Finding wealthy clients to work within the luxury home market is a lot like finding traditional clients. The key is to find out where your target client is, put yourself in front of them, and make yourself valuable.
Since the formula is fairly simple, when aspiring luxury real estate agents say they want to prospect for wealthy clients but don’t know where to start, they may simply be too afraid or unsure of how to start.
To their credit, this fear isn’t totally unfounded since wealthy clients are typically more knowledgeable about real estate than traditional clients. It’s common for them to have gained some of their wealth from real estate, so they may ask more questions, require a more in-depth understanding of market trends, or need a more specialized approach for their particular goals.
Fortunately, even if you’re just starting out, prospecting and working with wealthy clients is simple if you know where to focus your time and energy. Here are some tips on how to find wealthy clients:
Before you begin finding wealthy clients, work on becoming a resource
What good is knowing where and how to find wealthy clients if you can’t provide them with enough value to keep their attention? Before you start prospecting, spend some time figuring out exactly why someone buying or selling in the luxury market would want to work with you.
If you don’t have any experience, knowledge, and enthusiasm can go a long way. Set aside an hour or two each day to immerse yourself in industry topics like:
- Current luxury home market statistics and trends
- Luxury home marketing strategies
- Architecture, design, and in-style amenities
- Your local area’s growth potential and opportunities
- The global real estate market
Your target clientele are typically leaders in their own industry who value information and expertise, so the closer you can get to mirroring those values, the closer you’ll get to breaking through those initial barriers and building those relationships within the luxury home market.
Target wealthy clients by browsing through expired listings
Expired listings are low-hanging fruit if you’re bold enough to go after them. As you browse through expired high-end listings, you’ll start to notice that most are expired because they were overpriced. At this point, the seller might have already gone through a few luxury real estate agents and will be more open to working with a different agent to bring down the price point.
If you don’t have a lot of experience in the luxury home market, aim to keep the focus on your approach rather than your accolades. On the other hand, if you did recently receive your CLHMS designation, this is a good time to highlight that accomplishment.
Be where wealthy clients spend their leisure time
Just like you would with traditional clients, you need to find out where potential wealthy clients in your area spend their free time and start networking there.
This can get tricky since some of your prospects’ most frequented leisure spots can be both pricey and exclusive, like yacht clubs or country clubs. Although it can feel like a big investment to gain access to these types of establishments, it’s a direct investment in your business.
If it feels like too much of a stretch when you’re just starting out, start by keeping an eye on your local clubs’ social calendars online to see when they’re holding public events like boat races or golf tournaments to keep your networking costs down. Ask the more experienced luxury real estate agents on your team which local gatherings they think are worth attending to generate leads.
Some other options could be joining an upscale gym, attending your area’s more refined cultural events, or becoming a regular at the higher-end cafes in the affluent neighborhoods you want to work in.
Putting it all together
It’s just as important to find wealthy clients to work with as it is to make them happy that you found them. If you put as much focus on prospecting as you do on becoming a valuable resource in the luxury home market, you’ll inevitably start to gain momentum and grow your career.
To learn more about the best practices in dealing with luxury clients, sign up for a training course with The Institute today!