It’s no secret that the luxury real estate market is lucrative, yet highly competitive. Those looking to buy or sell a luxury home these days have no shortage of options when it comes to choosing a real estate professional. You need to stand out from your competition to bring in new clients and run a successful luxury real estate business.
Of course, that’s easier said than done. It all boils down to your luxury real estate marketing strategy and how you use these tried-and-true methods to set yourself apart from your competitors. Your ultimate goal should be to establish yourself as the go-to real estate professional in your luxury market.
1. Take a Closer Look at Your Competition
Believe it or not, standing out in your market begins by assessing your competition. The key is to get a better idea of what your most formidable competitors are doing that you’re not so that you can refine your strategy.
For example, are there any services that other top luxury real estate professionals offer their clients that you currently don’t? Maybe this includes professional staging or aerial drone photography/videography for affluent sellers. If this isn’t something you already offer, now is the time to explore partnerships with local professional staging companies and drone photographers who specialize in luxury real estate.
On the flip side, perhaps there are services you offer that your competition currently does not. Make a point to highlight these differentiators as part of your marketing strategy and impress your clients.
Lastly, consider creating a more memorable experience for your clients than your competition. Keep the peak-end rule in mind, which essentially means that people tend to judge an experience based on the most memorable moment and how they felt at the end of the experience. You can use the peak-end rule to your advantage, for example, by providing your clients verified recommendations of vendors, or even giving them unique closing gifts to help end their experience on a high note.
2. Level Up Your Networking Game
Networking is everything in the luxury real estate market. You’re more likely to get more referrals and other leads when you know the right people. Likewise, having a solid reputation in your community will help you stand out from other luxury real estate professionals.
There are plenty of ways you can improve your networking, such as participating in or even sponsoring local events or connecting with other real estate professionals on various social media platforms. Be sure to stay in touch and check in with your current network often, as those will be your most valuable leads. You can explore more tips for networking as a luxury real estate professional in our previous blog post, 4 Networking Ideas to Expand Your Reach.
3. Don’t Overlook Your Online Presence
It’s 2022, and if you don’t have a significant online presence, you might be missing out! These days, simply having a business website and social media page isn’t enough to attract clients and deem yourself credible when nearly every other luxury real estate professional also has the same. The key to separating yourself from the competition is making your online presence known (by providing valuable information) and standing out (by being persistent in your messaging).
Start by making sure you have a professional-looking website with eye-catching photos. If you’re using stock photos, replace them with “real” pictures for a more genuine feel that your potential clients will appreciate. From there, use social media to your full advantage. Your profile offers an opportunity to showcase your skill set, personality, specialties, and interests. Make sure your posts are genuine and relatable to attract new potential clients and retain old ones. If you haven’t done so already, be sure to fill out your ILHM Member Profile so that you are searchable within our database.
4. Don’t Overpromise, But Stop Selling Yourself Short
One of the biggest mistakes luxury real estate professionals make is selling themselves short. Sure, you don’t want to look arrogant or “braggy.” However, the reality is that if you’re going to stand out in this competitive market, you need to toot your own horn from time to time.
This may mean sharing testimonials that talk about memorable, bespoke experiences that you offer your clients. It could also mean posting on social media about that deal you just closed or that award you just received. It’s crucial to find a balance between promoting yourself and going over the top. Don’t overpromise, but also don’t undersell yourself!
Find Your Community with The Institute
Standing out from the crowd is a daunting task, but as a successful luxury real estate professional, you must step out of your comfort zone to shine in a competitive market. Fortunately, you don’t have to do it alone. As a Member of The Institute, you’ll have access to ready-to-use marketing tools that will strengthen your marketing strategy and gain valuable insights from top luxury real estate industry experts. The Institute also offers a wide range of resources to invest in yourself at any stage in your luxury real estate career, so give yourself the gift of growth today in your career as a luxury real estate professional and contact us today.