Selling luxury real estate essentially means you'll be dealing exclusively with high-ticket products. It's a high-risk, high-reward industry, which means that you can't rely on the same strategies for advertising and selling that would work in other areas. Not only is the prospective homeowner essentially making a huge investment, but the choice is one that will impact their life in major ways. In order to effectively sell upscale properties, you'll need to change the way you approach and interact with clients.
Techniques That Can Lead to Success on the Luxury Real Estate Market
Unfortunately, when it comes to luxury buyers, there's not a magical switch that you can flip to suddenly make everything work out. A lot of it is old-school: Handshakes and word-of-mouth. The best techniques that you can use involve your customer service and your professional demeanor. Here are some ways that you can stand out from other agents and build your reputation in the luxury niche:
Know your prospects.
Knowing your client base will help you better fit them to available properties. An investment banker is probably looking for something quite different from what a creative professional might want from their new home.The previous owner of a property could also make it more attractive to a client, such as if it was owned by a highly accomplished individual in their field.
Likewise, you should also acquaint yourself with area information that is relevant to each of your clients. A single professional won’t be concerned as much about the availability or quality of area schools, but those with families certainly will. Knowing your clients can also help you filter out illegitimate offers, such as ones which may require you to travel to another country to negotiate a deal.
Hang out where your prospects do.
You cannot conquer a market you do not know. Before you get out there and try to sell luxury properties to the rich and famous, find out who they are, how they live and what they want from a property. Become a member of their clubs, and discover their interests and passions. This will help you improve your listings, organize successful presentations, and convince visitors to actually buy.
Leverage your experience.
Before trying to sell a luxury home, it helps to have plenty of experience to draw on. Many luxury real estate agents have years of experience to draw on as an agent or an investor. Some of your clients will have a deep, intimate knowledge of their market of interest and will have a specific vision for the property they wish to buy. They want to work with someone who will help them accomplish what they can’t do on their own.
If you’re a relatively new agent, get creative with this one. You have experience that other agents might not have, in other areas, that could help you in your real estate endeavors. You can also seek a mentor as well as continuing education and training.
Pay attention to detail.
The smallest details can help you complete a successful sale or derail a deal altogether. They can either make you seem capable and competent or careless and sloppy. At every stage of a home sale, there are opportunities for you to impress potential buyers. Staging a home just right, staying in touch with clients regularly, and even proofreading your perfect marketing materials could all help you complete a sale. Even better, you may also be able to attract new clients thanks to your dedication.
- Remember key things that they tell you about their wants and needs or even the small stuff like birthdays.
- Put them in touch with members of your network if they mention things outside of the house hunt.
- Take them out for a cup of coffee or lunch.
- Keep their industry and mind and email them a motivational or business article.
Use storytelling when showcasing properties.
Many luxury properties are unique and have incredible stories to tell. They may have been designed by a famous architect, occupy an important place in history, or have highly desirable geography. You should emphasize what makes the property you are trying to sell unique when marketing it to buyers. You might want to host a party in a room that overlooks its majestic city or ocean views or include relevant memorabilia during staging if it belonged to a notable figure.
Dress to impress.
In this business, the way you look plays a capital role. You need to look fresh and neat every day, drive a great car and always wear sharp clothes. In the beginning, you can buy a couple of neutral elegant suits and ties and shirts in different colors. Be sure to invest in dry cleaning! In addition, there are car dealerships that have special leasing offers for real estate agents so you do not have to spend your life savings on a car to impress your luxury clients.
Keep up with technology.
Your target clients use the latest tech, and so should you. If they spend all their time online and using smart apps, you cannot expect to get to them with traditional leaflets or newspaper ads. You need a well-designed website and professional-looking social media profiles, an online MLS with a sleak interface, modern gadgets and basically everything they use or gain interest in.
Use custom marketing solutions.
Luxury demands uniqueness. Your clients want personal attention, and it is your job to make them feel unique and convince them that you are one-of-a-kind as well. The best way to do this is with custom marketing solutions from the brochures and catalogs of the properties in your portfolio to the most important element in your arsenal—your business card. The card needs to emanate luxury and challenge the viewer to take a closer look, and that means plain cardstock won't do.
Luxury Real Estate Marketing Materials
Luxury properties require a different marketing approach than a typical tract home. They are often unique and will appeal to a very specific target buyer. Luxury marketing materials can help you better reach potential buyers much more effectively than generic ones. An essential component of this strategy is marketing to buyers where they are most likely to see it.
You will also want to pay for professional photography and design work as part of your marketing campaign. Your marketing materials are your face to the world and can help you make a great first impression. Along with a custom website, they can help you establish a brand, making you immediately recognizable and helping to attract new clients in the future.
Custom Marketing Materials and High-End Business Cards as a Branding Solution
Be the person your prospects think about whenever words like property, home, place of business, land or real estate pop in their conversations. This is the essence of branding. In the long run, your brand needs to inspire stability, credibility and success.
This can be achieved through custom design, a service that should stand behind all of your marketing materials from the mandatory luxury business cards to the leaflets, brochures, catalogs and presentations you hand over.
From choosing the right combination of colors to creating a logo that everyone will remember and having them embedded in catchy materials, everything will be easier with the right design services.