When it comes to finding a Luxury Real Estate Professional, high net-worth buyers and sellers tend to be highly selective. Below, we’ve outlined just a few of the most important factors that a potential client will take into consideration when choosing their real estate adviser to help them sell or purchase a home.
The first thing that the affluent tend to look for may seem like the most obvious – they want to know that you are an expert. They need to be assured that you have a sophisticated knowledge of the business and usually this is established by reviewing your sales expertise and experience.
A great way to showcase your knowledge is by staying up to date with your results – listings, sales and testimonials – and your designations, on your website and online presence, including social media such as LinkedIn and Facebook.
Secondly, an affluent client will often test your knowledge of the local market in their price band, so it is critical to be well-versed in the luxury inventory and recent sales. Buyers and sellers will have different motivations for this.
Buyers want you to be an expert in the inventory as they are looking to make a large investment – they won’t want to miss anything on the market or even recently expired that could be a good fit.
Sellers, on the other hand, want to know that you have a good handle on the price points, why a home sold, what the difference was between Sale Price and List Price – you need to be confident on how to advise them about smartly pricing their home.
One quality that most all high net-worth clients share is the desire for discretion. They want to be assured of your confidentiality – that there will be no mention of working with them during your child’s soccer game or at a networking cocktail event! This is especially true when dealing with celebrities or clients who have had wealth for an extended period of time.
While it may seem like a necessity for good business in the digital age, another important screening factor is the ability to use the internet and communicate well online and via email – and be certain that your level of professionalism and discretion will be reviewed!
Many luxury clients often travel or are seeking property purchases that are not near their primary estate, so it is important to establish their preferred method of communication.
Also, due to busy schedules, another tip is to establish the best time to connect with them – they aren’t always available to talk and prefer to respond when the time is most convenient for them. Thus, there is a necessity to be able to communicate clearly and effectively via all email, text and voicemail.
A professional listing presentation is another factor that will go a long way to securing a wealthy client. At The Institute we prefer to call it a Marketing Presentation because ultimately you are there to market their home. Your presentation has to answer a number of questions as well as include a well thought-out and detailed strategic plan.
For a list of questions to answer before your first marketing presentation, check out our blog “Questions to Ask Before Your First Listing Appointment”
In a recent poll, nearly 50% of all high net-worth buyers and sellers stated the importance of their real estate professional having a luxury home marketing designation. A designation, such as Certified Luxury Home Marketing Specialist (CHLMS), represented a dedication by the Realtor® to establishing their ability, knowledge and continuing education, but was highly indicative of a go-getter attitude and a strong work ethic.