Buying a first home or having to relocate because of a new job can be nerve-wracking. The process for professional athletes is no different. In fact, it can be even more stressful for them, especially those who become millionaires at a young age and do not have the background to make sound real estate investments.
In California, Jade Mills, a real estate agent in the Beverly Hills area who specializes in multi-million dollar deals, has teamed with Kalaan Brown, another agent in the area, to form a sports division to advise pro athletes, according to the article “Jade Mills scores with new real estate sports division” by Britt Chester on Inman.com. Mills and Brown are helping match athletes from all sports with the proper real estate purchase.
According to Mills, young athletes sometimes want to buy from a friend who may have just obtained a real estate license.
“It may not be in their best interest to work with a friend, because that friend may not have the qualifications to do the best job for them,” she wrote in the article posted August 12.
Mills also warned that just because an athlete has signed a big contract, that doesn’t mean he should buy whatever he can afford at the moment.
“A lot of them buy and then are sorry they bought in a certain area,” she said in the article. “We would like to teach them where their money will be best spent. Where they will be able to have a good long-term investment if they want to move from Los Angeles, or if it’s something they need to keep and rent.”
The article noted a 2009 study by Sports Illustrated found 78% of former NFL players were either bankrupt or under financial stress because of joblessness or divorce after two years from retiring from their sport, and about 60% of ex-NBA players were in similar financial situations within five years of retirement.
Baseball players who join the Tampa Bay Rays don’t have to look far for a dependable real estate agent. The team recently announced a partnership with Jennifer Zales of Coldwell Banker Residential Real Estate in Tampa, Florida, as reported in the article “Jennifer Zales named the Official Real Estate Agent of the Tampa Bay Rays” on PRNewswire.com.
The partnership gives Zales the ability to assist home buyers and directly showcase her luxury listings to Rays fans, the front office and players, including those from other teams who have spring training in the area, according to the article.