Luxury Real Estate for Professional Athletes: The Book You Need Now
Working with professional athletes can be both exciting and challenging, but it’s an incredibly rewarding experience, according to Atlanta agent Chad Carrodus.
In these times, double down on your skills, your knowledge, and yourself. Join us August 8-10 at Inman Connect Las Vegas to take part in the shift and learn from the best. Get your ticket now at the best price.
As a real estate professional specializing in working with professional athletes, I have seen first hand the unique real estate needs and investments of these high profile individuals. From NFL players to NBA stars, these athletes often have significant funds to spend on housing, and many choose to own rather than rent for a sense of stability and security.
That being said, there are times when it may be more beneficial for professional athletes to opt for a lease. These cases may arise due to factors such as the likelihood of being sold or drafted, family obligations, or the need to preserve capital in volatile markets.
It is essential for the consultant to pay close attention to these requirements and determine when to give advice and when to listen. While it can be tempting to earn a hefty commission on a multi-million dollar sale, it’s important to provide exceptional service and dedication, whether you’re dealing with a rental or a high value sale. Like everything else in this business, reputation and relationships are what make or break you.
The average player salary in the 2022-2023 NBA season is only about $4.3 million, while the average salary is about $8.5 million. However, it is important to note that many professional athletes receive additional income from advertising, investments and other sources. According to the NBA, the average age of players is approximately 26 years old.
It can be overwhelming for a person in their 20s to carry a huge responsibility for such significant wealth, especially if it’s not something they’re used to. Often they are very secretive about their real finances for fear that they might be taken advantage of.
Royce Baptist, a commercial syndicator exclusively focused on sports and entertainment professionals, says: “For those of us who are committed to acting ethically and putting the well-being of our clients first, it is frustrating to see how often athletes are targeted by unscrupulous advisors. “.
The Baptist continues
“These consultants, often purely motivated by their own financial gain, exploit the trust and naivety of distracted athletes, leaving them relatively little to showcase their hard-earned success. It is unacceptable that those who dedicate their lives to sporting achievement often find themselves at the mercy of opportunistic individuals who see them as little more than a means to profit. We have an obligation to educate and protect these athletes, and to hold accountable those who try to use them for their own purposes.”
Understand their unique real estate needs
But it’s not just about having one house; many athletes own multiple properties, often investing in high-end luxury real estate to diversify their portfolios and create a source of passive income.
Take, for example, NBA legend Michael Jordan, whose portfolio includes golf courses and luxury homes. Former NFL player Vernon Davis is another successful real estate investor with notable development in the District of Columbia.
Contact their support system
As a real estate agent, it is important to understand the role of sports agents in the real estate transactions of professional athletes. Sports agents are responsible for negotiating player contracts, approvals and other transactions on behalf of their clients, and often play a critical role in real estate transactions.
Many athletes rely on their sports agents to help them navigate the complex real estate world, from finding the right property to landing the best deals.
But as a real estate agent, I have found that working closely with an athlete’s family and coaches is just as important as working with a sports agent. These people often have a significant impact on athletes’ real estate decisions, and building strong relationships with them can be the key to a successful deal.
Adjust to their challenging schedule
It’s also important to remember that professional athletes often have unique scheduling requirements and limited availability, so as an agent you need to be flexible and adapt to their needs. This could mean scheduling screenings after business hours, or being available by phone, text, WhatsApp, FaceTime, or email at any time.
Working with professional athletes can be both exciting and challenging, but it’s an incredibly rewarding experience. By understanding their unique real estate needs and investments, building strong relationships with their support system, and being flexible and accommodating to their schedules, you can become a trusted advisor to these high profile individuals and help them achieve their real estate goals.
Get the Inman’s Luxury Lens Newsletter straight to your inbox. Weekly in-depth review of the most important news in the world of luxury real estate every Friday. Click here to subscribe.
Chad Carrodus is the founding agent of The Agency North Atlanta in Atlanta, Georgia. Connect with him on Instagram and LinkedIn.