Portland Broker of the Week – Terry Sprague –
There’s a movement afoot. A new breed of tech-bred Millennials, flush with Silicon Valley cash, are flocking to Portland in droves. You can love it or hate it, but you can’t deny it.
For those relocating on an excised budget, Luxe Properties Group offers up a second-to-none experience. Helmed by founder Terry Sprague, Luxe specializes in high end properties, and Sprague is proud to cater to a new type of crowd.
“Most people typically have a narrow perception of how a younger generation is going to live, that they want to live in small houses and such,” Sprague explains. “The fact is, these are some of the people creating new wealth and technology. When they have a large portfolio of funds sitting in their savings, they have the ability to start dreaming big.”
Helping people dream big is exactly what Sprague and his team do. They specialize in high-end video production designed to showcase a property in a truly cinematic way.
“One video was just completed on Palisades Crest. It was in the twenty-thousand dollar range. We have super-high standards,” Sprague says.
Part of the process relies on perpetuating said standard. “We show them how they could potentially be living a different lifestyle,” he says. “A video can not only show the property, but also tell a story of an experience. We are trying to open up the potential emotional expectations of a customer and make them think, why not?”
A video can only do so much however, which is something Sprague himself acknowledges. “It’s easy to suggest that Millennials will only respond to digital marketing,” he says. “But at the same time, the person that they meet, and the communication they receive, is just as important. If it’s done to old-school standards, you have a chance to really wow them as a consumer.”
Sprague’s approach to wowing a client is influenced by the generation that he’s targeting. “I found two Millennials I hired as brokers,” he says without reservation. If anything, Sprague considers this to be an advantage.
“We tend to sit down as a group and discuss everyone’s perception of a property,” he says. “You’re getting opinions from different generations.”
The strategy also includes utilizing the knowledge of this generation, namely in the area of social media. “We’ve really looked at the science of Facebook, Instagram and LinkedIn,” Sprague says. “We look to people that are specialists within those particular social media groups.”
Their specializing goes far beyond mere use, as well. “Our Facebook person is running data tests with Facebook and goes down and meets with Facebook on a regular basis,” Sprague says.
Traditional marketing cannot be discounted, however, and Sprague is quick to point that out. “You must compliment traditional marketing with social media,” he says.
A Personal Start
To understand Sprague’s humility, you have to understand that his success comes from a far less extravagant background. “I grew up in North Portland and come from a working-class background. Six kids in a fifteen-hundred square foot home.”
In his typical positive style, Sprague is convinced this too was for the better. “I had humble beginnings, which was really great.”
Sprague would wind up leaving Portland for a career in retail and finance. “I had a fifteen year career in the investment industry.”
In what many who leave the corporate meat grinder – no matter how much money they make – Sprague says “I enjoyed a really great career, but it was always very corporate and it lacked creativity.”
After leaving that career, and meeting his wife on the beach in Antigua, Sprague returned to his home ground to build his business. After all this time, he wanted to do something lucrative, but independent. His entrepreneurial spirit was still calling.
The Journey to Now
“I went to work for Windermere in Lake Oswego,” he begins. “I did nine million in my first nine months. I made twenty-six million in my second year.”
After dominating his Windermere market, Sprague moved on to Sotheby’s, where he worked for two years. But he had higher aspirations still.
“On a whim,” as he puts it, he flew to Los Angeles to meet with representatives from Christie’s International Real Estate, who now backs him. “They gave me an opportunity to create a company and that was the beginning of Luxe Platinum Properties,” he finishes.
Since then Luxe Platinum Properties has been catering to a high-end clientele that – in Sprague’s belief – only enhances it. Maybe this mass migration thing isn’t so bad? Are these transplants looking to assimilate, after all?
“The core of Portland runs deep,” Sprague says. “People move here not because they want to change the way Portland is, but because they want to be a part of the Portland scene. I see people coming here who have a chance to go anywhere else in the world, and yet they come here.”
In coming here, Sprague hopes to position Luxe Properties Group at the forefront of their minds. High-end, customer focused, and highly produced experiences are what they offer. For more information, check out the Luxe Properties Group’s website or give them a call at (503) 389-2112.
William Bessette – PortlandMetroLive.com Contributor
BIO: William Bessette is a social media strategist, blogger and journalist. With over ten years of experience covering a wide range of topics, from entertainment and politics to technology and real estate, he specializes in writing in a variety of tones and styles.