Play the Long Game: Interview with Douglas Elliman's Noble Black
I recently went one on one with Douglas Elliman's Noble Black.
Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks, or challenges have been most instrumental to your growth?
Noble: I grew up in Mississippi and went to Millsaps College. Then, I went to law school at the University of Virginia and worked for 3-1/2 years as an attorney in NYC.
One morning in 2004, I saw a sign advertising the third season of “The Apprentice” and decided to audition. I didn’t get cast, but I was offered a consulting deal with the show’s producers. Having gone from college to law school to a law firm, I had never done anything “crazy” and decided to take a chance.
When that was done, I got into real estate. I have always loved real estate—architecture, design, and décor. Even as a little kid, I loved to go to open houses on Sundays. What I liked most about practicing law was the client contact. Real estate is a good combination of those skills and the things I enjoy. I thought I would always like it, but I was scared to try it. I gave myself a certain amount of time to make it work. Frankly, every year since then, I’ve done better than I would have done if I were still practicing law.
Adam: What are your three best tips when it comes to selling?
Noble: My three best tips for selling luxury residential real estate would be to:
Practice the Art of Discretion: In an industry driven by self-promotion (often at the expense of a client's privacy), trust has become an essential currency. My practice prioritizes listening guidance and long-term relationships with clients over the transactional model. Discretion in luxury has never been more relevant. In the business of luxury real estate, a minute violation of privacy can have a profound effect on the individual's business, their holdings, and the personal safety and security of their loved ones. The art of discretion is in my DNA and is one of the founding principles of my team's practice – where property exposure for marketing purposes doesn't lead to a feeling of being exposed.
Knowledge of wealth, luxury, and the market: Being a luxury residential real estate broker requires an understanding of high net worth and celebrity clientele lifestyles. I have acquired value in listening to and understanding my client's personal and financial goals. The combined knowledge and expertise in every market segment and property type- co-operatives, condominiums, new residential, and branded properties will give clients reassurance and trust in you to work with them whether buying or selling.
Develop an effective marketing strategy: The first impression the property makes on buyers is critical, and sellers need to consider not just staging but highly professional staging. Buyers are looking to be not just impressed, but blown away the minute they walk in the door. Moreover, the entire marketing plan must be professional and sophisticated, making use of every appropriate technology and marketing resource.
Adam: What do you believe is the hardest step in the sales process and how can it best be navigated?
Noble: The hardest step in the sales process would be selling the property's story and helping your client to envision themselves living in and enjoying the space. The best way to navigate this would be to ask and listen. Learn about what makes your client unique and how they spend their time. Keep notes on any particular comments they make that can help show them why your listing is their dream home.
Adam: Language is obviously very important throughout the sales process. What key phrases or words you have found have helped or hurt your chances of success?
Noble: Clarity and precise language are important.
Adam: What is your best advice around making the ask?
Noble: Understanding what a client values and how they think allows you to speak in a way that is meaningful and informative to them. Understand the market and have a firm grasp on the latest data, what’s popular right now, and the non-negotiables that your clients need to have in their homes. Understanding NYC neighborhoods, property types, and real estate prices in other cities will allow you to make a well-informed asking price. It is also important to check comparable listings that have similar locations, sizes, and amenities as your listing.
Adam: What are your best tips for improving your close rate?
Noble: Knowing the data, and thinking through potential roadblocks and hurdles. Having great referrals to other service providers is also important. I would suggest partnering with other professionals and agents who can boost your referrals. For example, if you partner with a law firm or interior design company that helps and caters to high-value homeowners, you will be providing an added-value service that can help close more deals.
Adam: What is your best advice on how to best manage and stay on top of leads?
Noble: The best advice I have on how to manage leads best would be on the initial call to make sure to qualify them by asking specific questions to learn if they are truly interested, well-versed in the market, and how serious they are about buying a home. Identify whether they come across as doubtful, high interest, or high value or if they were referred to you by another client or someone in your network. To stay on top of leads, I suggest following up with them often and sharing real and meaningful data so that they will think of you if any of their real estate inquiries arise.
Adam: In your experience, what are the key pitfalls when it comes to succeeding in sales and how can you overcome them?
Noble: Wanting a deal too much / more than a client, you have to put them first. The Client can tell if your motivation is for them or yourself.
Adam: What is one thing everyone can do tomorrow to become better at selling?
Noble: Know more about your market than anyone else.
Adam: What is the single best piece of sales advice you have ever received?
Noble: Play the long game and put the client first. Be patient, be highly ethical, and the business will follow.
Adam Mendler is an entrepreneur, writer, speaker, educator, and nationally-recognized authority on leadership. Adam is the creator and host of the business and leadership podcast Thirty Minute Mentors, where he goes one on one with America's most successful people - Fortune 500 CEOs, founders of household name companies, Hall of Fame and Olympic gold medal-winning athletes, political and military leaders - for intimate half-hour conversations each week. A top leadership speaker, Adam draws upon his insights building and leading businesses and interviewing hundreds of America's top leaders as a top keynote speaker to businesses, universities, and non-profit organizations. Adam has written extensively on leadership and related topics, having authored over 70 articles published in major media outlets including Forbes, Inc. and HuffPost, and has conducted more than 500 one on one interviews with America’s top leaders through his collective media projects. Adam teaches graduate-level courses on leadership at UCLA and is an advisor to numerous companies and leaders. A Los Angeles native, Adam is a lifelong Angels fan and an avid backgammon player.
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