As a luxury real estate professional, establishing and growing your sphere of influence should always be at the top of your priority list. Specifically, your sphere of influence refers to your network of contacts with whom you are connecting on a regular basis. Having a constantly expanding sphere of influence means that you have a larger reach within the industry and naturally increases your chances of gaining new leads or referrals.
Of course, increasing your sphere in the luxury market is easier said than done. You must regularly walk a fine line between sharing information with your contacts and potentially annoying them. The good news? There are some practical tips and best practices you can follow to expand your influence without overdoing it.
1. Strive for Subtle Yet Engaging
Social media is one of the most powerful marketing tools available to luxury real estate professionals these days. However, when using social media to grow your sphere of influence, it’s important to be conscious of how frequently you’re posting and the type of content you’re posting.
Generally, luxury real estate professionals should aim to post social media content that’s subtle yet engaging to their target audience. This may mean sharing news and luxury lifestyle posts with content that your target audience will actually find interesting and relevant. Fortunately, this is generally pretty easy with luxury real estate. Still, be careful to avoid posts that are overly promotional in nature—as this may rub some people the wrong way.
2. Share Luxury Market Reports
One of the best ways to boost your own credibility in the luxury real estate market is to share the most recent luxury market reports. These market reports can provide valuable information to clients about the top residential markets across the United States and Canada, as well as specific analysis of market trends that may be relevant to luxury buyers and sellers.
These kinds of reports tend to be engaging for clients, providing them with the information they need as they prepare to navigate the purchase or sale of a luxury property. Meanwhile, sharing this information positions you as an expert in the field, which can increase your trustworthiness.
3. Network, Network, Network
As a luxury real estate professional, focusing your time and energy on networking will always pay off. This means taking the time to research local community events where you may be able to meet potential new clients and getting involved with them. Even if you don’t meet a new client directly at a community event, you may meet somebody who is able to refer you to your next big client. Worst case? You establish your name and brand within the local community and build recognition.
In addition to attending community events, you can also build your sphere of influence organically by introducing yourself to people in your neighborhood and simply interacting with other real estate professionals. Industry conferences and trade shows, for example, can be an excellent way to meet other luxury real estate professionals who may be able to provide you with referrals down the road.
4. Complete Your Continuing Education
Continuing education (CE) is vital for luxury real estate professionals who are looking to grow their spheres of influence while taking their careers to the next level. Working to set yourself apart from other luxury real estate professionals can go a long way, so be sure to explore your options for earning designations and other credentials.
Specifically, the Certified Luxury Home Marketing Specialist (CLHMS™) designation from the Institute for Luxury Home Marketing (ILHM) is a great way to set yourself apart and increase your earnings potential.
5. Ask for Referrals From Current Clients
Last but not least, don’t hesitate to ask for referrals directly. When you have happy clients that you’ve helped buy or sell a property, asking them if they have any friends or family members looking to buy or sell can be an excellent gateway to new clients. Even if they don’t have any referrals for you exactly when you ask, they’ll be sure to keep you in mind down the road.
Grow Your Sphere of Influence Today
There are plenty of effective ways to grow your sphere of influence as a luxury real estate professional. With these tips in mind, you can expand your horizons in this competitive industry in a way that is tactful and effective. Likewise, you can learn more about these strategies in our recent Estate of Mind podcast episode, “How to Find Opportunities in a Changing Luxury Real Estate Market,” where our very own Tami Simms interviews top real estate professional Jack Miller about this very topic.
If you’re not already a part of our network, be sure to join ILHM today to stay on top of the latest industry news and insights. From luxury market reports to luxury insights articles and more, ILHM takes pride in being a trusted resource for luxury real estate professionals.