When preparing your marketing or listing presentation to the homeowner of a luxurious property there are many factors to keep in mind, however, one of the most crucial considerations is knowledge.
Knowledge is a fundamental necessity when working with a homeowner in this caliber – just think of whom they surround themselves with during their every working day. Here is a piece of worthwhile advice from a highly successful real estate professional
Tip: “I approach every new client opportunity using the same mindset that I would if I were going to be interviewed for a high-powered, executive job”.
From due diligence on the property, its current owners, to appreciating the community, immediate neighborhood, recent sales as well as properties currently on the market, through to ensuring you know this product, how to market it and the services you offer – are all part of developing this knowledge base.
During the Institute’s luxury training course this preparation is one of the core subjects reviewed; with real estate professionals saying that it’s truly one of the largest mindset changes they experience and how its implementation has dramatically increased their success.
Before the First Meeting
Research the Property
Become the expert on the property itself.
- When was it built?
- Has the property been listed before?
- What has the home sold for in the past?
- What are the properties best features?
- How many renovations and changes has the home undergone? (Remember, the older the property, the more likely there are to be changes made.)
- Are there any current issues you should be aware of?
Much of this information can be obtained from previous historical information kept in the local MLS and when combined tactically with questions about changes made by the current owner (prior to your initial meeting) should give you a qualified knowledge.
You want to be the expert on this property and the more you know, the better an impression you will give off upon a first meeting.
Research the Owners
Obviously, you are going to want to do your research on the property’s current inhabitants. Appreciating their current lifestyle and profession/s can give you great insight into the expectations…. As a member of The Institute, one of the services available in their toolbox is a service that allows for one to look up an individual to obtain this relevant data.
Tip: If you can find out who recently bought homes in the area, this will also give you a good insight into marketing opportunities.
Become the Expert on the Local Neighborhood
No matter the status of a real estate client, one key factor remains consistent, the location. People want to know about where they’re going to be living, and in order to properly market the home, you’ll need to understand the surround amenities:
- Municipality Rules
Additionally, you’ll want to be the expert on the local real estate scene. Know exactly which properties have sold and how much they have sold for BEFORE walking into your first client meeting. This will help you give your clients a realistic idea of the local market conditions.
Take the Time to Look at the House
So many realtors don’t do this but it can make the difference between winning luxury clients and losing the listing to someone who did. Take the time to go view the property. How can you give a detailed and knowledgeable presentation on a property you’ve never seen. Your potential client will be impressed and your presentation will thank you.
How to Start the First Meeting
After having done your due diligence there will still be gaps in your knowledge, so fill these in right at the start of the first meeting. Ask your clients some KEY questions that will help you to better understand their needs and expectations as well as quickly sell their property.
Tip: It’s been said that the most interesting person in the world never talks about themselves.
You’ll want to preface questions you have about the property to make the client feel like they are giving you valuable information and not that you are any less knowledgeable. One way to say this is, “I know the facts about your home, but it would really help me to hear your answers on a few questions so that I can get a true feeling for the place and see what makes it so special.”
Some good questions to ask your client include:
- Why did you choose to live in this neighborhood?
- What have you enjoyed most about living here?
- What have you enjoyed most about this house?
- Why would you recommend someone else move in?
- Why are you moving out? (Knowing why someone is leaving is helpful in better positioning a sale)
To learn more about how to best prepare for a listing presentation and for best practices during the first client meeting, sign up for a training course with The Institute today!
interested to learn more
Hi Michael! To learn more, we recommend signing up for one of our luxury training courses! We will go over what types of clients you will encounter in luxury, best practices for interacting with the wealthy, how to properly prepare and execute a luxury listing appointment, how to market yourself to high net worth individuals and much more! For more information, or to sign up, click this link: http://bit.ly/2CFxs9W
Does anyone in luxury really not already know and do all this?? I would love to talk to someone there about what Luxury offers that is good. I looked ast the listing presentation and that was not good. I think it was the same when I joined in 2012. I am not sure how KW luxury can help my business in any way. I have been paying for it since 2012 but have only used the logo which KW has zero presence in the Northern Palm Beaches of Florida.
We would be happy to assist, please let us know a date and time that we could call you….and the best contact number if possible.
Les Twarog here from Remax in Vancouver, BC, i deal in the Lux market and i use a lot of the tips above. our entry level is $3M with average sale prices of $6M. When is the next Lux course?- the last one i went to was taught by Kofi Narty in Las Vegas 3 years ago
The next event is in two weeks in Palos Verdes, CA – Leaders in Luxury http://www.leadersinluxury.com – why don’t you and Sonja come down, its going to be a great event? If you need assistance signing up please contact me at email@example.com
Where do I find this article on the site? I want to print it out and when I login to the site, I’m not seeing it.
Hi Jackie! We’d recommend printing directly from the blog webpage. That’s where our articles live. Let us know if you have any other questions 🙂
Is it possible to make an inroads into a luxury market that has been dominated by a handful of agents in my area for decades? Where do you start, assuming its possible ?
I’m doing it in Charleston SC. The luxury sellers want someone with a fresh approach and someone that has recently been educating themselves in that market. These sellers said they want the latest technology, negotiating skills and confidentiality. The veteran Luxury agents, know and talk too much about other buyers and sellers. They are thinking this veteran luxury agent will do the same to them. If you are NOT connected in the community, but knowledgeable about the market and a strong marketing plan. They will choose you and not interview any of the veteran agents. This has happened several times to me. Just be confident in what you do and move right in. Good luck. Pat Broghamer / Remax Alliance Mt. Pleasant SC 843-725-8095
Thanks so much for your encouragement, Pat! Much appreciated. Suzette Kitselman, Coldwell Banker Brentwood, (Los Angeles) CA 310-346-7919.