Ultra high net worth (UHNW) individuals, although they are financially in a category of their own, are still clients and customers like any other. Typically known to have upwards of 25 million dollars worth of assets, trying to connect and build relationships with the top 1% can seem like a tedious task, but it definitely does not have to be.
Regardless of your income or net worth, consumers are often looking to connect and be involved with businesses and brands that support their beliefs and lifestyle. Even UHNW clients are looking for companies to connect with them on a deeper level.
The question for many real estate professionals trying to market to the HNW and UHNW consumers is, “how do we reach and connect with people of affluence in our industry?”
Here are some suggestions:
1. QUALITY OVER QUANTITY
People of ultra high net worth are going to demand quality. Your reputation as a real estate professional will be less about how many deals you have closed or clients you have helped and more about WHO you have worked for and HOW you helped them.
While these affluent consumers are willing to pay a pretty penny for the job, they will expect the highest standard of service in return. Investing in top-notch marketing products, a beautiful user-friendly website, and evoking professional imagery and video are only a few techniques that can be used to attract clients of higher net worth.
Not only is the actual service you are providing crucial but how you portray yourself in the luxury market is a key to connecting with the right customers and building an impressive name for yourself.
2. IMPRESSIVE MARKETING TACTICS
Your chances are only as good as your first impression. If your first impression to clients of UHNW showcases mediocre photos or outdated marketing resources, clients are going to be less likely to trust investing money in your services. Outward appearance isn’t everything, but in some cases, it is the beginning of everything. If they don’t give your website or online ad even a second glance, your chances of bringing them on board are slim.
Portraying a personal brand that aligns with the lifestyle of a high net worth individual is necessary in order to really connect and engage with those invested in living a life of luxury.
In an article focused on luxury real estate marketing, Quantum digital stated, “Investing in a high-quality virtual tour of both the inside and outside of luxury properties will show HNWIs that you have the expertise and capability to represent a high-end client.”
You want to be able to impress UHNW individuals and need to seem as professional and put together as possible to do so.
3. GIVE THEM WHAT THEY NEED
Being able to accurately find out what exactly your UHNW clients need is the most important factor in you being able to provide for them. The top 1% is in a niche that is all their own and will expect to be catered to accordingly. Make sure your training and skills are at an expert level and that no task they place on you is out of your comfort zone.
Whether you are a real estate professional, financial planner, or other luxury business, these high net worth individuals have specific interests and needs and your job is to align the two. Neither is more important and both need the other in order to see success.
4. BUILD YOUR NETWORK
Finding where the philanthropists, celebrities, and luxury consumers spend their time is crucial to putting yourself in a place to meet the types of people you are looking to serve. Attend business events, charity benefits, and other luxury events in order to extend your network past your immediate circle.
Finding causes like education and healthcare, which UHNW individuals are proven to invest in and care about, and attending events centered around those topics is an automatic foot in the door to meeting and interacting with these individuals.
Typically, people of a similar net worth stay connected with each other in the same community, so even meeting 2 or 3 important people in a luxury market or scene can drastically increase your chance of more clients and business.
5. TIME EQUALS TRUST
Time is an investment and connecting and building a high net worth client list will require time. This is not something that will happen overnight or even within the first week but will be a trust-building process and a combination of the points talked about above.
You have to be willing to put in the effort and time required to connect and market to these individuals. Although they are willing to spend their money, you have to be able to add value to their life in order to acquire their trust and investment.
6. OPEN TO CHANGE
Not only is working with UHNW clients going to force you to think outside of the box and bigger than ever before, but it is also going to test your ability to change and customize as the partnership unfolds.
People of affluence have the means to spend money, which is a great thing, but can also sometimes mean frequently changing their mind or asking for more than originally planned. You have to be ready and willing to prove that you can rise to the challenge. Whether they shorten their timeline suddenly or ask for more amenities in home, they are trusting that you are able to tackle any obstacle you throw at them.
While this may seem like more work than you bargained for, the referrals and network you can build through your reputation and satisfied clients is one of your biggest opportunities to bringing in new customers.
7. RELATIONSHIPS OVER TRANSACTIONS
People can read intentions from a mile away. Your intentions should first to be to connect with and build deeper relationships with potential customers, regardless of if they are going to be an immediate result of a sale or purchase. By keeping your intentions pure from the beginning, the individuals will be able to get a strong sense of you are as a person and business. This could very well determine whether or not they want to work with you later down the road.
You never know who might contact you years later after meeting you at an event in need of your help or who might suggest you to their family and friends. Just because it may not seem like a direct line to making money doesn’t mean that making those connections and building a relationship is useless.
Spend time growing your circle and investing in those relationships and the transactions will follow.
At the end of the day, Ultra high net worth individuals are looking for someone they can trust, rely on, and easily communicate with. Combining all of these techniques and really spending time growing your luxury network, although it will take some time, will be worth it and lead to success, personally and professionally.