 billing home, and we post them across our social media pages. If you go on Instagram, you can see all those exquisite properties. And of course, even our Facebook page has all of those great properties. And there's no one to be looking at the surge in luxury homes. So when I look at what the state of luxury home sort of buying and selling is looking like in South Africa, also what luxury buyers are looking for. I think this is one of those things. Many of us are not in that text bracket yet. So we also don't quite know what do people look for? What are some of the things they are very pedantic about and absolutely will not compromise on? And of course, for those of you at home are already in that text bracket and who already make some of those decisions, we're going to be looking at what you should look out for if you are in the market for a luxury home. Now, for those of us at home who may not yet be in this text bracket or can afford some of these exquisite homes, I actually want you to share some of the properties that you spawned on www.prouderpotty.co.z that you absolutely love and you'd want to one day own. So find the link, share it down here below and let us know what are some of the great properties that we already have on the website that you absolutely would want to own. And of course, it's a Friday, we're going to be wrapping up the competition this week. It's going to still continuing next week, don't worry. But the Friday edition, we'll be wrapping it up and seeing who that lucky winner of the 500 round in cash is going to be. I know we had a roll over yesterday. So we've got a thousand rounds in the money bag and all you have to do at home to enter the competition is of course comment on the post on the Pinterest post on our Facebook page and you send a transfer walking away with that cash prize. Well, let's get started. We're looking at the surge in demand for luxury homes and I'm joined by Mishka Fandriel, who's a director at the Real Property Group. Mishka, good evening and thank you so much for joining us on the show. Oh, good evening. Thanks for having me. Really, really, what an awesome platform to just share some wisdom with you guys. It's only a pleasure, Mishka. Now, luxury homes is not something we talk about very often. And it's because not many of us can afford it, right? It's very inspirational for many, but there are people who are already in that market and many who are about to be looking for properties there. Some are already on their second or third and sort of in their fields. I think first let's just look at the state of the luxury home market in South Africa. If you can just pick the picture of what that market sort of typically looks like and even the transactions and some of the averages in that sector, what does it look like? Awesome. So, yeah, thanks for having me again. As you mentioned, I'm Mishka Fandriel. We're from the Real Property Group. And yeah, we do property. I do luxury property and I do residential property as well. We develop as well. But yeah, the luxury market, it's very smart. It's a very, very difficult market. I tell it to my clients daily, we are in a low inventory market. So, yeah, it's a tough market. I'm not gonna joke about that, but it's just defining the right buyer with the right arse to match the right buyer with the right arse. So, the market isn't quite tricky. You must just, like I mentioned, match the right buyer with the right arse and you must be on the front line of your digital innovation. You must know your client. I think I run a property survey on our social media platform, our company, which is the real group of focus to be on the front line of digital innovation. And I ran a thing to check what are people looking for? What are their needs? And what's the price bracket? And my price bracket came in, how many people are in the market for the 15 million plus price bracket? And as you know, COVID-19, so automatically it's low inventory. And just to, y'all, how can I say it? Two people are starting working remotely. So they're looking for space. They're looking for the luxurious living space. And, y'all, it's a tough market, but I need to tell you, there is a market for that. People's got money and people is investing right into, let's say, the luxury market. And, you know, Mishka, one of the things that we recognized with COVID was the historically low interest rates did quite a number of things. One of the things that it did was it, you know, opened up the opportunity for home ownership for people who previously couldn't access it because of where interest rates were. So we did see that, you know, when we look at that price point of even properties around five to 700,000, there were quite a number of first-time entrants. And then there were people who, because of the financial implications of COVID, downgraded their homes. And at the time they could have been earning, you know, properties above a million, so they downgraded. And then there were those who upgraded, who thought, look, I can actually afford to live in a slightly more expensive house, and I know that I'd be able to afford that particular mortgage. I'm almost keen to find out from you, when you say it's also low inventory market, is there a low inventory market because of the economics or there just aren't that many homes at that price point that are just continually available in South Africa? Yeah, so I must tell you it is definitely because of the change of economic season. And also I encourage my buyers daily and I encourage my sellers daily, there's a buyer for every home, your own will sell. I just think it's a thing that you must be priced right as well. And let's say let's the low inventory market or the low inventory market that we're in with people out of my clients or not, let's say they are not advised right to if they can buy bigger, if they can overcapitalize more. But I think what is important is to just advise your client right. I mean, luxury line speaks for itself, clients don't know what they approved for lately. So I think we as agents, we property brokers we're in a second through that whole process. And I just think with the low interest rate, which is a benefit for us, it's definitely like I say, we in the development market as well. So I work with a lot of investors as well. And obviously those are investors that can buy those luxury properties. We just cross-pollinate and cross-pollinate back to our developments, which we also develop ourselves as well. So when we speak about luxury, luxury is a different meaning as well. It can be anything against, let's say 5 million plus, 50 million plus. But it's just to match the right asset, to match the right buyer with the right house. But the thing is that we're struggling with this stock as well. And clients, I've got a huge demand for stock in my market. I've got a huge demand for clients that want space. There's no space. I need to find them that. I need to find them more bathrooms. I need to find them office space areas because a lot of people are setting their offices and they're going to a luxury golf estate where they want land and they want property and they want property that's given. But they want, how can I say it? How can I explain it? They want that space. They want that living space to work remotely from home. And I just think, like I mentioned, the interest rate obviously, but it's just a demand for stock. And clients, you need to advise your clients right to list at the right price because regardless, any property that's list drive will sell. That's a price drive will sell. And you know, Mr. O'Rourke, one of the things that we know about people sort of in that price bracket when they're looking at properties at that price point is they come with quite a lot of demands. They do, yes. Yeah. And especially when they know they're really pre-qualified, they've got the money for it. There's so many kinds of demands that they typically have. I'm keen to hear from you. What are some of the key things besides space? Because I think space is such a big one. And unfortunately, in a lot of these estates, your own area is, you know, you're lucky for instance, if you get a thousand square meter or if you get a hectare. For instance, I know with some of them, you've got your whole hectare. So it's a really nice, small estate. But unfortunately, there are only so many of those that are out there in the market. So what are some of the other key features? Do people who are in the luxury home market looking for? So let's say a thing I want to rephrase quickly because my thing is also you need to know your clients. Remember, if a client comes through in Miley, it's all through on your amazing platform that you give us to advertise on. You need to build a relationship with that client as well. You need to know that client. You need to know what that client is looking for. Remember, it is most prized possession. It's investing into, let's say, building a family or raising a current family in their home. You just nurture that relationship so well and build that relationship with those people. But to get back to your question is, firstly, know your client whether they want, but it's like people want bathroom space. I think a lot of people have been working with a lot of clients that wants bathroom space. They want the Heesuners basin. They want the double showers, the combined showers. I think the problem that I'm struggling with is bathrooms. People want bathrooms. But I mean, you must advise them right. They want bathroom space. They want entertainment space. And they want office space. I think they want more bedrooms. And the demand is not there for stock at the moment. I've got the clients. I think I've got, yes, I've been down the whole day. I've got about, let's say, currently now 50 approved buyers that can buy from the 50 million plus. But you need to nurture that relationship. You need to drive with those guys. You need to show them options. A client doesn't know what they want. So I think at the end of the day, bathroom space, it's quite stupid to say, but my clients are looking for bathroom space. So I mean, between bathroom and even kitchen, I think it's one of those two things that so many of us struggle with across price points. Looking through the memory, very small. And to put it frankly, many are ugly. And so at that price point, you do want a luxurious bathroom. And it almost should be standard that Heesuners double vanity, things like that would fit them to be fairly standard when you're buying at that price point. But I want us to go for a quick break to see who the lucky winner is for this competition that we're running. We've got 1,000 rounds in the money bag and we've come back, I'll still be in conversation with Mishra from Real as a director at the Real Property Group. And the winner this evening after that 1,000 rounds that is in the money bag is Uke Maduna. Uke Maduna, I hope that she is watching us drop us a text down here below to claim your prize. That's going to be a great way to end off your week. So Uke Maduna is the lucky winner. And if you want to be just like Uke, all you have to do is to come into the pinned post on our Facebook page. Want to find out from you some of the great advice that you've picked up from the show and of course that you also use in your everyday property journey. But as we continue this conversation, looking at the surge in demand for luxury homes with Mishra from Real. Now Mishra, I think you wanted to add something there before we went on the break, talking about some of those amenities that luxury buyers are always looking for and the importance of just knowing more clients and of course keeping them as happy as possible as you also look for that stock. Yeah. So the thing is also, like I get back to you, you must know your clients so well. I mean, I work with a lot of clients, a person who's been a bi-luxury market, you know, people, let's say ourselves, which is broke as we get so lazy sometimes to get so frustrated with the market. But we need to nurture that relationship. Like I mentioned to you, and yeah, it's a difficult market. I'm struggling a lot with people cancelling appointments, I'm struggling a lot with people wasting our times, but it's just about building that relationship. Sometimes even now during these economical markets, I drive sometimes six months with a client to show them houses, to show them options. You need to show your client options. My thing is in a luxury market, you need to build that relationship with your clients and you need to make sure that what they want, you need to find them that. Even if you, I believe in broker collaborations, I believe in agent collaborations, even if you go source that property through other agents, work together and show with the right property in front of the right eyes. So I think that's important for me in properties to know your clients and to know who you're dealing with. And it's a luxury market, you, it's like a dealing, how can I say it? It's a... You deal with detrimental clients, you deal with clients who know about the budget and they can ask for these things and they're typically the type of people who are not used to compromising on things money can buy, right? So these are things money can buy and I do not want to compromise. And so I want to have it my way or no way. We are taking your questions and comments this evening as we talk the surge in demand for luxury homes. And I see the winner is indeed present. Uwule Madonna is watching in prison. So congratulations there to Uwule walking away with that 1,000 rand that is in the money bag. And of course, as we go to your questions and comments, Siska De Fries is actually watching us. She was our guest yesterday as we just spoke about holiday and short-term letting. And she is saying absolutely knowing your clients goes a long way. And this is something that she'd certainly attest to. I mean, yesterday she even spoke to it directly one of her clients coming on saying that they've received incredible service from her when they needed to get a holiday home. And that's something that's very important. And I see that she's also sent us 99 stars on our Facebook page. Thank you very much there to Siska. Matashina is saying environmentally friendly, you have huge bathrooms, bigger bedrooms, modern finishes, absolutely necessary. And I say gorgeous because the team has actually sent me some of the great texts that you have sent me Siska De La Bongani, Queen Bee Magonda, Faranis, Diki, Glechirinda. Thank you very much ladies for the compliments. I really do appreciate it. And now, Mischa, I didn't want to look at what tips would you then give for people who are in the luxury home market, especially right now as you've said that you have low inventory. You have people who have their needs and their list of demands. What tips would you give them as they get into wanting, whether it's another property or it's going to be their first luxury home property that they add into their portfolio? I think the thing is for me, I'm so much for relationship building. I just think my advice to people will be, take the time, take the process. I mean, it's a big sell, it's a big buy. Build relationship with that one agent. Don't build relationship with 10,000 agents. Build that relationship with that one person and make sure, be honest with your agent. Tell them what you need during this. Tell them what you need. Tell them what you're looking for. I just think, just be patient. I think if they're for my clients as well, I think a lot of my clients are not patient. I think trust the process, trust that we will give you the right property, that we will sell you the right property. And it's also for us. I tell this to my agents a lot. They're going to offer my agents to my clients a lot. They're going to come back and they're going to tell me, listen, yeah, you must sell my house in the next five years or we sell my property in the next five years. So it's so crucial, the property that you sell is priced right. It's so crucial that the relationships that you're building that they come back in five years and just sell them, it's a process. I think just be patient with the process. I think the other big thing is because it also just aren't that many people who are able to afford a property at that price point, refer is quite a huge thing, right? So if you're able to get a great service from Mishka and even if it took, let's say eight months to eventually get the dream home with them and walk the journey with them, it's so much easier for them to recommend you to their own circle when they're now in need of that particular property. Now, Mishka, what would you say are some of the mistakes? Besides, of course, being patient, that some of the people who are in the luxury home market would typically make as they navigate that home ownership journey. I think the mistakes that people make again, they don't think, I don't know how to explain it to you, actually, it's like the mistake people make, they want to overcapitalize firstly and I think people want to overcapitalize firstly and I think for me, what the thing is, they want it now. I think it's a process when you buy that luxury property. So for me, the thing that people, like you mentioned, they, yeah, for me, it's like they don't trust the process. I think that's so much trust the process and trust that we will give you the right house at the right time. And that's such an important one. And then from the seller side, because obviously there's somebody who has to sell. Oh, my sellers are so impatient today. It's so impatient, it's so frustrating. I always tell my people, I'm working towards the deal. I'm not working for the buyer or the seller, I'm working towards the deal. Trust me when I say it's also frustrating for me. I think sellers must have patience with the agents as well. Let's say if they end up 15 million plus, I think it's a difficult market to tap into. That's why we're on the front line of digital innovation. That's why we do our ad spend with you guys at private property and other property platforms as well and make sure that the right buyer, that we match the right buyer or the right seller with the right property. And that's such an important one. I think impatient is a big one because by the time we decided to sell a property that's 20 million, you might sometimes have to meet the liquidity. Remember, it's a big choice. It's a big choice to make when you sell that property. I mean, we work in developments as well. We build ourselves with the family business. And I think that's my relationship also up, a relationship up with people. It's a big choice. They want to downscale or they want to upscale. So it's a big choice. Just like again, trust the process and just be, yeah, just be, just make PR. I don't know, even to say it, but patience. We've got a very difficult job. The process, it won't happen overnight. There are only so many people in that price point who are going to be looking at your property. So also getting a sense that it's not like, for example, the one in Mark where the pool is actually quite big. And so you have more prospective buyers who are going to be looking at your property. It's a very small bit, very niche part of the segment. And so understanding that certainly does help. And as we wrap up, Mishka, any final tips for viewers at home when it comes to the luxury home market? I just think you must just make sure when you choose your agent, just make sure they specialize in, let's say, what you want to, they specialize in a luxury market. Just make sure they show you options as well. Let's say, for instance, in our, we develop ourselves as well, pre-approved clients, even if they buy a luxury market, I deal a lot with cash people as well. We do investment properties as well that we develop ourselves. And we work such amazing aura eyes out. And if they're buying that property or that luxury property, we cross out into our developments as well and give them amazing aura eyes and amazing, also a luxury lifestyle and a luxury smaller living. And also to build their relationship, to build their relationships up, sell them something smaller now, take them through the process, take them through the bond attorneys or the other bond attorneys and the transfer, not the transfer attorney, sorry, I messed it completely up now, but I mean, just take them through the process with your bond originators, make sure they're pre-approved and just sell them maybe something smaller now if they can't afford it or sell them something bigger later. Well, Mishka, we are going to leave it there this evening. Thank you so much for joining us on this special pleasure to have you with us. Thanks so much. Thanks so much for the opportunity to speak out under your platform. And that is Mishka Fenriel, who's a director at the Real Property Group, working at the Friday edition of the Private Property Partcast with myself, Ozamandouma Kumailo. It's been an absolute pleasure to have you with us on the show. I'll be back on the screens on Monday at 7pm, but you can look forward to the home shop of Stromith Chair at 8pm until then, hopefully, your staying home is staying safe.