There’s a reason why magazines like Forbes and Entrepreneur continue to write articles about how the wealthy think: we know that there must be something different about people who can create the kind of financial freedom that most of the population will never see.
If your goal is to start working with wealthy clients, recognizing that high-net-worth individuals are wired a bit differently than your traditional real estate clients will help you maximize your efforts to market yourself as a luxury real estate agent.
In fact, luxury real estate agents need to make substantial mindset shifts of their own to start attracting high-end clientele.
Here are 3 essential mindset shifts that luxury real estate agents need to make to attract wealthy clients:
#1: You Need to Spend More to Make More
Yes, wealthy clients notice your typos and other branding inconsistencies. In the luxury real estate market, details are everything.
Staying in the know about what other luxury brands are doing in terms of marketing themselves can help inform how you can appeal to a more high-end clientele. Brands like Gucci, Chanel, and Louis Vuitton are perfect examples of luxury marketing and branding at its finest.
Since luxury real estate agents offer a luxury service, their marketing, and the overall presentation should reflect that at first glance. Attracting wealthy clients means spending the extra money on a professionally-branded IDX website, getting that fitted suit or those new shoes, and planning to spend on luxury real estate designations like the CLHMS to stand out amongst the abundant competition.
Like any business, being a successful luxury real estate agent requires spending money to make money. However, when you think about how much more you’ll reap in return by working with wealthy clients, the initial investments don’t seem quite as intimidating.
#2: Remember That You’re Not Selling a Necessity, You’re Selling a Lifestyle
It’s not that wealthy clients don’t care about price when it comes to purchasing a luxury home, it’s just not typically the deciding factor. They still care about getting a lot of value out of a home, only that value is a mix of things that are both tangible and intangible.
If you’re coming from the traditional market, or if you’re not accustomed to luxury living yourself, paying too much attention to price can be a hard habit to shake. Just like your wealthy clients have learned to stop limiting themselves, you’ll have to learn that while a bird-shaped swimming pool or a sunken swim-up bar may not sound like something anyone would need, it’s not really about need.
Once you get into the upper-tier market, it won’t be uncommon to show homes with seemingly outrageous amenities that someone doesn’t know they “need” until they see them.
#3: You Need To Think Globally
Luxury real estate agents are more likely to have international clients, and they need to be able to find you.
This is part of why spending the extra money on a professionally-branded, IDX-integrated website is important. It is also why you might also want to hire someone to help you nail your SEO strategy to make sure you show up in online search results when international clients are looking for luxury real estate agents in your area.
Beyond paying closer attention to your visibility, it also pays to familiarize yourself with international real estate markets, which is something we cover in our trainings. Making yourself a local market resource for international clients will expand your influence and substantially grow your business.