Tips on Breaking Into the Luxury Market
So, you’ve been doing residential real estate for a while and you’re looking to up your game. A lot of people consider going into the luxury market at that point. Or, maybe you started in the business always intending to specialize in luxury properties and were just learning the ropes before you tackled one of the industry’s most lucrative specialties. No matter the reason, the luxury market is a whole new ballgame and you don’t want to go into it unprepared. First impressions are everything in this business, especially when you’re dealing with wealthy clients and investors. Here are few things to consider if you’re thinking of going from starter homes to estates.
Learn how the luxury market and clientele are different
As experienced as you might be in traditional real estate, the luxury market is almost like starting at ground zero. Everything from the buyers, to the sellers, and obviously, the properties themselves, will take a new approach. One of the key ways it is different is that the feeling of exclusivity truly matters. You will be doing more targeted marketing through high-end networking groups as wealthier clients tend to be more comfortable when you come recommended by people they trust to have the highest standards. There are no mass-marketed open houses. It’s all about private showings. Although professional, one-on-one service is key in this business no matter what the price point, wealthier buyers are accustomed to concierge-style service, and the way to stand out from the rest is to provide service that goes above and beyond what even they expect.
Look the part
If you’re thinking of going the luxury route, creating high-end branding and marketing yourself properly is of the utmost importance. That includes your own personal look. You and your business will need a total makeover, or at least a major upgrade. It might even be time to buy that new car you’ve always wanted. It is also key that all of your marketing materials are high end. So start gathering a stable of highly-trained professionals, photographers, and stagers as every aspect of the service network you’ll be providing complements the brand that you’re selling. It’s well worth the time to get all of this nailed down and seamless before you even think of entering the luxury market. Another good investment? You want to have an in-depth knowledge of all the latest real estate technologies and innovations. Don’t just look the part, actually be on the cutting edge.
Sell the lifestyle
Yes, you’re selling a home, but you’re also selling a lifestyle, which in luxury is almost more important. When someone is spending millions of dollars on a home, they want to see the fabulous life they will be living in their new digs. Really highlight amazing party spaces, unique one of kind features, and amenities. As with anything of value, things that make a property rare, will automatically make it more appealing to people who can afford the best. It also helps people connect more emotionally with a home, giving it even more value than if you just try and sell it as a good investment.
Networking, Networking, Networking
Networking is an important aspect of this business at every level, but it a vital tool in the luxury market. Most of your referrals and targeted marketing will be done through luxury agent exclusive networking groups. In addition to that, it is even more important in this segment of the business to be actively involved in your community through volunteering and supporting local charitable events. You will not only build a stellar reputation, but you’ll also be giving back to the community you represent, and ultimately, integrity is what it’s all about in this business.