High-end real estate clients are knowledgeable, discerning, and elusive. Gaining their trust and business requires more than a general marketing approach. Agents who learn this market and cultivate meaningful relationships can earn an impressive income. Discover the seven smart strategies that transform an ordinary agent into a luxury real estate agent with an ongoing stream of referrals.
Always Dress for Success
From stockbrokers to creatives, wealthy people want to work with reputable professionals. Look the part by dressing for success. Choose garments made from quality materials that fit correctly. Invest in classic business attire that effortlessly goes from the boardroom to dinner with clients. Wear appropriate attire during business hours. After hours, emulate the casual style of the local elite, such as khakis and a polo shirt at the golf course or a black-tie outfit at a charity ball. A luxury real estate agent should wear clothes that blend into the look of this target market.
Learn the Language and the Lifestyle
Once an agent is dressed for success, it is time to get immersed in the lifestyle. While an agent might not have millions of dollars to spend on lifestyles of the rich and famous, there are ways to mingle in well-heeled social circles. Boaters can join the local yacht club while golfers can become members of the country club. Attend charity balls, art gallery openings, wine tastings, and museum exhibitions. Shop at high-end stores and dine at fine restaurants. A luxury real estate agent should be seen in the places where high-end buyers and sellers spend their time. Work for a broker with a stellar reputation in the property and luxury industries. For example, Better Homes and Gardens® Real Estate agents have the power of a brand that touches 40 million people every month to provide information about having an abundant and stylish life.
It Takes Money to Make the Big Money
Agents who want to corner the luxury market realize it takes money to make big money. Hosting an open house with soda and pretzels is not enough to make an impact on high-end clients. Be prepared to spend money on glossy brochures, digital marketing campaigns, and catered open houses attended by local celebrities. Smart agents save cash before embarking on a luxury listing or sale, so they are well-prepared to provide the highest level of service. Take advantage of the free marketing resources offered by your broker. Affiliated Better Homes and Gardens® Real Estate agents have access to a robust Digital Marketing Center to create impressive digital marketing materials to grab the attention of high-end clients.
Offer A Unique Experience Like No Other
When it comes to luxury buyers and sellers, the presentation is as essential as the property. Offer a unique experience like no other to attract this growing target market. Showcase a property’s features with advanced photographic technologies such as professional panoramic photos and video, aerial photography, and virtual tours. Create a landing page or site for each property for maximum online exposure. Host an open house with neighborhood trendsetters and tastemakers. Harness the power of blogging and social media to connect wealthy buyers with the best possible properties on the market. Is writing your stumbling block? Hire a writer to create compelling descriptions and search engine optimized articles that get attention.
Have A Finger on the Pulse of the Financial World
Develop a professional network to become a respected real estate expert. An agent should be able to offer viable referrals for everything from mortgage loans and attorneys to inspectors and landscapers. While most luxury buyers have their team of professionals, it helps when an agent also has a network of trustworthy experts who are ready to help. Tap into the expertise of financial professionals such as accountants, bankers, private lenders, and investors. Encourage reciprocal referrals, which can become lucrative for everyone involved. Be aware of the latest financial developments to interact in a meaningful way with clients.
Know the Niche and Neighborhood
Luxury buyers are typically busy and want information readily accessible when they ask an agent for advice. An agent should research the niche and neighborhood to be well-prepared for any questions that may arise. If you don’t know the answer, have resources that can provide it immediately. A knowledgeable agent is worth his or her weight in gold. Learn about real estate values to price listings competitively for sellers and help buyers get the best deals. Tour the gated communities and estate areas to feel confident during showings and open houses.
Always Educate and Inspire
What makes a luxury real estate agent stand out from the competitors? The answer is the ability to always educate and inspire clients. Choose an area of expertise and learn everything about it. Create blog articles, social media posts, and ebooks providing insight and advice to real estate buyers and sellers. Continually review comparable sales in the area to know accurate real estate values at all times. Assess the market and share tips for buyers and sellers to make the most of the current climate. Avoid aggressive sales techniques that send high-end buyers running. Gain respect and build trust to establish meaningful and profitable relationships.
Fortune magazine recently reported the ranks of the uber-wealthy are growing quickly, and their money is driving up luxury real estate prices. With dedication, research, and superior customer service skills, a talented agent can break into this lucrative market. Soon you could be the next million-dollar luxury real estate agent!