Broker Agent Magazine - March 2007
Interview with Tracy McLaughlin - Marin County's Top Producer in 2006Tracy McLaughlin is the broker/owner of Morgan Lane's offices in Ross and Tiburon. A Marin native, she is a graduate of U.C. Berkeley with B.A. in English Literature. Before entering the real estate industry, she worked for several NBC affiliates in both on-screen and writing positions. She spent her childhood in Ross and resides today in nearby Kentfield with her husband Mark and three children. She was Marin County's top producer in 2006 with more than $70 million in sales. She is also active in the community, having served on the foundation of the Ross School and chaired the annual Patron Party for the Ross Garden Tour. Tracy's office is in the center of Ross at 23 Ross Center. Her website is www.marinfinehomes.com Can you tell us about your work in television? "After graduation from Berkeley, I joined NBC and stayed there for nine years. I was both an anchorperson and TV reporter in a variety of markets, including Reno and Monterey/Salinas. I left NBC when I was recruited to host a magazine format cable television show on skiing areas around the world." How did you get into the real estate industry? "I decided to phase of out TV when my husband and I started a family. We started buying single-family homes in Tiburon, renovating them and selling them. We did a number of these and I decided to get a license and sell them myself. That was about ten years ago." How do you position yourself? "I have always wanted to have a high-image profile and brand. For example, in my literature, we use elegant fonts and elegant property descriptions. My academic background and my experience in TV writing have enabled me to compose property-marketing pieces that infer the high-end of the market. Agents need to be motivated to view your listings and I spend a lot of time making sure my property write-ups attract them. I had a recent listing in Ross that I called "Sonoma-in-Marin" and it worked well. My first open house had a stream of REALTORS for three solid hours. Another part of my brand is my concierge serves. It was something I started in Marin and it has been very effective for me." What's the most effective marketing you do to attract buyers to your listings? "The key to selling my listings has been the write-ups in the MLS. Most of my sales come through buyer's agents and the MLS is how you get them interested. It's a little ironic since MLS remarks are not considered marketing per se but they're important in communicating to other agents. After that, the "Morgan Lane Marketing Program" is very effective. This is something I have developed over years of effort. The program isn't simple and I work with my sellers closely on what investment to make in a property to ensure the quickest and most profitable sale, staging, and the specific promotional efforts we put out in the local media." How do you set the right price? "It's not easy and I have lost listings over my pricing strategies. It's imperative that your sellers understand that a pricing strategy is a result of an educated process. When I recommend a price to a client, I give them an avalanche of backup and justification. Nothing is worse than seeing a property sit for three months with an unrealistic price. I'm direct, honest, and mostly convincing when I work with my sellers but there's no question it is the toughest part of my job." How do you dampen a seller's expectations when the price they want is outside market reality? "All you can do is run comps and give them a detailed and thorough review of what happened with the property. You have to explain any positive or negative mitigating circumstances that may have factored into the final sale price. You have to make them understand why a house sold at the price it did. If your honesty and competence comes through, they will work with you and go with your recommendations. I usually come up with a swing of about $100,000 or so and then say, in no uncertain terms, how the house needs to be priced. Marin County is very price sensitive. It's crucial to set the price correct starting out and not have a home languish." How do you structure your team? "I have two assistants. One is a broker who does all my paperwork. She's much more than a transaction coordinator. It's almost like having an attorney in the office. I also have an assistant who executed the marketing. I don't have other agents who handle my work. When I take a listing, the client gets me." How did you become the "go-to" agent in Ross? "I grew up here and understand the community. That helps. I'm involved in the community and the school. that helps. Relationships in Ross are important for business and it takes a long time to cultivate them. I worked in Ross for more than three years before anyone gave me a listing. Relationship and trust building takes time. It's a small community and trust and discretion are important." How has the relationship with Morgan Lane worked so far? "Fantastic! It's a great brand and the company has a wonderful image. More importantly, I work very well with Mike and Jill Silvas. My vision for a boutique realty in Marin County is very much in line with how they built their company in Napa. The long-term goal in Marin is to have approximately six offices staffed with about five brokers who specialize in high-end properties." What advice would you give to someone who wants to be the top agent in Marin? "Create something that will differentiate them from others. Push yourself outside the pack and create a brand you believe in. You have to be passionate about the business, you have to love solving problems, and you have to understand people. And you have to work incredibly hard!" 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