Dinner and a Deal

In the Harvard Business Review article “Should You Eat While You Negotiate?” Lakshmi Balachandra described an experiment she conducted with MBAs to ascertain whether negotiating a deal over a meal would increase the value of the theoretical agreement (vs. discussing it without food). Her tests showed that, yes, eating together – even in a conference room – improved the overall negotiated deals by more than U.S. $6.5 million! 

Why? Biologically, there are multiple possibilities for the rise in revenues. Increased glucose levels may have enhanced the participants’ brain activity. Also, the unconscious mimicry that occurred when diners mirrored each other’s motions may have induced feelings of camaraderie and trust. 

But sharing a meal is more than an anatomical exercise. While the food and drink may elevate our blood sugar (and libidos), conversations with our fellow diners are what give us the sense of amity and alliances. And that bond is a prerequisite for selling into cultures that are built on personal networks. Unfortunately, in the USA, even eating fast food can be considered an annoying necessity; an interruption in a busy schedule. 

This perception starts in US grade schools, where food is gobbled down in a 20 to 30 minute frenzy – basically as a prelude to recess. Compare that process to the one hour (or more) lunch break that French students enjoy every day at school. Even many preschoolers in France are served 5 course meals which are freshly prepared, usually starting with an appetizer, followed by a salad, entrée, cheese plate and a dessert, which is often fruit.

So if eating habits are established in grade school – how do US executives change their behaviors, and adapt to other cultures’ dining etiquette?

An Environmental Regulatory Compliance Auditor, J.W., figured it out when she asked for an extended assignment to Guam. J.W. wanted the extra weeks so she could slow down, learn about the culture and abide by local mannerisms. This attitude served her well as she drove the rural, rutted roads that surrounded her company’s facility.   Local residents, (who are also US citizens) would often walk up to her car, lean on the window and invite her and her associates in for lunch. 

Accepting these invitations gave her great credibility, particularly because many people in the area worked for her employer. And since JW invested the effort to learn the dining etiquette in this US territory, (like never taking the last bit of food off a serving plate), she developed an extensive network of friends and built a reputation for comfortably integrating into far flung environments.

Logically, we all know that there are dining taboos around the world (no beef in India, no pork in Saudi Arabia, no using your left hand in either locale, etc.). But rather than citing offenses, here is a tongue-in-cheek list of delicacies.

Try to match the countries and their cuisines:

1. France                                          A) Kidney pie

2. Scotland                                       B) Silkworm pupae

3. Indonesia                                     C) 246 varieties of cheese (give or take)

4. England                                        D) Haggis

5. India, Korea, and China               E) Durian

Answers:

1.  C) Charles de Gaulle thought this excessive, and remarked “How can you govern a country which has 246 varieties of cheese?” 

2.  D) stuffed sheep stomach     

3.  E) an odorous fruit

4.  A) Kidney pies are considered classic British comfort food

5.  B) (usually boiled, sometimes fried as well)

A culture’s delicacies can carry great weight for many reasons. Perhaps scorpions were eaten by your predecessors and now may symbolize the sacrifices and hardscrabble lives of your revered ancestors. Or some delicacies may be exciting because they are dangerous (like blowfish), or purportedly make you virile (oysters anyone?), or because some are a tad decadent (like gold-plated chocolates).  

Whatever the reason, orchestrating a successful business meal with local delicacies can represent a substantial effort by your hosts. They want you to enjoy a pleasant experience and taste what’s unique about their culture and cuisine. Clearly, it is critical that business travelers express great appreciation for their hosts’ efforts and try all the foods that are offered. 

And as Lakshmi Balachandra’s research in the Harvard Business Journal corroborated for us global travelers – taking the time to eat together pays you back!

By Terri Morrison, Speaker and Author  
© Copyright 2025, All Rights Reserved        

Kiss, Bow or Shake Hands ® Courtrooms to Corporate Counsels  #1 bestseller
Kiss, Bow or Shake Hands® The Bestselling Guide to Doing Business in More Than Sixty Countries*
Kiss, Bow or Shake Hands ® Sales and Marketing
Dun & Bradstreet’s Guide to Doing Business Around the World
Owner, Kiss, Bow or Shake Hands® Digital   
Instructor, World Affairs Council of Philadelphia’s Global Leadership Institute

*Kiss, Bow or Shake Hands® has sold over 500,000 copies, is an Amazon.com bestseller, an Inc. Magazine “7 Best Books on How to Negotiate!” and a Library Journal “Best Business Book.”

www.TerriMorrison.com            Instagram : @KissBowAuthor 

STAY AHEAD WITH THE INSTITUTE

For agents looking for more guidance on growing their luxury real estate practice and developing their skills when working with the affluent, learn more about The Institute’s Training Options.

Becoming a member of The Institute is a valuable investment in your future success as a luxury real estate professional. Access curated real estate tools and resources, advanced learning experiences, and connect with a network of successful real estate professionals throughout the United States and Canada.

Our Certified Luxury Home Marketing Specialist (CLHMS) designation is recognized globally. Take advantage of the training offered and the information provided through The Institute’s Local Luxury Market Reports, published monthly exclusively for members.

View additional insights from The Institute

The post The Power of Dining: How Shared Meals can Improve Deals appeared first on ILHM.

Information is power — but insight is where opportunity lives. Top-performing agents don’t just read residential, commercial and business reports; they decode the data to anticipate client behavior, uncover emerging trends, and outmaneuver the competition.

By applying a strategic lens to local and national data — and leveraging tools like those from The Institute for Luxury Home Marketing — agents can find “hidden” opportunities. From feeder market insights, corporate relocation intel to price band analysis, here’s how to turn numbers into knowledge that drives results.

Spotting Undervalued Markets

National data shows broad trends such as migration, interest rates, tax policy, while local data reveals how these play out in your area. By comparing the two, agents can pinpoint markets where prices haven’t yet caught up with demand drivers like job growth, wealth migration, or lifestyle appeal.

Tip: If national trends show affluent buyers leaving high-tax states and local data reveals growing interest in nearby, lower-cost markets, spotlight these areas to clients looking for long-term upside.

Segment by Price Band — Not Just Property Type

Luxury isn’t one-size-fits-all. Price bands ($2M–$3M, $4M–$5M, etc.) behave differently depending on economic shifts and buyer sentiment. One tier may see surging demand while another softens, and broad market stats can obscure these nuances.

Tip: Use price band data to advise sellers on competitive positioning and inform buyers where they may have leverage. Track absorption and inventory by tier to spot opportunity gaps.

Follow the Feeder Markets

Feeder markets — where your buyers are coming from — offer a valuable predictive edge. When high-cost metros like San Francisco, Los Angeles or New York tighten, their buyers often seek value elsewhere. Monitoring those trends allows for timely and targeted outreach.

Tip: Set alerts to track days on market and inventory in top feeder cities. When those tighten, launch digital campaigns targeting high-income ZIP codes in those areas.

Track Corporate Relocation Trends

Corporate relocations, whether due to headquarters moves or remote work shifts, often drive localized demand surges. Tracking company expansions or employee relocations can help agents anticipate housing needs before they become obvious.

Tip: Use business journals, Chamber announcements, or U-Haul/United Van Lines data to identify feeder cities tied to new relocations. Build relationships with relocation firms and tailor marketing to executive lifestyle preferences.

Tailor Messaging to Buyer Psychology

National data can hint at shifts in luxury buyer sentiment — from stock market volatility to crypto cycles or election years. Local trends then reveal how that mood is translating into offer strength, time on market, and negotiation behavior.

Tip: Use data to shape tone and messaging. When buyers are cautious, emphasize real estate’s stability. When bullish, highlight upside potential or exclusivity.

Identify Micro-Niches Before They Go Mainstream

Pay attention to under-the-radar neighborhoods showing signs of new development, increased demand, or short-term rental activity. These “micro-niches” often offer value and potential before the broader market catches on.

Tip: Cross-check MLS activity with permit applications or development announcements. Look for trends in luxury short-term rentals or builder interest as early signals of change.

Leverage Tools from The Institute

The Institute for Luxury Home Marketing provides monthly reports, education, and tools that break down national and local trends — and decode what they mean for today’s affluent buyer. These insights go beyond data, tapping into the psychology of the high-net-worth client.

Tip: Incorporate the Institute’s local monthly reports into your listing presentations, send them to your sphere of influence (not just clients but professionals working within the affluent domain) to show your expertise. Use the report’s market insights to fuel social content, blogs, or videos that position you as a market authority.

Be the Interpreter, Not Just the Informer

Affluent clients don’t want just data — they want meaning. They’re looking for advisors who can make sense of the market and guide their decisions with clarity and confidence. When you understand your market at a granular level, you don’t just provide value, you become valued!

Stay Ahead with The Institute

For agents looking for more guidance on growing their luxury real estate practice and developing their skills when working with the affluent, learn more about The Institute’s Training Options.

Becoming a member of The Institute is a valuable investment in your future success as a luxury real estate professional. Access curated real estate tools and resources, advanced learning experiences, and connect with a network of successful real estate professionals throughout the United States and Canada.

Our Certified Luxury Home Marketing Specialist (CLHMS) designation is recognized globally. Take advantage of the training offered and the information provided through The Institute’s Local Luxury Market Reports, published monthly exclusively for members.

The post How Agents Can Use Market Data to Find Hidden Opportunities appeared first on ILHM.

As we move through into the start of summer 2025, the luxury real estate market is telling a complex story; one of strength, strategy, and surprising stability despite external pressures both locally and globally. While activity has slowed across most of North America, the median sold price has not only held firm but, in many cases, continued to rise, demonstrating the sector’s enduring appeal even in a climate of broader economic uncertainty.

May’s Mixed Market Signals

May’s data shows that there has been a subtle shift in market momentum. Activity has decelerated, although not as dramatically as expected – particularly given the volatility that rocked financial markets in April. Instead, this feels more like a calculated pause – a slowdown in pace, rather than a downturn in confidence.

Luxury home values remain resilient, with only a modest year-over-year dip in overall sales volumes. Most notably, year-to-date prices have continued to edge upward – up 2.2% for single-family homes and 1.4% for attached properties year-over-year – outpacing the broader housing market. This price performance underlines the durability and desirability of high-end real estate, particularly among well-capitalized buyers who view real estate for its long-term value rather than short-term trade.

However, traditionally a peak sales month, May didn’t deliver the kind of robust activity many were hoping for. Headlines had already pointed to a 12% drop in pending sales in April, stoking fears of a deeper decline. But the reality, as always in luxury, is more nuanced.

Sales of single-family luxury homes held up far better than their condo and townhome counterparts. Across North America, single-family sales in May declined just 2.9% year-over-year, while attached properties fell a steeper 11.9%. Month-over-month, both segments posted gains, 8.7% for single-family homes and a modest 0.6% for condos and townhomes, hinting at underlying resilience despite a cooler market.

Inventory Increases, but New Listings Lag

While available inventory is up, the rise in new listings has been notably more restrained. In the single-family segment, total inventory jumped 30.3% year-over-year, but new listings climbed only 18.3%. Month-over-month, available inventory rose 6.4%, while new listings only increased by 2.8%. A similar pattern emerged in the attached market: a 23.5% rise in inventory year-over-year, but only a 4.3% increase in new listings – and even a 1.9% month-over-month dip in supply.

This disparity speaks to the mindset of today’s luxury sellers. Many are holding back, unsure whether market conditions will shift in their favor later in the year. Some are testing the waters with exploratory pricing; others are delaying decisions entirely. It’s a wait-and-see atmosphere, but one grounded more in caution than fear.

Understanding the Affluent Mindset

Much of this strategic restraint during May, on both the buyer and seller side, can be traced to April’s market turmoil. Affluent individuals are typically less reliant on financing, but they remain highly attuned to macroeconomic signals. When portfolios are volatile, currencies shift, or geopolitical tension rises, even the wealthiest take pause.

Moreover, today’s high-net-worth individuals are increasingly weighing opportunity costs. While real estate offers security, it doesn’t offer the explosive upside of private equity, venture capital, or digital assets. The affluent recognize this, but they also know that real estate delivers something those other assets cannot: a blend of security, utility, and identity.

Why Luxury Real Estate Still Wins

From a pure ROI (return on investment) perspective, luxury homes may lag behind riskier, more volatile investments. They are illiquid, come with carrying costs, and are slow to appreciate. But they deliver value in other ways: tangible, lifestyle-enhancing benefits that no stock or digital token can replicate.

A primary residence – or even a trophy vacation home -offers shelter, sanctuary, and status. It’s a place to retreat, recharge, and reconnect. And in periods of instability, it becomes a physical anchor, something that can’t erased, or devalued overnight.

Luxury real estate is also increasingly being used as a hedge against inflation, a tool for currency diversification, and a means of securing residency or citizenship in key global markets. These practical and strategic considerations are playing a larger role in high-end buying decisions.

What Lies Ahead

While both listings and transactions are down from peak levels, the luxury real estate market is not flashing warning signs, it’s signaling measured patience.

For now, buyers are watching. Sellers are choosing their moments. And values are holding firm.

In a world where volatility has become the norm, luxury real estate remains one of the few investments where stability, identity, and utility converge. That may not make it the flashiest asset in an affluent portfolio—but it does make it one of the most enduring.

View additional insights from The Institute

STAY AHEAD WITH THE INSTITUTE

For more guidance on growing your luxury real estate practice and developing your skills when working with the affluent, learn more about The Institute’s Training Options.

Becoming a member of The Institute is a valuable investment in your future success as a luxury real estate professional. Access curated real estate tools and resources, advanced learning experiences, and connect with a network of successful real estate professionals throughout the United States and Canada.

The post May Market Update: Luxury Real Estate Slows in Pace, Not in Confidence appeared first on ILHM.

In a recent episode of the Estate of Mind podcast, hosts Tami Simms and Jack Miller were joined by John Simmons, Co-Founder of C3 Real Estate Solutions in Fort Collins, Northern Colorado. Together, they explored what it truly means to future-proof a real estate business, especially when it comes to making smart decisions about growth during volatile market cycles.

One of the key takeaways? Knowing when to expand and when to scale back is one of the most critical skills for long-term success in real estate. Here’s a summary of the valuable insights they shared:

Know When to Grow vs. Streamline

As the market shifts and it always will, growth for the sake of image or ego can be a dangerous move. Whether you’re drawn to building a mega team or just want your name in lights, it’s critical to ask yourself whether that growth aligns with the health and direction of your business. Real growth happens when you’re solving a need, not just chasing visibility.

Focus on Profitability Over Production

There’s a major difference between production and profit, and smart business owners know it. A common trap is building out a large team with dozens of agents, only to find that the profit margins don’t support the overhead. If a two-person team can earn the same as a team of sixteen, it’s time to ask whether the math is working. Future-proof businesses are built around financial efficiency, not just volume.

Build Around Strengths, Fill in the Gaps

In a business as multifaceted as real estate, it’s essential to play to your strengths. The smartest leaders build teams that fill in their blind spots. If you’re strong in client relationships but struggle with paperwork and follow-up, hire someone who thrives in those areas. The goal isn’t just to reduce your workload, it’s to enhance the overall performance and client experience by letting each person shine in their best role.

Culture and Values Come First

Scaling a team or a company is not just about numbers; it’s about people. And more specifically, the right people. That’s why your mission and core values should be more than a plaque on the wall. A highly productive person who doesn’t fit the culture can do more damage than good. Culture is the glue that holds your business together during both good times and bad.

Quality Over Quantity

Bigger isn’t always better. While it’s tempting to chase high headcounts or flood your pipeline with leads, futureproofing means leaning into having quality agents, transactions, and client relationships. In volatile markets, this mindset becomes even more critical. Fewer, higher-quality transactions often yield better outcomes than chasing every deal. And fewer, well-trained agents can often outperform larger teams if they have the right systems and support.

Stay Nimble in Market Downturns

When the market slows, many businesses panic. Resilient businesses are built by those who pivot rather than retreat. That means watching your numbers carefully, reducing unnecessary expenses, and making thoughtful changes to your structure or staffing. It also means doubling down on agent support and providing tools that help your team navigate leaner months while maintaining service quality.

Diversify Revenue Streams

Relying solely on sales commissions can be risky, especially in markets that experience downturns. One way to insulate your business is to create additional income streams that complement your core business. Property management, mortgage services, or title partnerships can provide stability and long-term financial health. These ancillary services also help create a more complete value offering for your clients and build loyalty.

Work Smarter, Not Harder

The idea that you must work 24/7 to be successful is a myth that’s finally being challenged. Concepts like Ninja Selling have reframed the goal: maximize your income per hour, not your hours per week. That means prioritizing relationships, streamlining your systems, and cutting out the tasks that don’t directly drive your business forward. Futureproofing your real estate business doesn’t have to be about hustle – it’s about working with clarity and purpose.

Leadership Requires Thick Skin

Leading a growing business isn’t for everyone. It involves making tough calls, handling conflict, and sometimes disappointing people. If you enter partnerships, you’ll need solid legal agreements and clear communication strategies to work through differences. And above all, you need to stay grounded in your values while navigating the emotional rollercoaster of managing people, finances, and expectations.

Train Continuously

If there’s one thing you can always count on in this business, it’s change. From contract laws to marketing strategies, staying sharp requires a commitment to ongoing learning. The best-run companies prioritize training – not just once, but as a continuous part of their culture. When people are better trained, they make fewer mistakes, which protects your brand and improves client outcomes. It’s also a major factor in team retention and morale.

Want to dive deeper into these strategies? Tune into the full episode of Estate of Mind to hear more about how to future-proof your real estate business, stay ahead of the curve, and make informed decisions about scaling your team for long-term success.

View additional insights from The Institute

STAY AHEAD WITH THE INSTITUTE

For more guidance on growing your luxury real estate practice and developing your skills when working with the affluent, learn more about The Institute’s Training Options.

Becoming a member of The Institute is a valuable investment in your future success as a luxury real estate professional. Access curated real estate tools and resources, advanced learning experiences, and connect with a network of successful real estate professionals throughout the United States and Canada.

The post Smart Scaling in Real Estate: How to Expand—or Streamline—for Long-Term Success appeared first on ILHM.

As a luxury agent, breaking into high-net-worth circles requires more than marketing, it requires presence, credibility, and connections. Here are a few suggestions on how top agents effectively connect with affluent clients both directly and indirectly through exclusive events, elite partnerships, and curated networks.

Connect with Affluent Clients Through Exclusive Events

Affluent individuals typically do not show up to open houses or engage with generic outreach like cold calls. Instead, they connect in curated environments where trust, influence, and legacy naturally converge – think private galas, luxury brand activations, investment summits, and invitation-only social gatherings.

Becoming a regular presence at these events shifts your position from outsider to insider. Recognition matters in these circles, and you will quickly discover how tightly knit and surprisingly small the world of the ultra-wealthy really is and much easier it is to cultivate relationships.

Charity Events: Where Values and Visibility Meet

Charity galas, foundation fundraisers, and philanthropic auctions are among the most effective and authentic venues for meeting affluent individuals. These events attract people who lead with purpose and are often the same individuals making high-value real estate decisions aligned with legacy, family, or lifestyle values.

By supporting causes that matter to you and your ideal clients – whether that’s education, the arts, health, or community – you build relationships on a foundation of shared values. Serving on planning committees, donating auction items, or partnering with nonprofits as a visible sponsor can increase both your exposure and credibility within influential circles.

Private Clubs: Your Gateway to Influence

Membership in private golf and tennis clubs, social clubs, yachting circles, and business organizations can be a direct bridge to affluent individuals. But it’s not just about joining, it’s about contributing. Serve on committees, sponsor member events, and add value through your market insights.

When you’re seen as a peer with shared interests – whether that’s wine, horses, or aviation – you’re no longer “selling” you are building trust within a closed network, where referrals flow naturally.

Tapping Into Trusted Advisors

Wealth Managers, CPAs, and Family Offices

Many high-net-worth individuals do not make major financial decisions alone. Their inner circle often includes a wealth manager, private banker, CPA, attorney, or family office advisor. These gatekeepers aren’t just sources of advice, they’re also sources of referrals.

Cultivating genuine relationships with these professionals, especially those who specialize in managing relocations, estate transitions, or global asset strategies, can position you as their go-to real estate expert. Hosting co-branded events, providing luxury market insights, or offering discreet concierge services can make you part of their extended advisory team.

Relocation Services

Connecting With the Mobile Elite

Today’s affluent clients are increasingly global and certainly looking for new locations. Whether they’re moving for tax reasons, family needs, lifestyle upgrades, or geopolitical concerns, they often rely on high-end relocation specialists and destination services. Partnering with firms that specialize in cross-border moves, luxury short-term housing, or concierge onboarding can plug you into a steady stream of motivated, well-qualified buyers and sellers.

Additionally, understanding the unique needs of relocating executives, entrepreneurs, and international buyers allows you to position yourself as a trusted guide.

Using WealthEngine

Data-Driven Prospecting

Through membership with The Institute for Luxury Home Marketing, agents gain access to WealthEngine, a sophisticated platform that helps identify and understand high-net-worth prospects. With insights into net worth, interests, donation history, and lifestyle indicators, WealthEngine allows you to fine-tune your outreach with precision.

This tool isn’t about cold leads, it’s about smart connections. Use it to identify potential event invitees, uncover philanthropic patterns, or tailor communications that resonate with specific wealth profiles.

In Conclusion

Success in luxury real estate isn’t about how many people you reach – it’s about “who” you reach and “how” you connect. When done well, this ecosystem doesn’t just deliver clients, it creates advocates who see you as an indispensable part of their lifestyle.

View additional insights from The Institute

STAY AHEAD WITH THE INSTITUTE

For agents looking for more guidance on how to connect with affluent clients, we invite you to learn more about The Institute’s Training Options.

Becoming a member of The Institute is a valuable investment in your future success as a luxury real estate professional. Access curated real estate tools and resources, advanced learning experiences, and connect with a network of successful real estate professionals throughout the United States and Canada.

Our Certified Luxury Home Marketing Specialist (CLHMS) designation is recognized globally. Take advantage of the training offered and the information provided through The Institute’s Local Luxury Market Reports, published monthly exclusively for members.

The post Where Luxury Clients Really Are appeared first on ILHM.