The luxury real estate market is a slower paced, more demanding and more competitive environment to work in, and branding yourself as a luxury real estate professional is imperative to finding success in the luxury real estate market. A longer period of time in between commission checks means that many real estate professionals seeking to break into the luxury market will tap out before they ever make a sale; if an agent is patient and prepared, however, the payoff for working in the luxury market is well worth the effort and wait.
Establishing your brand as one luxury consumers seek out is key to unlocking success in the luxury real estate market. Thinking about taking the next step in your career and want to branch into luxury real estate? Here are some tips on the best ways to approach branding yourself and developing your name in the luxury home market.
Understanding your client’s expectations is the first step to branding yourself as someone luxury consumers clamor to do business with. In this market, exclusivity is the order of the day. Some high-end real estate professionals will only post listings above a certain price point on their websites; even if they take listings under their chosen price point, they want to be seen as someone who only works with a select group of clients. Luxury real estate functions in much the same way as luxury dining or shopping – your client wants to feel like they are getting help from the absolute best, so position yourself as the best of the best.
Establishing the right message can be simple once you know what that message is. Analyze yourself: what are your strengths and weaknesses? How do they compare to your competition? Position yourself favorably by showing that your particular strengths will cater more to your client’s need than your competition’s would. Since we know that a luxury consumer looks for a high-end experience from start to finish, plan to show them that in every aspect of your business you are luxury. Consistency in the design of promotional materials, knowledge of the product and market, and direct contact will show that you are able to give the luxury client what they are looking for. The luxury market is more demanding, clients know what they want and they are accustomed to receiving it – so show that you are able to deliver.
Keeping up to date on the market will take you far in luxury real estate. Make sure that you have a well-rounded knowledge of upper-tier builders and developers, and a full understanding of architectural terms and trends. You need to be aware of happenings within the market and update your clients accordingly, touching base with clients at least once a week. The affluent buyer demands a higher level of service, so be prepared to give them the level of service they expect. Entering the luxury market unprepared can be the kiss of death to someone trying to break into high-end real estate.
Be patient, six months on the market is nothing for a luxury home. The typical sale can take around nine months, so take that time to boost your knowledge on things surrounding the sale. Learn about the area’s history and its current offerings. Try to create a luxury concierge referral service that will point clients to developers, decorators, landscapers and other service providers they may want to work with.
Connect with people and organizations where you are likely to find a luxury consumer, research and make a list of local resources with which you would want to build a relationship. Once you’ve built a relationship with local high-end concierges, you can work with them on cross-promotional activities and they can give you referrals.
Remember, you are the product. Create the perception that you are uniquely suited for your client’s needs and that you are someone they should seek out business with. Do not be intimidated by money, power or fame; know that you fit in with the luxury crowd and carry yourself accordingly. If you are confident in yourself and the experience you can offer to a client, they will be confident doing business with you. If you’ve put in the work to prepare for a high-end market, it will show and you can rest assured that you are what all of your confidence, words and promotional tools show – that you are the absolute best person for the job.