When preparing your marketing or listing presentation to the homeowner of a luxurious property there are many factors to keep in mind, however, one of the most crucial considerations is knowledge.
Knowledge is a fundamental necessity when working with a homeowner in this caliber – just think of whom they surround themselves with during their every working day. Here is a piece of worthwhile advice from a highly successful real estate professional
Tip: “I approach every new client opportunity using the same mindset that I would if I were going to be interviewed for a high-powered, executive job”.
From due diligence on the property, its current owners, to appreciating the community, immediate neighborhood, recent sales as well as properties currently on the market, through to ensuring you know this product, how to market it and the services you offer – are all part of developing this knowledge base.
During the Institute’s luxury training course this preparation is one of the core subjects reviewed; with real estate professionals saying that it’s truly one of the largest mindset changes they experience and how its implementation has dramatically increased their success.
Before the First Meeting
Research the Property
Become the expert on the property itself.
- When was it built?
- Has the property been listed before?
- What has the home sold for in the past?
- What are the properties best features?
- How many renovations and changes has the home undergone? (Remember, the older the property, the more likely there are to be changes made.)
- Are there any current issues you should be aware of?
Much of this information can be obtained from previous historical information kept in the local MLS and when combined tactically with questions about changes made by the current owner (prior to your initial meeting) should give you a qualified knowledge.
You want to be the expert on this property and the more you know, the better an impression you will give off upon a first meeting.
Research the Owners
Obviously, you are going to want to do your research on the property’s current inhabitants. Appreciating their current lifestyle and profession/s can give you great insight into the expectations…. As a member of The Institute, one of the services available in their toolbox is a service that allows for one to look up an individual to obtain this relevant data.
Tip: If you can find out who recently bought homes in the area, this will also give you a good insight into marketing opportunities.
Become the Expert on the Local Neighborhood
No matter the status of a real estate client, one key factor remains consistent, the location. People want to know about where they’re going to be living, and in order to properly market the home, you’ll need to understand the surround amenities:
- Municipality Rules
Additionally, you’ll want to be the expert on the local real estate scene. Know exactly which properties have sold and how much they have sold for BEFORE walking into your first client meeting. This will help you give your clients a realistic idea of the local market conditions.
Take the Time to Look at the House
So many realtors don’t do this but it can make the difference between winning luxury clients and losing the listing to someone who did. Take the time to go view the property. How can you give a detailed and knowledgeable presentation on a property you’ve never seen. Your potential client will be impressed and your presentation will thank you.
How to Start the First Meeting
After having done your due diligence there will still be gaps in your knowledge, so fill these in right at the start of the first meeting. Ask your clients some KEY questions that will help you to better understand their needs and expectations as well as quickly sell their property.
Tip: It’s been said that the most interesting person in the world never talks about themselves.
You’ll want to preface questions you have about the property to make the client feel like they are giving you valuable information and not that you are any less knowledgeable. One way to say this is, “I know the facts about your home, but it would really help me to hear your answers on a few questions so that I can get a true feeling for the place and see what makes it so special.”
Some good questions to ask your client include:
- Why did you choose to live in this neighborhood?
- What have you enjoyed most about living here?
- What have you enjoyed most about this house?
- Why would you recommend someone else move in?
- Why are you moving out? (Knowing why someone is leaving is helpful in better positioning a sale)