Estate of Mind: The Art of Selling Luxury Real Estate

Episode Summary: How to Spot and Stop Scammers in Luxury Real Estate

Release Date: October 8, 2025
Host: Tammy Sims (Lead Trainer, Institute for Luxury Home Marketing)
Guests: Jack Miller & Robert Stutz (Onward Real Estate, Nashville, TN)

Overview: Main Theme

This episode dives deep into the growing sophistication of scam artists in the luxury real estate market. With anecdotes and hard-won lessons, the hosts—veteran luxury agents and a lead industry trainer—explore how scammers target both agents and sellers, the red flags that should never be ignored, and practical steps for protecting everyone involved in high-dollar property transactions. The stakes, they emphasize, are not just financial but can extend to personal safety and legal liability.

Key Discussion Points & Insights

1. What Makes Luxury Real Estate a Target for Scammers?

• High value transactions make luxury listings attractive for both financial and criminal scams.
• Vacant homes and “desperate” sellers are particularly at risk.
• Scammers use sophisticated techniques, including Photoshopped or AI-generated documents.

Quote:
"Some sellers are so desperate for action that they will overlook things even when we're telling them. Because they want it to be true."
—Jack Miller (00:00, 11:16)

2. Real-life Scam Scenarios & Red Flags

A. The “Fast Talker” Buyer (04:00–06:35)

• Example: A charming “buyer” used urgency, name-dropping, and pushed for quick possession without verifiable funds—later discovered to be a serial scammer targeting multiple agents.
• Red Flags:
  • Pushing for offers late on Fridays (banks closed, verification harder)
  • Urgency for access/early possession
  • Use of agent names for credibility (05:43)
  • Changing utilities pre-closing

B. The “Buyer Circuit”

• Scammers quickly move from one unwitting agent to another if questioned, eventually finding someone susceptible (06:35–08:16).

C. “Fantasy Tourists” & Emotional Scams (12:06–13:38)

• Some contacts waste agent time for emotional or family reasons (e.g., using a luxury showing as an outing for grandkids).

Quote:
"After a while, it became apparent that this was just a way for him to spend time with his grandkids on this fantasy tour of living in a mansion."
—Jack Miller (13:31)

3. The Mechanics of Vetting: Verification and Communication

• The importance of double-checking documentation, especially as scammers use advanced digital forgery.
• Newer agents or those “jumping” to luxury listings are prime targets.
• Sharing warnings in MLS notes, private channels, and agent groups without risking liability (07:30–08:16).
• Using tools like Forewarn and WealthEngine to quickly screen contacts (16:18, 41:41).

Quote:
"They still, still using AI or whatever to create false documentation. So you can't even rely what's sent to you without double verification."
—Jack Miller (11:55)

• Subtle language shifts are crucial: "verification of assets” is less off-putting than “proof of funds" (20:14–23:05).

Quote:
"We like to refer to it as verification of assets... As you might imagine, in order to secure an appointment for a home of this price, we'll be required to provide verification of assets."
—Tammy Sims (20:27)

4. Navigating Celebrity & Unusual Buyer Scenarios

• Not all “unusual” clients are scams—YouTube stars, athletes, lottery winners, celebrity spouses often have legitimate (if idiosyncratic) buying patterns.
• Balancing skepticism with respectful service; using third parties (listing broker, concierge, broker) for delicate verification requests (17:42–19:03, 24:07–24:51).

Quote:
"You don't want to be dismissive of anybody because they don't meet all the obvious criteria. But at the same time, you just want to be cautious."
—Jack Miller (19:03)

5. Protecting Sellers, Agents, and the Process

• Advice for safe face-to-face meetings: always meet new clients at the office first, have witnesses, or require IDs for entry (36:03–37:00).
• Use of building policies (e.g., requiring driver’s licenses at concierges) to add hurdles for fraudsters (36:39–37:57).
• Close collaboration and trust within the agent network is crucial, especially in high-end transactions and with privacy-concerned clients (28:22–28:50).

6. The Human Factor: Instinct, Mentorship, and Education

• Frequent targeting of inexperienced or low-end agents moving into luxury sales.
• Importance of listening to gut instincts and helping colleagues learn the ropes (29:12–33:42).
• The value of mentoring and not shaming new agents—help them screen buyers appropriately.

Quote:
"It's good to have mentors and it's good to be a mentor to somebody learning that space."
—Jack Miller (50:32)

7. More Examples & Extreme Cases

• Story of a supposed Vanderbilt surgeon who turned out to be violent scammer (33:42–34:50).
• Long con involving fake fiancées and insurance fraud (39:05–41:40).
• Real, but misinformed, buyers: lawsuit winners, musicians, lottery recipients, and divorcing spouses often overestimate liquid assets or underestimate legal speedbumps (43:19–47:25).

8. Practical Red Flags for Agents

• Overly broad budgets (“$1.5M to $8M”) or “money is no object” (48:27–49:07).
• Borrowed language that real wealthy clients don't use (“mansion,” name-dropping, all-flash-no-substance).
• Email/phone addresses that don't match claimed wealth or residence.

Notable Quotes & Memorable Moments

• On sharing information with the agent community:
  “We have a way to post on our MLS notes to the agents in the marketplace…we describe the profile of the buyer and we say if you think you’ve encountered this buyer with these traits, you may want to reach out to us for details.”
  —Jack Miller (07:30)
• On meeting new clients:
  “Have that person meet them at the office…You make introductions. That makes a scam artist really nervous.”
  —Jack Miller (36:03)
• On trusting but verifying:
  “At some point, even an NFL player, a business manager will have to provide proof of funds at some, somewhere along the line but you don’t want to run that potential buyer off because they come to…sometimes they’ll come to the call literally unprepared…”
  —Jack Miller (19:03)
• On the permissibly “discriminatory” criteria:
  "The one thing you can discriminate on the basis of — ain't got no money."
  —Robert Stutz (49:35)

Timestamps for Key Segments

| Topic/Story | Timestamp | |-----------------------------------------------|-----------------| | Introduction to panel & stakes in luxury | 02:02–03:15 | | “Brad the Buyer” scammer story | 04:00–06:35 | | Sharing scam warnings among agents | 07:07–08:16 | | The “Fantasy Granddad” open house scam | 12:06–13:38 | | Language matters—verification of assets | 20:14–23:05 | | Celebrity/Unusual buyer anecdotes | 17:42–19:03, 24:07–26:38 | | Role of agent relationships & trust | 28:22–28:50 | | Inexperienced agents as targets | 29:12–33:42 | | Surgeon scammer & physical danger | 33:42–34:50 | | Insurance fraud “fiancé” con | 39:05–41:40 | | Due diligence tools (Wealth Engine, Forewarn) | 16:18, 41:41 | | “Misunderstood funds” scenarios | 43:19–47:25 | | The importance of gut instinct, mentorship | 49:07–50:51 |

Actionable Takeaways

• Always independently verify documentation and identity, especially when pressed for urgency.
• Use technology and internal real estate networks for early warning and cross-checking suspicious activity.
• Frame verification requirements around seller mandates or listing agent policies to maintain trust.
• Cultivate relationships with trusted colleagues, concierges, and brokerage staff for safety and information-sharing.
• Trust your instincts: Red flags should never be ignored, no matter the potential reward.
• Provide mentorship for newer agents and support them in learning the unique language and process of luxury deals.

Final Advice

"Trust your gut and be careful. Treat everyone equally when it comes to screening — regardless of appearance or backstory. Learn from each other and don’t hesitate to reach out to your network when something seems off."

(49:08–50:51)

For more tools, industry mentorship, and access to verification resources like WealthEngine, visit: luxuryhomemarketing.com.

End of summary — perfect for agents, buyers, and sellers seeking a crash course on safety, due diligence, and professionalism at the top end of the market.