Finding luxury buyers and sellers isn’t always easy. However, in the true luxury market, a lot of the business that occurs is created through social connections. Top luxury agents often have a concierge approach to servicing their clients and work them graciously (but aggressively) for referrals. They are often very involved in country clubs, charities, and the arts and can be seen out and about town and hanging around with potential luxury buyers and sellers whose incomes allow for the purchase of the types of homes the agent is looking to sell.
Finding Luxury Buyers and Sellers Via Expired Listings
There are other ways though to make luxury connections. In fact, one of the best methods for those who are not fortunate enough to have built in social connections is to work expired listings. Working expired listings in the luxury price point can be a very practical way in for the following reasons:
Most luxury sellers overprice when they first list their home, so being the 2nd or 3rd luxury real estate professional to potentially work with them may find them in a place where they are more motivated to adjust the price
Most real estate professionals are intimidated by the luxury price point and will not contact the expired listings in the higher price points
Even agents who do work in the higher end market may not be aggressive enough to prospect the expired listings, leaving the door wide open for you
Finding Luxury Buyers and Sellers Via Other Agents You Work With
You can also convince a luxury agent in your company to allow you to hold some of their luxury listings open so you can enter the high-end market by picking up and working those open house buyers.
In most markets, you may find some higher end FSBO’s you can get in front of. They may be a bit tougher to win though, which is why you will probably have to get in the door to convert them to an appointment in order to talk about listing their home.
Finding Luxury Buyers and Sellers Via Geographic Farming
Last but certainly not least, as a popular method to dominate a luxury area, there is geographic farming. This is often the most preferred method of top producers. Whether you farm your social connections, past clients, or a database — or you choose to farm the actual homes in a particular development — it is all about building the relationship and establishing yourself as the expert and clear choice in the mind of the prospect.
If you want more guidance on how to grow your luxury real estate practice, you can learn more about the Institute’s training options here.