Ready to take on the challenge of selling high-end homes? We’ve gathered seven tips from PLACE’s leading luxury real estate agents to differentiate yourself from the conventional industry and establish a thriving luxury real estate business.
Expert Tips for Luxury Real Estate Agents
1. Study high-end client demographics
As a luxury agent, understanding the demographics of your high-end clientele is essential to building rapport and developing long-term relationships. Many upscale clients are well-established business professionals, entrepreneurs, or high-net-worth individuals, and a luxury home purchase is largely about their wants, not their needs.
Research where they like to vacation, what they like to wear, and their unique hobbies. Study the sought-after neighborhoods that attract luxury clients in your area. Note the luxurious amenities such as terrace decks, marble countertops, top-of-the-line appliances, or elaborate closets. Be very intentional about matching your high-end buyers’ unique tastes and needs to a potential property.
Take the time to learn what their ideal luxury home features in terms of:
- Lifestyle
- Design
- Daily routine
- Connection
A deep understanding of these four elements will help you match your pool of buyers to high-end properties that reflect their style and desired lifestyle.
2. Embrace a concierge mindset
At every price point, customer experience and concierge mindset matter. While you should always aim to provide the same level of service to all clients regardless of price point, luxury real estate agents naturally face more costly marketing strategies. Spending more on your luxury transactions is expected when the revenue potential is significantly higher.
For example, if your typical closing gift includes a welcome basket and a smart home gadget, level up for your luxury clients by hosting a departure or welcome party with food, drinks, and entertainment. Not only is this a great tool for networking with other potential buyers, but you’ll also set yourself up as the go-to contact for exceptional service at any point in your luxury client’s real estate lifecycle.
3. Earn your seat with the decision-makers
High-net-worth individuals surround themselves with a network of trusted individuals like estate planners, stockbrokers, insurance agents, and attorneys. To be a successful luxury real estate agent, you’ll need to earn a seat at the table of wealthy clients’ established advisors.
Join a networking group and be strategic with the relationships you develop with other professionals who may have connections to the clients in the luxury market you’re attempting to reach.
4. Become a luxury real estate market expert
When working with clients who have considerable amounts of capital at stake, a deep, comprehensive understanding of the luxury real estate industry is invaluable. From understanding pricing strategies based on high-end property values to appreciating upscale design conducive to a luxury audience, aspiring luxury real estate professionals should be well aware of the nuances within the luxury real estate industry. All of this comes down to the one thing you can control: your preparation and knowledge.
To sell luxury properties, you must be well-informed on the product, macro market trends, and cutting-edge luxury home technologies, all of which will help you gain the trust and confidence of high-end clientele. Find national data and information from various sources, including trusted economists or financial advisors. For example, PLACE receives exclusive insights from its investor, Goldman Sachs, that we package and share with our partners so they can better advise their clients.
Because real estate is so hyperlocal, you’ll also want to dive deeper into local luxury data to share unique insights and advise them on the best neighborhoods for lifestyle and investment purposes alike.
5. Rub elbows with the right people
Networking with high-net-worth individuals is critical in securing more luxury listings. With the right approach and attitude, these interactions can be mutually beneficial: they get access to exclusive listings that meet their requirements, while you get to expand your professional contacts in the niche market of luxury listings.
Be prepared to share your value proposition:
- Why you’re an expert in the luxury market
- What sets you apart from your competition
- How your business benefits the community
Choose relationships and the activities you participate in strategically and intentionally. Whether in a boardroom for a charity, on the golf course at the right country club, or locking arms with other business leaders, always add value to the lives of key people in your community.
6. Be a matchmaker
Regardless of the market cycle, affluent clients continue to invest their money into hard assets, like high-end real estate. You’ll need to work your database like a matchmaker, managing existing relationships well and bringing them new luxury properties and developments in the market, and make active efforts to get introduced to new contacts. You’ll find that luxury clients may not be actively searching for homes but often make quick decisions when the right property comes along. Having strong connections with buyers helps identify such properties quickly before others can act on them.
7. Produce sophisticated marketing
Differentiate yourself from other real estate agents with best-in-class marketing and advertising designed to attract those interested in the luxury lifestyle. Start with creating a polished presence online with a website that reflects your expertise in the field. Create captivating social media posts and consistently share information reinforcing your unique value proposition. Design attractive email campaigns to keep in touch with clients and other industry professionals. Speak at local events and networking events, or start blogging about the industry to build credibility as an expert in luxury real estate. Establishing yourself as an authority within this space will make you better positioned to attract high-end clients.
Always:
- Hire a top-notch listing photographer and videographer
- Use high-end print collateral for listing and business branding
- Elevate your digital marketing with professional videos
Don’t cut corners. How you promote your brand and your listings reflects on your business and impacts your ability to earn referrals from your luxury clients.
Discover how a PLACE partnership positions you for success.
Do you run a successful real estate team and are looking to expand your presence in the luxury real estate market, but need more leverage to get started? Fill out this form to get in touch with a Growth Leader at PLACE.
