Ask any “marketing guru” how to network and they’ll tell you to “provide value” to your prospects and clients.
But what does that really mean in luxury real estate?
To answer that question, we invited Kofi Nartey, author, real estate agent to the stars (and all-around amazing human being) to our Estate of Mind podcast to share insights on the luxury real estate strategies and tactics you can use to develop stronger relationships with clients, prospects, and peers.
This must-watch, must-listen episode is for luxury professionals of all levels who want to know how to provide value in upper tier real estate and want to expand their network.
Besides learning how to provide value to more types of clients and other real estate professionals, here’s what to expect from this illuminating episode:
How to develop and keep relationships with other real estate agents — and why that’s important
How to maintain your professionalism and avoid miscommunication
How to use value-adds in your communication with your clients — plus, Kofi talks about always showing your expertise by providing your opinion on information you send other professionals and clients
A simple way to get to know other agents and build your network by creating memorable interactions
How to show people that you are the expert, and why segmenting your database and customizing what you’re sending to whom helps demonstrate your expertise.
Why you should always be helpful, even when it doesn’t make you money (hint: it’ll make you money down the road)
How to embody excellence as a luxury real estate professional
How collaboration changed in the industry in the last decade and what co-listing can do for newer luxury real estate professionals
The ins and outs of reputation management
How to build your community while growing your business
The Simplest Way to Provide Value to Clients? Interpret Information…
With so much information available these days, it’s easy to assume clients — especially affluent clients — already know as much as you do.
The truth is, while they have access to some of the same information, Kofi says the best way to demonstrate your expertise is by interpreting that information for them.
As a luxury real estate professional, you should have the training, skills, and resources to do this — even more so if you’re a Member of the Institute where you have access to our done-for-you monthly market report and an elite network of experienced professionals.
So if you’re wondering how to provide value to affluent clients and don’t know where to start, it’s simple. Start by communicating important information along with your professional input.
This could be in your monthly communication via phone or email, or whenever you come across opportunities your clients or past clients might be interested in where you can offer more guidance.
Always Aim to Be a Resource — Even if There’s No Immediate Payoff
If you want success in luxury real estate, you have to play the long game. In this episode, Kofi describes a time he helped another agent with their client just because…and didn’t profit from that interaction for nearly six years into that relationship.
But when he did? He earned a commission on a $4M sale in New York City.
The moral of the story: always try your best to provide value — even if you don’t see how you’ll profit from it in the moment or even the near future.
Get to Know the Other Luxury Real Estate Professionals in Your Area
One term Kofi uses in this episode is “co-opetition” (rather than “competition”). He says seeing other real estate professionals as resources rather than competition is one of the simplest ways to grow your network and even “humanize” the closing process when it’s time to work with a buyer or seller’s agent.
Ultimately, you’ll have to negotiate your clients’ deals through these other luxury real estate professionals at one point or another, so getting to know them makes for smoother transactions.
He suggests going to the open houses in your area, going to the broker’s opens, and other community events.
Want to Know More About How to Provide Value to Affluent Clients?
The Institute has a wide range of resources for you to invest in yourself at any stage in your luxury real estate career — even if it hasn’t begun yet.
Visit your Membership Portal for brand new training sessions, as well as our book, Rich Buyer Rich Seller: The Real Estate Agents’ Guide to Marketing Luxury Homes, which is available for free to all Institute Members and also available on Amazon.