During the height of the booming market, there was little time to build significant relationships with clients, especially new ones, due to the fast pace of the market, or simply because the Covid-19 pandemic regulations made it very challenging.
Since then, the market has changed significantly and the mixed messages about the state of the luxury real estate market, the impacts of economic uncertainty, stock market fluctuations, high interest rates, etc., have all caused many people to question if it’s the right time to sell or buy.
As their professional advisor, you need to become a source of relatable expertise who also appreciates their concerns and needs. It’s important to understand how implementing the right communication strategy could have a significant impact on increasing the success of your business.
We may sell homes, but we are really in the people business. Knowing and understanding how to communicate with luxury buyers and sellers adds a further dimension for many realtors, especially if they are unfamiliar with affluent expectations.
Like finding a good doctor, business partner, or mentor, a personal connection is the most important factor in establishing a relationship.
People who trust you are much more likely to use your services again and recommend you to someone else. By taking time to go to events and reach out to connections through social media and your direct sphere, you are building relationships that could be extremely helpful and crucial in generating a new lead, opportunity, or important step in your career.
By keeping a “givers gain” mindset and being open and honest in your connections, other people will want to help you, in return for helping them. Many interactions may feel small or insignificant, but over time, they become important moments that ultimately solidify your client’s trust.
Change Your Mindset
Start recognizing that you are a professional expert who has the knowledge and expertise to advise your clients on how to achieve their goals. The affluent surround themselves with expert advisors not just to gain the best deal, but to ensure everything is managed efficiently and effectively – it’s time to become part of that team.
Your role is going to have a significant impact on their lives, so providing the right guidance is critical to helping them find or sell their home. It should also create a gateway to successfully growing your business.
Success for your clients will ensure that they see you as the professional who they want to continue to work with in future transactions. More importantly, when they trust your expertise, they will refer you to their network. The affluent are very influential but they are also wary of working with someone new, so they will look for a peer to provide a referral.
Communicate Their Way
The biggest mistake any realtor can make is assuming they know what their client wants. The art of communication should always start with listening.
The best way to create a mutually beneficial relationship is to focus on what the client imparts to you. Allow them to take the lead and truly focus on what they have to say.
The goal must be to discover what your client wants so that you can adapt your approach to meet their specific needs, interests, and perspectives. This shouldn’t be limited to the big requirements, like negotiation on price, but also to smaller details such as how they want you to communicate with them ie. email, text, phone.
Avoid telling them what you can do for them and instead, ask them what they want from you. You’ll get more information than you need, but understanding past experiences and current expectations will often provide you with a very different view about their decision processes.
How do you know you’re communicating well? If your client is doing all the talking!
Learn More about Communication with The Institute
Are you looking to establish yourself in the luxury real estate market? The Institute for Luxury Home Marketing (ILHM) is here to help!