How To Build Confidence in Luxury Real Estate With Jay Glazer & Tom Ferry
Stepping into luxury real estate requires stepping into a higher level of confidence – confidence to hang out in elite circles and practically demand referrals. But what does it take to reach this confidence?
To answer this question, I caught up with Tom Ferry. If you’re looking to move up your price-point or even just find that confident spark you may be missing, you may find this episode interesting.
If you’re looking to move up your price point or even just find that confident spark you may be missing, you might find this episode interesting.
In this episode, we discuss…
1:53 – Getting started
4:30 – Finding your community
8:06 – Hot or Not
9:48 – Service for referrals
12:30 – Exceptional customer service
16:50 – Hiring for time
19:44 – Presentations in a shifting market
24:35 – Closing thoughts
Listen to the full podcast here.
Or, read the full excerpt below:
Tom Ferry:
Hey, welcome back to the Luxury code, where we unpack what it took to become the agent that this person is, so you can R and D, rip off and duplicate and absolutely do the same. So today I've got long time buddy, Jay Glazer, 13 years in New York City as a real estate professional, born and raised in Manhattan, which is unique in and of itself, because we meet so many people that moved there to go sell real estate. Last year, $87 million in volume, remember New York City, 2021. That was a monster number. And he probably did most of that in the I'd guess three quarters of the year with about $2 million in commissions. So far this year, $105 million in volume as we sit here, I think August 2nd or third, and it's just Jay and four rockstar teammates doing it all. So Jay, welcome to the show, man.
Jay Glazer:
Thank you. Thank you for having me.
Tom Ferry:
It's always good to see you. Am I going to see you in a couple weeks?
Jay Glazer:
Confession? I will not be there, unfortunately.
Tom Ferry:
Okay. Interview is over. Shut the whole thing down. No, I'm just busting your chops, buddy. We, for the record, we...
Jay Glazer:
Sorry. I like to go, but I have a young daughter and I have to pick my spots these days with the travel.
Tom Ferry:
Smart man, smart man, happy wife, happy life. I get it. So Jay, I will miss you, but as always, I get connect with you here and then get to introduce you to so many people that are listening and watching this show. So you've done a really remarkable job creating a brand in your marketplace. And I think you and I both can appreciate, a brand is different to the person that ultimately gets attracted to it. I've watched you create a lot of content. I've watched you to do a lot of different things to build up your successful career. Today I want to talk about the stuff that really worked to help you elevate and become the luxury broker that you are. So why don't we just start from the very beginning when you first got started in real estate 13 years ago, what did you do? And how does that contrast differently to the things you know work today? Kind of a big question, but take me from the beginning to today.
Jay Glazer:
Sure. So I would say the thing that I immediately did without any real guidance or suggestions from anybody, actually, one of the things I always joked about was if I had discovered your page in the beginning part of my career, I would've had better guidance on what to do and a blueprint on how to build my business, but I clung on to senior agents or more successful agents in the beginning of my career because I didn't know what I was doing. You can't know what you're doing, you fake it till you make it, right. So in that case, I just partnered with as many agents in the office I was working in, I did fall into a bit of luck, which is I worked in a mostly sales based office. A lot of agents in New York City work the ranks of rentals and then they sort of get their small sales and then they get their luxury sales.
So I was really able to get my foot in the door with sales very early in my career. And then I just R and D'd those agents, I specifically identified what I liked about what they were doing and then eliminated what I didn't like what they were doing and basically built my own business model, my own way of doing business, I should say, based on what I was seeing from other agents.
Tom Ferry:
So Jay, my question for you is, do you now allow other newer agents to do the same thing with you? And do you advise others that want to break into luxury even if they're already experienced agent to do the same?
Jay Glazer:
Yeah. Always. I think you got to give what you get and get what you give for sure. I find that I bring on newer agents to my team. And one of the things that I really pride myself on with our team is really pushing them to become the best version of themselves. You hear a lot of stories about agents who just want, and you've used this term a lot, minions on the team and they don't actually want to grow and develop agents. I actually get more stressed out and frustrated when my agents don't develop, because I just want them to be the best version of whatever professional they can be.
So, yeah, I mean, went on a listing presentation last week with an agent who's not been in the business as long as I have. She knew that this wasn't her sector, wasn't really her specialty. And she brought me in to basically meet the owner with her because she wanted that guidance and expertise. And I'm all about that. I've always felt, probably from your ecosystem, that there's always plenty to go around for everybody. So there's nothing to really hide from anybody.
Tom Ferry:
I agree. So what would you say though, to the person that maybe is listening to this and their sales price is X, but they know if they just drove 10 minutes to the left or 10 minutes to the right or whatever it may be, they could elevate their sales price, but should they go mentor somebody? What does that person need to do to go into the high end? Do they just mentor somebody or let's talk maybe some marketing tactics. What would you recommend?
Jay Glazer:
Yeah, I mean, as far as marketing tactics go, I think you have to put yourself in the mindset of where the ultra wealthy, i.e. the people who can afford to buy and sell those types of properties in your marketplace. You have to put yourself in the places they would be or in the events or the type of activities that they would do. So as you know, I love golf and it's very organic for me. As bad as I am, I still love it. And I enjoy it and golf, it so happens to be fairly luxurious and attracts a certain crowd. And I meet a lot of clients on the golf course, and it's very organic and it's very natural. So I'm in an environment where I can entertain clients or meet new clients or entertain clients of clients, whatever the situation may be.
So if you're trying to get into a luxury segment, I find a lot of agents, especially with social media, they force it. They kind of pretend they're living a life that they're not actually living. Go find something that you actually enjoy and then find the community of that activity or that pleasure, where people who have the ability to buy and sell expensive real estate and luxury real estate hang out. So if you love chess, I'm sure there's a chess community that draws affluent people.
Tom Ferry:
I agree.
Jay Glazer:
But if you don't like chess, don't go play chess, period.
Tom Ferry:
Yeah. I think there's something to it. A lot of people, myself included, we made that cliche statement of fake it till you make it. I just don't think you can fake this. I don't think taking a photo in front of private jet that you're not leasing or chartering that day, just to show that you're... I think that to me is just phony baloney. I love the advice of find what you're passionate about and go attract people that are in that. I actually was talking to a client. She plays pickleball in Scottsdale, Arizona. Scottsdale Arizona, where she is, is a higher end marketplace. And she's playing pickleball with all these guys and gals and you know what? They buy one and two and five and 10 million dollar houses. So there is something to that.
Jay Glazer:
I think that's perfect. I mean, I was just saying to my wife that we should play pickleball, funny enough, but no, I agree with that. I also think that there's ways you could do it on the cheap, like golf is obviously expensive. I don't know much about pickleball. It doesn't seem expensive, but it might be hard to find places to play. Skiing is expensive. Horseback riding is expensive. Going to sit at a nice bar in New York City because probably you're going to be drinking anyway, if you're a real estate agent, you might as well just go sit at a bar and you're going to meet people at the bar. I actually worked for a guy who goes to Aspen and St. Barts, which are obviously luxury areas. And he just sits at the bar and he has met millionaire after millionaire, engaging with people at the bar. That's not really that expensive to do in any marketplace.
Tom Ferry:
Christophe Choo would talk about that all the time in Beverly Hills. Just go be where the people with money are, right. And be friendly, be conversational. And the funny thing is, I think everyone listening, you know this, everybody wants to talk about the real estate market. Everybody wants to know what's happening with home prices. What's going to go on next. Are we in a bubble? Is the news media correct? I keep seeing home prices go up. My friend... Just everybody wants to talk about it. Okay. So I'm going to go a totally different direction for a second. I typically wait for the end, but I think there's going to be some fun stuff for us to unpack in this. So I've been playing a game with my clients called what's hot, what's not. I'm just going to ask you flat out Jay, this, hot or not. You tell me. You ready?
Jay Glazer:
Okay.
Tom Ferry:
Okay. So first thing. Jay, hot or not, studying the market.
Jay Glazer:
Hot.
Tom Ferry:
Super hot. FSBO previews as a listing agent.
Jay Glazer:
Hot.
Tom Ferry:
That looked like mild. Okay. I'll take it as mild. Street Easy.
Jay Glazer:
Unfortunately hot.
Tom Ferry:
Yes. Unfortunately hot. Okay. I'll take that. Calling your past clients.
Jay Glazer:
Hot and I need to do more of it.
Tom Ferry:
Hot and I need to do more of it. Green suits.
Jay Glazer:
Not hot for me anymore.
Tom Ferry:
Not hot for you anymore, but anybody knows Jay, there was a green suit moment. Okay. Bayonne golf course.
Jay Glazer:
It's hot as hot.
Tom Ferry:
Hot as hot. Okay. Okay. But let's get some tactics. Short form video.
Jay Glazer:
Hot.
Tom Ferry:
Hot. Okay. Long-form video.
Jay Glazer:
Not hot.
Tom Ferry:
Not hot. Okay. Advertising on Google.
Jay Glazer:
For us, not hot.
Tom Ferry:
Okay. Not hot. Email marketing.
Jay Glazer:
Always hot.
Tom Ferry:
Always hot. Direct mail.
Jay Glazer:
Luke warm.
Tom Ferry:
Luke warm. Open houses.
Jay Glazer:
Always hot.
Tom Ferry:
Calling on building owners and calling on potential sellers.
Jay Glazer:
Not hot.
Tom Ferry:
Love it. Okay. I think I missed only. No, I got every one of them. Then I want to go back to my very first question. I said you started 13 years ago. You had the unfair advantage of being born and raised in the city, right?
Jay Glazer:
For sure.
Tom Ferry:
Great parents, great situation growing up, get into real estate. You talked about how you got started. Talk to us about what your business looks like today. What are the buckets of where your business comes from and how do you get it?
Jay Glazer:
Sure. So it's funny because I think at least by just listening and observation, people have this assumption of me in New York City as having this ridiculous network. And I'm probably my own biggest criticizer, critic, of never actually having utilized that network, being not nearly as social and connecting with people I went to high school with in New York City, et cetera, and not utilizing that database that I do have. I mean, in some ways I've underachieved in that department. So for me, my pillars of business have always been, I've just drilled this since day one, has just been exceptional customer service. And with exceptional customer service, I've been able to really be aggressive with referral business from past clients and current clients.
There was a time where I think you even said at an event or someone said, make sure you get two or three referrals from this client or a client. And I actually sent text messages to certain clients and said, by the end of this calendar year, I expect three referrals from you, no matter what. And that level of confidence, it's not arrogance. It comes from the fact that I know that I'm providing such a quality product to my clients, that I know that whoever they refer me to is going to get service that they're not going to get anywhere else. And as a result, I feel very confident basically making that request to my people.
Tom Ferry:
So someone probably heard that Jay and they were like, oh my God, I could never just text that to my clients. Safe to say, you got an extraordinary level of rapport with a person before you send that text. That's not like, Hey, we just closed the transaction and you're going to send me three referrals.
Jay Glazer:
For sure. It's someone is going to be a lifelong client. And then you've built a real relationship with, no question. There are, listen, I'm not going to lie. There are clients I would be mortified asking that of, but the majority of them, I feel very confident in asking that.
Tom Ferry:
So if I hear you correctly, it started out with you probably underutilized your personal database, something interesting to unpack there. And then you said it's really just providing exceptional customer... Now I know there's more, but I want to in fact, how do you define exceptional customer service?
Jay Glazer:
So it's funny you should ask that, I've actually been looking at homes in other markets for myself, a second home in second home markets. And I've really been studying how agents engage with me as a customer and thinking, okay, well we do this very differently on my team. We do that kind of similar. So I think exceptional customer service comes from one, a relentless desire for the outcome the client wants. So what that means is you really put the, I mean, I know it's cliche, but it's true, you put the client above all else. The client's needs above all else. And then listening. I mean, listening is shockingly hard to do for real estate agents, I find. When really internalizing what the client is telling you and then taking that information and repurposing it with an intent to sell them something or sell something for them with a high level of achievement and success.
So listening. And then I also think it's simply just attention to detail on all the tiny little steps along the way in the process of selling a home or selling a client a home. There is no silver bullet or secret sauce to being a really great real estate agent. I think a lot of people try to sell that witchcraft, both to clients and just in our ecosystem. But when I meet with a seller or a buyer, I say the 100 steps, A through Z along the way, we're just going to execute them all, my team and myself, my team, especially, amazing support. We're going to execute them with as much attention to detail and care as we possibly can.
Because I think you could have an amazing dining experience, and then the waiter takes an extra five minutes to drop the check at the restaurant. And all of a sudden that experience goes to crap, no matter how great the meal was. So we're very mindful of that scenario with our clients of A through Z, from the intake to the time we shake their hand at the closing table, we really want them to feel like they're having an excellent experience. And by doing that, you can then lean on them to return the favor by introducing you to people. And that's basically been the foundation of business. I mean, that's been about 65% of our business through the years.
Tom Ferry:
And that's a lot, especially at, you're looking at call it 150, 170 million dollars in volume this year, 75-80 transactions, I'm guessing.
Jay Glazer:
Yeah. I mean, we're at 51 now, so we'll be at probably 70.
Tom Ferry:
Yeah. Congrats. So do you have an SOP or a checklist? It's easy for someone to hear it, you and I both know, think back to when we met in 2015, did you have checklist? Did you have systems? Did you have processes or were you doing a lot of things by memory? There's a good chance that someone listening right now, Jay is still doing it by memory.
Jay Glazer:
Yeah. I mean, to be perfectly honest, so much of the systems and processes that we have in place are... We do a lot of role playing in our business. So I've just internalized so much of it. I mean, I could sit down and do a buyer's meeting in my sleep. I could probably roll out of bed and give it to somebody. And they would never know that I just woke up. So that I think is just repetition, repetition, repetition. But yeah, I mean, one of the things I've worked on through the years through your ecosystem is building a team.
I hate being organized. I hate spreadsheets. I'm an inbox zero guy. You will never see a red dot on my iPhone, but I also don't love the systems and processes part of the business. So I've hired people to handle that for us. That was one of the first things that getting into coaching really pushed me towards was if you don't want to do the work, hire someone to do it for you. You always used to say, if you don't have an assistant, you are the assistant. So I got smart quick and hired people who are very good at making sure that we have systems and processes in place.
Tom Ferry:
Steve Cohen, who I know is a friend of yours and a friend of mine said to me, he's like, I know I have systems, Tom. I just don't know what they are. He's like, but I know...
Jay Glazer:
Steve and I are probably very similar in the way we operate.
Tom Ferry:
And Mala Sanders from the Hamptons, similar conversation. She's like, I'm not super organized, but I'm really good with people. So for he person listening right now, let's unpack this just for a second. For the person listening that's like, oh, I provide amazing service, and the way I do that is I do everything along the way for the client, for the transaction. What do you say to that person?
Jay Glazer:
And that person is struggling or that person...
Tom Ferry:
It's the most consistent argument I hear, which is, but I do everything for my client, so I don't need to hire anybody else. Now I have my own argument, Jay, and I'll tell you, mine is, I know you have an 11 month old baby, and I know you want to be home more and you want to be around your kid more. And I know what it was like to build my business early on and how much time it took and the sacrifices I had to make. And when people say, what would you have done differently? I say, I would've hired more people sooner. I would've traded shekels for time for my young boys.
Jay Glazer:
Right.
Tom Ferry:
You with me. I would've traded shekels for time. So what do you say to that person?
Jay Glazer:
I think that person is also probably not aware of the fact that they're probably losing droves and droves of business to the small teams like ours, because what I always say to a client is, listen, I'm like Mala, I'm a people person, do you want me articulating the details of why this home should transact? Why this home should sell to the customers who are coming through the door? Or do you want me sitting there worrying about scheduling those people to even get there? Which part of the process do you want me to take control of? And the agent who does all of that themselves is clearly going to be sacrificing something within their business. And then as you clearly pointed out, sacrificing in their personal life as well.
They're going to be giving up, listen, in my twenties. It's crazy to say that because I'm still 37, but I've been doing this for a long time. In my twenties, I basically gained a ton of weight. When I met you, I was 25 pounds heavier give or take, and I had no social life. And I was doing all of this work on my own. And listen, business was booming. I was building a great business for myself, but I was sacrificing some of the other major pillars of my life for sure.
Tom Ferry:
It's so interesting because obviously you know I'm a huge advocate for teams. And I think people miss sometimes the point. The point is I want you to have it all. I don't want you to be obsessed about work and then miss health and vitality, miss your relationships, miss time with your kids. And if you don't have kids time with your dog to go for a walk and not, you know what I mean? And that's why I say you need to leverage, but things get misconstrued.
Jay Glazer:
Yeah. Listen, I agree with that. I also think that I get also for the agents who are trying to level up, it's scary to think, okay, I have to come out of pocket 50, 60K to get an assistant. I get that fear. But that limiting factor and that limiting belief is probably the reason you're also not leveling up without the assistant. You got to take the plunge.
Tom Ferry:
True. True. Okay. The market has clearly shifted. Everybody's felt it everywhere. Rome to, you know, name it. My question for you is what have you done differently on your listing presentations? What is hot for sellers now? What is no longer hot? How are you getting them to understand yes, your buddy sold their apartment a year ago and got this many offers in that price. And today maybe it's happening, maybe it's not. So what have you shifted in your presentation?
Jay Glazer:
Yeah. So it's a great question. And listen, it's an ongoing answer because honestly last week interest rates went down a bit and all of a sudden there was consumer confidence for an hour in New York City. And you tried to ride that short wave. So it is, it's not a firm answer. I think what happens in a shifting market is, the way I articulate to my clients, is it's not so much that you see an immediate drop or change in prices or something so dramatic as that. But what you see is a shift in the psychology of the consumer and a disconnect between what sellers expect and what buyers expect. And so I say the sellers, that disconnect is worth is a certain financial amount. It's worth two, three percent, 5% on the price. So I have a friend, he has a tenant in his apartment and he's trying to sell the tenant the apartment.
I'm still helping him through the process. And he said, well, what if the tenant doesn't buy it? Should we list it at the same number we were going to list it at three, four months ago? And I said, yes, but your expectation of what that delta between list and close was should adjust. Not because the prices have dramatically shifted, but the expectations have shifted. And so if all of a sudden an offer is 8% below ask as opposed to 2% below ask, rather than being that seller, and we all have them, who gets so deeply offended because it's such a low offer. As long as I can set that expectation early, when that offer comes in, then you can actually bridge the gap because you've planted the seed. So those are the conversations I've had.
Tom Ferry:
It's so interesting. I mean, everyone I'm chatting with today is talking about buyers seem to understand the change of the market like that. Sellers 120, 180 days because you're still thinking about the cocktail party. My friends sold, couldn't believe it, this many offers, they asked for a crazy price, they got more. And in many cases that's just not the case anymore. We're still in a great market. It's just not that white hot insanity market. So how do you...
Jay Glazer:
But let me...
Tom Ferry:
Yeah, go ahead.
Jay Glazer:
Let me jump in though. And this is not necessarily, this is not a luxury price point for our market, but it might be for some of the listeners. We took on a property, it was actually, you asked a hot or not. We got basically a come list me call from a postcard. And we listed. This guy, we sit down with him, it's an apartment that needs a substantial amount of work. And he said, I'd like to get one one for my apartment. I said, listen, one one is probably a fair number to want, but it's not factoring in interest rates and a shifting buyer expectation. So why don't we list it at 999? Because obviously that's a massive cliff for a lot of people and I will make sure I get you multiple offers and we're in contract for 1.2.
Tom Ferry:
Okay. I want that to be the clip on Instagram. Because that was beautiful. Right? Say that again. Say the opening line again. Because the opening line was perfect. They said I want to get one one. And your like, let me explain.
Jay Glazer:
Yeah. So I met a seller who said, ideally I'd like to get one one, that's honestly where it comped out. But as you pointed out, comps are sort of irrelevant three to six months ago at this point. Right? So we priced it, I said, let's put it at 999 and I will ensure that we get multiple offers. Lo and behold the floodgates open and we're in contract from 1.2. Yeah. So we're now 100K over the number that he was hoping to get for his apartment.
Tom Ferry:
Yeah. The key that I, yeah, what I love there, Jay is you said something to the effect of, that's a great price to want. Because of interest rates and buyer expectations, I'm going to recommend 999. That line for me, I was like, I wish I captured it. And I got in my head.
Jay Glazer:
Sorry. I'll say it. So yes that's...
Tom Ferry:
No, but no. Yeah we don't need to rehash. I think the listener's like, yeah, because that was like, oh that was a really strong line. That's like, it's great that you want that. And we need now factor in changing market, interest rates higher, da da, da, da. So it's beautiful. So you mentioned earlier that you guys role play?
Jay Glazer:
We don't, we should do more role play. It's more that I have done so much of what I'm doing in my business that it basically is just, you should not do this if you're listening, but I live role play with clients at this point, because it's so ingrained into my system at this point.
Tom Ferry:
Yes. Yes. But that's because of years of practice and practice and practice and practice.
Jay Glazer:
Tons of practice.
Tom Ferry:
Yeah. I love it. So Jay, as we wrap this up, first of all, this has been super fun. I miss you. I want to come play Bayonne right away. As soon as I can. I'm actually going to be on the east coast soon. So separate side note for all my clients in New York City talking about doing something in the fall, heads up, but will have to be before or after Jay and I play golf. All right. So closing thoughts, most important advice you've ever given or received about becoming a great luxury broker? What was it?
Jay Glazer:
You have to believe that you belong in that marketplace. We all have limiting beliefs. We all have self-image issues, maybe that's not the right word, but we all lack confidence sometimes. And the notion that I've always wanted to break into higher price points. So everybody does, right? Yeah. When I went on my first listing presentation for a $15 million apartment, I was nervous as can be. I mean, I was shaking in the elevator up to the apartment, but I believed that's where I belonged. And that's the type of advice I was given in order to walk in there with the confidence, because as you know, a lot of your communication is nonverbal and if you walk in there and you are cowering, then they're going to know that you don't belong there.
Tom Ferry:
Yeah. Yeah. Good advice. Good advice. All right. Kiss that gorgeous baby. I can't wait to see you soon. I'm going to miss you at the summit, but you're there in spirit always. Thank you so much. And for the person listening, make sure you follow, it's Jay Glazer NYC on Instagram. I follow him. He is hysterical and funny and interesting and thought provoking. So make sure you check him out there and then Jay, thank you just for your generosity and sharing. For everybody out there, make sure you like subscribe and do all that fun stuff for Instagram and YouTube. And we'll see you guys on the next show. Jay. Thanks so much, partner.
Jay Glazer:
Thank you.
