How to Communicate Effectively with the Affluent

How many times have you heard the words “if only there had been better communication”?

If you want to work with affluent buyers and sellers then learning the art of communication is essential. But, honing your skills to become an effective communicator is the differentiating factor when setting yourself up for long-term success and becoming an industry leader.

The affluent typically have little time to spare and their choice of real estate professional is often based on how information is delivered to them during the first meeting.  Here are some important guidelines to follow if you want to enhance your communication skills.

7 C’s of Communication

We all communicate on a daily basis in many ways: verbally, visually and in writing.  But have you noticed that your message does not always come across as intended?  All the other person heard was NOISE!  This then leads to miscommunication, misunderstanding or the wrong impression.

While it takes time and practice, communication and interpersonal skills can certainly be increased and refined by applying these seven principles:

The Institute recommends adding two more principles that could very well separate you from your competitors.  These are particularly effective when attracting the attention of affluent clients:

Creativity:  Think outside the box in both the delivery and the communication of the message.  Focus on the unique attributes of the home and you will also discover how to find and target the right market.

Credibility:  Create an atmosphere of trust by providing credibility in your communications. Offer clear and striking information from a credible source.

Terminology Matters

One of the biggest failures of agents when they are working with affluent clients – particularly new prospects – is recognizing that terminology does matter.  Using the right terminology showcases your professionalism. Use the wrong jargon and you may rub a prospect up the wrong way.

Here are few examples of recommended terminology. To learn more about these differentiating tips, take one of our training courses.

• Very Successful instead of Wealthy – recognizing their achievement is more powerful than their status.
• Relevant Properties instead of Comparable – upper-tier properties are always unique so never provide a traditional CMA, instead use similar properties as references.
• Real Buyer instead of Sales/Closed Transactions – your clients are not realtors, so don’t use real estate terminology.
• Marketing Consultation instead of Listing Presentation – your job is to market their home, so why imply you are only going to list it!
• Professional Fee instead of Commission – need we say anymore?

Networking Opportunities

The most significant difference between working in the traditional market compared to the affluent niche is the opportunity to build a more powerful network of referrals.  The more affluent a client the more they need to ‘trust’ their advisors. Once this trust is built they are only too happy to recommend you to their friends and colleagues.

Building a successful book of referrals comes from building long term relationships with affluent buyers and sellers as well as your fellow real estate professionals.  Attending their social and networking events offers you the opportunity to expand your database at an exponential rate.

Scripts that Generate New, Repeat and Referral Business

It’s important to be prepared with the right response, because at any given moment you may be presented with the opportunity to leverage a situation.  While it may initially seem difficult or awkward, especially in social settings, learning to turn questions about yourself or the real estate market in to lead-generating conversations could be easier than you think.

The Institute’s program provides scripts, tips and dialogues that can successfully turn any opportunity into a new affluent client or business venture.

Learning the art of communication not only ensures that processes run smoothly but can also make a big difference in increasing your business.