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" There's a way To be aggressive wiThouT being like a used-car salesman." —hillary levy In an impressive feat of persuasion, Baird & Warner broker Hillary Levy convinced 23 condo owners to sell their well-sited Lincoln Park building to the same buyer for just over $7 million in August—a sale that took more than a year to realize. Also that month, Chicago-area home sales took the biggest hit in three years, falling more than 13 percent com- pared to August 2013. The steep downturn has continued, but Levy says she's still doing deals in a lagging market, thanks to persistence. But what does that really mean? Levy and Coldwell Banker broker Staci D'Ancona fill us in. The market is down and likely to stay that way for a while, which indicates that there's cur- rently more supply than demand. So how can persistence and persuasion facilitate a sale, especially in the luxury market? Hillary Levy: Even though the market has slowed, anything over 4,500 square feet is going fast. That segment of the market is strong, and there's virtually no inventory on the market. Staci D'Ancona: Coupled with the downturn, sell- ers don't want to lower their prices because they've gotten used to that rosy market with more buyers than properties. And, of course, buyers want a deal because demand is down. So you need to convince sellers to lower prices and buyers to come up? SD: Yes, but everything is situation-specific, and it's more complicated than that. It can also mean con- vincing a seller to do work on his or her place, or getting a client to consider a place you think is right for her—but she doesn't. In all cases it takes incred- ibly trusting relationships with your clients, which are hard to forge. And it calls for managing expec- tations, so clients are pleasantly surprised rather than disappointed. Give us examples. SD: I just had a condo sale fall through when the sellers wouldn't listen to me and refused to do the work it needed. A couple was about to make an offer after three showings when a perfect unit for $150,000 more in the same building came up, and they bought it. But I also had great success with a client who was divorced and wanted to buy in a building where he could start over. I showed him a large three-bedroom, three-bathroom at 77 East Walton, and I knew it was perfect for him, but he felt it was too isolated and sedate. After four showings and many long conversations on the building's strong points, I convinced him to buy it. He's still thanking me profusely months later. HL: She's right. Trust is critical. But right now, it also means going to great lengths to even find places to buy. Almost every deal I've done this year has been for properties that are off the market. How do you do a deal for something that's off the market? HL: There's so little inventory and it's so hard to find larger properties—especially in the Gold Coast—that a good agent has to be dogged. That means working your network and reaching out to people you know who have great places and may be ready to sell, but haven't gotten there yet, or don't want to move, but may reconsider for the right price. That takes persis- tence, persuasion, and tact. How often does that really happen? The Power of Persuasion In thIs stIffly competItIve market, a hIghly convIncIng broker can help clIents snag the rIght place. by lisa skolnik from far left: Staci D'Ancona; Hillary Levy; D'Ancona persuaded a reluctant client to buy at 77 East Walton (shown here)—and he's still thanking her months later. HL: More often than you'd think, especially at the lux- ury level. I just had that happen at 30 West Oak with clients when I sold their Lincoln Park single-family home. I couldn't find anything large enough on the market for them to buy, so I called a broker who had an inside track on the building, and I was able to get them into a unit before it went on the market; they bought it days later. Is there any approach that works best for you? SD: My number-one rule is to treat everyone—from building staff to clients—the way I want to be treated. You never know who can help your cause when you need it. HL: There's a way to be aggressive without being like a used-car salesman. I work from positives, and I know my clients appreciate my straightforward approach and that I'm out there hustling for them. Hillary Levy, 312-981-2382; hillarylevy.bairdwarner.com; Staci D'Ancona, 312-560-5111; staci.dancona @cbexchange.com ma haute property Brokers' roundtable 134 michiganavemag.com