-net-worth clients, purchasing in structures that will protect their privacy as well as allow them the flexibility to purchase for their families in tax advantageous ways will drive them to certain types of properties (new development, condos, townshouses).
CONNECTION OVER COMMISSION The Philosophy Setting the Michael J. Franco Team Apart
Q: What initially drew you into the world of real estate, and how has that initial motivation shaped your approach to client service today? MR: I was initially drawn to real estate through my grandmother who owned many rental properties. I saw her love for the industry and her approach to her tenants and staff. She was always kind, thoughtful and fair to their needs, hence her business thrived. I feel that I learned to appreciate my clients’ needs and learned to address their specific needs through the interactions I saw with my grandmother and her clientele. GH: After a career in Finance and Accounting, I was looking to transition to a more fulfilling career in which I would feel empowered and where I could invest my skill set in clients with a clear goal to work towards - not just spreadsheets and reports. I was always interested in architecture and interior design and loved working with people - and Real Estate seemed like the perfect fit and most natural path for me. Q: In an industry often focused on transactions, what philosophy or core value guides the long-term relationships you build with your clients? MR: I believe you must have your clients’ needs first and foremost. Constant communication and follow up is key. Return emails and phone calls in a timely manner. Your clients always come first - it is a service business where excellent service is key. GH: The main core value that guides my relationship with my clients is honest and open communication throughout the entire process - which ultimately builds trust and promotes a strong comfort level during an often stressful time for our clients. If your clients trust you and you make them feel good, everything else will fall into place.
Q: We often hear about the ‘Compass difference.’ How does being powered by the Compass platform—beyond just the technology—truly elevate your day-to-day business operations and client delivery? MR: Aside from the fabulous technology Compass offers, Compass also offers sleek, current and modern marketing. Additionally, we have offices all over the country with top agents so referring clients that want to buy or sell in various cities is easy with the ecosystem Compass has in place. I know if I refer a client to another Compass agent in another market they will be well taken care of. This helps streamline my referral business. GH: Obvioulsy the technology is amazing but the tools that Compass provides as part of that technology makes it very easy to work “on the go.” And to have access to the marketing center with seemingly limitless assets for social media and newsletter marketing is a priceless tool as an agent. Q: Can you share one recent success story or complex deal that truly highlighted the benefit of your team’s collaborative process? MR: Wow! There have been a few. Most recently, we had a transaction on WEA. What seemingly should have been a fast and seamless transition took time - we had an anxious seller and a property that was not moving quickly. We worked as a team to communicate constantly with the client, continuously showed the property (we never say no to a showing, unlike other agents we have come across), set the client up with a fabulous closing attorney we recommended and our team lead spearheaded the negotiations. We closed the transaction with a client that was thrilled (emailing us glowing feedback) and as a team we really worked together to close, what should have been an easier transaction, a sale that proved many challenges along the way.
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