“I have a listing… now what?”
When you decide to become a real estate professional in the luxury market, your real estate marketing strategy is what sets you apart from other agents.
In fact, when you become a real estate professional in the luxury market, you’re also deciding to become a more advanced marketer than you were in the traditional market.
That’s why joining us on our latest episode of “Estate of Mind” is David Collins, President and CEO of Real Marketing. This is the second part of a 2-part episode in which David reveals how to market luxury properties in a way that speaks to a homeowner’s deepest concerns and ensures a swift, successful sale.
David also provides more insight into breaking into the luxury threshold, and the strategy of leveraging the property you just sold to earn more listings.
More specifically, you’ll discover…
The secret to differentiating yourself from your competitor;
How to use leverage in your marketing and gain momentum;
Where agents fall short when marketing, pro-tips, and the importance of preparation;
Practical ways to budget your marketing;
What you should be spending on marketing to double your business;
The “Q-tip” of real estate agents and how to become it;
A simple way to diversify your listings;
How to work the area just below luxury to kickstart your career when you’re first breaking into the luxury real estate market;
The importance of hiring help to build your business and doing the right research;
And why you should be careful with compromising your lifestyle as you’re scaling.
What is a Homeowner’s Deepest Concern?
But how do you let them know you can do that before they hire you to list their home? And when you first become a real estate professional in the luxury market, how do you afford to pull out all the stops?
While sending out a monthly market report helps set you apart as a better marketer than real estate agents who don’t offer a report, David suggests sending property brochures as well if you have the budget for it.
He also suggests that if you’re bootstrapped, it might be more worth it to spend your marketing dollars on property brochures rather than on a report.
That’s because property brochures show homeowners hard evidence of your marketing ability if they were to list with you, from the quality of the photography you use to the ability to tell a compelling story in your listing.
Worried about sending a property brochure more than once of the same listing? David assures us homeowners are more likely to appreciate your effort to sell the home than assuming you can’t sell it.
How to Work the Area Just Below Luxury to Kickstart Your Career
When you’re a new luxury real estate professional, you’re looking for long-term business. That’s why David recommends starting in the area just below luxury, where clients are more likely to upgrade each time they buy and sell.
In other words, buyers at this level may become luxury buyers and sellers, even if the original sellers of the home weren’t. Plus, most real estate agents go for the market just below or just above this level, leaving it a “wide open field.”
In addition to being ripe with repeat business, now that secondary markets like Dallas, Boise, and Charlotte are booming with more opportunity than ever before, there is a need for real estate professionals to represent clients in this space.
Essentially, starting at this price point with the goal of representing upper-tier luxury homes gives you a range of markets to work with, which may be an easier way to make a stable income.
David does warn, however, that servicing lower-to-middle-tier luxury markets in addition to the upper-tier market is better executed with separate professional websites.
This is because those lower-to-middle-tier clients are more concerned with whether you’ve sold in the area before, whereas upper-tier clients want to know that you’ve sold in their price range.
Ready to Become a Real Estate Agent in the Luxury Market?
The Institute offers 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.
If you’re ready to commit to your success, here are a few ways we can help you do it.
Visit your Membership Portal for brand new trainings, 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.