If you have dreams of selling high-end homes, then adopting a luxury mindset should be the very first thing you start to do. But what, exactly, does that mean? In simple terms, affluent clientele tend to think a bit differently and have their own set of unique expectations when it comes to buying or selling a home. By understanding and adapting to this mindset, you can better serve your clients and find greater success as a luxury real estate professional.
The Importance of the Luxury Mindset
When you begin working with affluent clients, you’ll notice right away that the world of luxury real estate is very much removed from the “traditional” real estate industry you may be more familiar with. Buying or selling a home is a completely different experience for high net-worth individuals — so it’s vital for luxury real estate professionals to understand how these clients think. By doing so and by adopting a luxury mindset in your professional life, you can work more effectively with your clients and surpass (not just meet) their expectations.
3 Mindset Shifts You Need to Make
So, what are some of the key shifts that you need to make to your own way of thinking in order to embrace the luxury mindset? Let’s explore.
1) Adopting a Luxury Mindset: Spending More Means Higher Earning Potential
Begin with the realization that in the world of luxury real estate, you absolutely need to spend money in order to make money. Your affluent clientele will expect high-end marketing materials, a professional website, and other fine details that reflect their own lifestyles.
While the prospect of spending extra money on these marketing materials may seem daunting, it’s helpful to think of these expenses as investments in your future success. More than likely, you’ll make back your money and then some as you build your reputation and begin working with more affluent clients.
2) Adopting a Luxury Mindset: Thinking Globally Expands Your Reach
Those shopping for luxury real estate may be coming to your area from all areas of the globe — so it’s important to make sure that your marketing has you covered internationally. This way, you’ll potentially be the top real estate professional in the search results when somebody from another country or continent is looking for luxury listings in your area.
This is where it will pay off to spend a little extra on your search engine optimization (SEO) and other digital marketing as you establish yourself in the luxury market.
It’s also a good idea to do a little research on international real estate markets and how they operate. This way, you’ll be poised, confident, and prepared to work with clients from other cultures. You should also never underestimate the power of a referral; winning one luxury client could very well yield you other clients from all over the globe later on.
3) Adopting a Luxury Mindset: You’re Selling a Lifestyle, Not Just a Home
While luxury clients typically do care about getting a fair value out of a home, they’re generally less worried about price and more concerned about whether the home will have every single thing on their wishlists. When you’re transitioning from a traditional real estate market to the luxury market, you may (understandably) be in the habit of focusing on price.
You’ll need to retrain your brain to focus more on whether a property fits your client’s lifestyle. It can take some time and practice to make this mindset shift, but, once you do, you’ll be golden.
Launch Your Career in Luxury Real Estate Today
There’s boundless success to be had in the luxury real estate market. However, the highest levels of success are reserved for real estate professionals who are ready to dress, think, and live the luxury mindset. If you can focus on making these three major shifts to your own way of thinking, you’ll be in great shape to make a name for yourself and find success in this competitive yet rewarding field.
Looking to further set yourself apart as a luxury real estate professional? Learn more about the Certified Luxury Home Marketing Specialist™ (CLHMS™) designation from the Institute of Luxury Home Marketing and what it can do for your career. Likewise, you can find out more about joining our exclusive network or reach out to our team for more luxury insights.