As we prepare for the final quarter in what has been a largely unpredictable year, one thing is certain: success happens when we focus on things we can control.
And what is the one thing all of us have control over? Our mindset.
So whether you’re a brand new luxury real estate professional who wants to know how to work with luxury clients, or you’re a seasoned pro who could recite NDA clauses in your sleep, the following are two important perspectives to consider (or reconsider) as we enter the final few months of the year.
Adopt Luxury Real Estate Terminology
When you think of real estate terminology, exam terms like “bridge loans” and “quitclaim deeds” probably come to mind. While knowing those foundational terms inside and out will still serve you well in the luxury space, it should come as no surprise that this market of sprawling estates, endless amenities, and big personalities lends itself to its own, special language.
In fact, real estate professionals who are well-versed in “luxury real estate terminology” set themselves apart from their competitors. Why? Because besides body language, the words we speak are one of the first ways we connect with someone. The way you speak gives your clients a glimpse at the way you think. So, when you speak how they speak, they assume on some level you also think how they think, which puts them more at ease.
For instance, did you know “wealthy” clients prefer to be called “very successful”? Or that “Primary Bedroom” is a more inclusive way to describe the largest bedroom in a home? Another term that just cropped up in the luxury space is “Second Primary Residence,” stemming from clients’ desire to experience a change of scenery while still adhering to quarantine requirements.
The terminology changes as values change, and while these shifts may seem miniscule, adopting luxury real estate terminology makes you appear more professional. It may even end up being the reason a client chooses to work with you over an equally-qualified competitor.
This particular subject is so important that one of our top producing Members, Jim Walberg, was published in Inman for an article titled, “6 Common Industry Terms That Need to Die.”
Inspired to develop or brush up on your luxury vocabulary? Refer to your Member Training Workbook. If you haven’t taken our Luxury Online or Luxury Livestream Training, or want to take it again, you can view your training options here.
Think Of Yourself As a Personal Brand
Whether or not you work as an independent broker, success in luxury real estate hinges on building your own personal brand. Even if you work for a large brokerage, relying solely on your brokerage’s marketing and reputation can only get you so far.
That means dominating your local market requires positioning yourself as the local expert, and to do that, you need to develop a personal brand that is:
And professionally approachable.
Let’s look at what that entails:
First and foremost, it means you need to show up every single day – not just in person at networking events when they return, but also on your social platforms. If you’re a Member, you should also be sure to leverage your profile in our Member Directory so successful clients can easily find you in our database.
Next, it means when you show up, you’re coming equipped with hyper-local market information that answers your target client’s questions before they even ask them, or that holds their interest and immediately gains their trust. Our monthly Luxury Market Report gives you everything you need to know about your local market to achieve this.
So keep in mind, while other brand-building essentials like brand colors and your overall aesthetic on your website, business cards, and social media are important in becoming easily recognizable, your personal brand’s main distinguishing feature should be your level of laser-focused expertise.
Commit to Investing In Yourself
Finally, cultivating a luxury real estate mindset requires you to commit to investing in yourself. Because you are your own brand, investing in yourself directly impacts the value of your brand.
That’s why training, personal development, and even taking care of your health and well-being are better seen as investments rather than expenses. Every successful business has operating costs, and fortunately for luxury real estate professionals, the return is highly rewarding both financially and personally.
The Institute has 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 (or re-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, which is available for free to all Institute Members and also available on Amazon.