Here's a case study. Your clients are moving to your city. They are a couple with a variety of interests and are both professionals in their respective fields - but wouldn't mind meeting a new circle of friends and perhaps also build their business reach within the community. It's hard to break into a new community and there are some great volunteer opportunities and business groups available. They had been members of a country club and a social club in the city they are leaving. As a real estate broker, how can you help? It's as easy as these five steps:
#1 You are their first line of defense in learning their community. As real estate professionals, our business transcends far beyond the elements of a transaction where we have a responsibility to help ease the burden of any transition - whether it's a new neighborhood OR a new city. Your clients have identified their desire to create a similar environment in the new city. Research and having an answer to questions related to wants or needs is a basic point of entry in our professional roles.
#2 Vetting the club. It's obvious that private clubs attract different audiences and the point of entry is different for each one. For example, in Portland one club requires a sponsor and nine seconders. Further, their sponsor questionnaire poses such questions as to your level of connection with the potential member - "has the candidate dined in your home?" for example. A club in Washington D.C. is the home of literary intelligencia while another may be known for having a world-class art collection and attracts individuals with those interests. There's something for everyone - and it's the real estate broker's responsibility to know the difference and requirements for points of entry.
#3 Vetting x2 - the bones. Knowing someone (if not yourself) on the inside is of paramount importance. Nationwide, we're experiencing a shift in relevance for some formerly-prominent institutions. Financial health of the club is a major question in evaluation, as you don't want your recommendation to close its doors three months after your clients pay a significant initiation fee. Attrition rate for membership is also an interesting question: what is the percentage of your membership that have been members for five years or longer? If someone doesn't get what they want out of the club experience, they usually resign in 1-2 years.
#4 Vetting x3 - the members. Getting back to our fictional clients intent - a new circle of friends and to potentially build business. The club membership experience is organic and different for each person. However, there are several red flags: A) a social or country club that has to advertise in social media or traditional channels is on a sure path to either closure or an enormous special assessment as it connotes pure desperation and obvious the membership cannot sustain itself, and, B) NETWORKING. If this word appears in any membership information packet - RUN! Your client's experience at their club is very personal - introductions are made to develop friendships that can often blossom into a business relationship based on trust over time. For example, one of my attorneys is from a friendship and I know he is at the top of his game professionally and my jeweler is a similar example. Those who expect to have business thrown at them by virtue of membership will be disappointed unless that is the ethos of the club's culture.
#5 Activities and Services. Here are some questions to ask of staff or members of the Membership Committee. A) is the chef a protégé of a Michelin-starred or James Beard award winner, or one themselves? In the Portland market, one of these chefs will set the club budget back $200,000 or so annually (fully loaded), so get ready to pay the price for this excellence in dues. B) is the wine list curated by actual experts or member enthusiasts? Insight to this would be if the club has received something along the lines of a Grand Award from Wine Spectator - and the most expensive wine is not always a barometer of the best offering. C) what are the major areas of interests of the members? Is it a women-only club existing to provide a venue for bridge games and a great lamb shank dinner on a Thursday night; or, a place that caters exclusively to tennis players who may enjoy a good burger by the pool in a hidden urban oasis?
All food for thought - will our fictional couple find what they desire based upon your help? Basic rule of thumb - find what makes the client comfortable but be able to provide basic guideposts that make the search successful and enriching in the end.
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