Why He Told a Seller Not to Sign a $20.5 Million Offer - Michael Kollosche #97

Michael Kollosche told a seller not to sign a $20.5 million offer. He asked him instead for another $40,000 of marketing and four or five more weeks. As the seller pointed out at the time, that was roughly $600,000 of commission Michael was walking away from. The property sold for $25 million.

Michael Kollosche founded Kollosche on the Gold Coast on 1 January 2019, after five years out of the industry. He says the business now carries a responsibility to about 140 people.

What you will learn:

- Why he told a seller to reject $20.5 million, and what four more weeks of campaign was worth

- The 1,500 home rule, and how he says you build a prestige patch without ever door knocking

- Why he says buyers pay with emotion and justify with logic, and why gathering bidders beats negotiating with any one of them

- The 42 steps his team runs between a listing being signed and it going live

- Why one new agent had to work with the office wellness coach for four months before he was allowed to start

Chapters

00:00 Why the process is identical on a $1.5 million sale and a $30 million one

04:34 Attraction over door knocking, and the $285,000 call another agent never returned

07:48 Working the public holiday, and competing against complacency

11:02 Pick 1,500 homes, and stop turning up with commission breath

14:24 What separates the high performers, and the 42 steps behind every listing

17:57 Give me one great listing and I will build a business out of it

21:57 Treat it as a career, and the 4:30am routine behind it

25:04 Two massages a week, and four detox trips to India

28:14 Why agents lose listings, and why nobody can promise a price

31:43 "How the hell did you get me to pay that"

35:04 The full time wellness coach, and the agent who saw her before he was allowed to start

39:34 Losing both parents young, and learning where you are weak

44:12 37 deals in his first year, 36 of them shared with someone else

47:14 Telling a seller not to sign a $20.5 million offer

51:28 No debt, 140 people, and 1 percent of every dollar before any split

55:21 Keeping the plates spinning, and starting with the end in mind

58:39 Why he will not take the brand interstate

01:04:46 His father on integrity, and owning every result

Michael Kollosche makes his money in the last four weeks, not on the first offer. Property should work the same way.

Most properties only make money if the market does. The ones that pay for themselves from the day you settle are bought differently, and it comes down to four points.

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General information only. Not financial, tax, legal or credit advice. Bothsides is not a mortgage broker or credit provider.