Whether it’s buying a waterfront home, a publicly traded real estate investment trust, an apartment complex or investing in a trophy high-rise building, wealthy
How can one be a successful luxury real estate agent?
Ah yes.The lifestyle of the rich and famous. Fast cars. Fancy outfits.Little stone statues at the front of the entryway. The allure is undeniable.And for real estate agents, the chance to eat a slice of the luxury pie is an alluring prospect indeed. …Especially if that slice comes in the form of a 3% commission off of a multi-million dollar listing. But how does a realtor establish themselves as a luxury agent in the first place?Well, it’s not easy. You can obtain a Certification, for starters.This will walk you down the path of becoming a legitimate, . But regardless, one thing is certain,To deal with luxury real estate, an agent needs to buckle down.
Here are a five powerful tips that could fast track your goals to becoming a Luxury real estate agent.
#1 YOU NEED TO KNOW WHAT YOU ARE DOING
Before you even think of moving forward, ask yourself… do I know what I’m doing? There are many newbie real estate agents that jump from taking the test to becoming a luxury real estate agent.
Unless you already have the background and experience in real estate, I strongly suggest you get some experience under your belt. That experience could help you avoid lawsuits and save you money.
Simply taking 6 months to learn the ropes at a local real estate brokerage, while shadowing another successful luxury real estate agent, could be the difference in your failure or success. That extra experience will help you feel more confident when taking on a luxury listing and the mentor will help you develop the skills needed to be the greatest in your field.
#2 YOU NEED TO LOOK THE PART
Normally we encourage real estate agents to relax and be themselves. Your clients will love you and appreciate your authenticity.
Are you the laid back but trusted Realtor who wears jeans and flip flops every day? Show that in your marketing. Are you the young and modern Realtor with a focus on minimalism and technology? Show that in your marketing. I encourage agents to use their personality to market their businesses.
However, when you are transitioning to luxury real estate, you need to figure out a way to make sure that your marketing and your style represents the luxury industry. Luxury real estate is a visual niche. The house, the car, the owners, the buyers and the agent all look the part.
How to look like a luxury real estate agent? Here are some tips
- Pay for luxury branding – Make sure everything, from your website and business cards to your signs and advertising, is designed and printed to represent your luxury clientele.
- Dress to impress – Make sure your clothing is clean, pressed and tailored. First impressions go a long way when trying to win a listing. Just starting out? Purchase one or two neutral suits and multiple dress shirts/blouses. Keep them dry cleaned and wear those when meeting new clients or networking. The suits will be so neutral many won’t recognize you’ve worn it before. Switch up the blouses and/or dress shirts and you’ll always look professional and put together.
- Drive a nice car – It may sound vain, but in the luxury industry it is a necessity to make sure your car is nice, especially if you are driving luxury buyers around to look at homes. Your car should not only look nice but it should be clean and smell good as well. If you can’t afford a luxury car, try Uber, a peer to peer taxi service, allows you to taxi luxury cars. Using Uber, you can sit in the back with your clients and they will get that luxury experience while going on walkthroughs.
The only thing to look out for when using any taxi service is timing. This is why I don’t suggest using a taxi service when meeting with a seller unless you are paying them to wait for you outside. After presenting an amazing listing presentation you don’t want to be chilling around at a client’s house waiting for your ride.
#3 YOU NEED TO UTILIZE THE LATEST IN REAL ESTATE TECHNOLOGY
If you want a luxury buyer to hire you as their agent or if you want to win a luxury listing, you need to show clients that you can provide them with the latest in real estate marketing and technology. Make sure you understand how to utilize the latest technology to find and market homes and that you can effectively combine that knowledge with traditional techniques.
Remember, just having flashy tools isn’t enough. You need to know how to use them effectively to increase the client’s ROI.
Technology Used by Luxury Real Estate Agents
- Electronic signature software
- Showing feedback software
- Interactive yard signs
- Beautifully designed websites with powerful home search engines
- Active social media and blogs
- Cloud document storage
- Virtual phone numbers
- The latest gadgets (Touch screen laptops, tablets, smartphones, etc.)
#4 YOU NEED A LISTING PRESENTATION THAT WOWS
To win a luxury listing, you need to do more than click through a generic PowerPoint and pass out faded flyers and postcard examples. Instead – tweak your presentation to the property. Imagine the impression you’ll make when the seller sees a postcard with their house on it? And marketing that caters to their neighborhood and their current needs?
Making those extra steps to personalize your listing presentation is worth the investment.Here are some key points to help you out.
- Pay for luxury branding – Make sure your listing presentation, listing package and examples are all professionally designed and printed to represent your luxury brand.
- Memorize your presentation – Although no two listing presentations will ever be the same, knowing the foundation of your presentation will be valuable. It will allow you to quickly and easily skip sections, answer questions without getting off-track and help you sound professional and knowledgeable about marketing real estate.
- Encourage participation – Get the sellers involved by allowing them to pretend to be buyers. Show them what happens when they text the number on the yard sign. Take them on a walk-through of their listings from your point of view. Luxury sellers are constantly being “sold” to. To get an edge, show them exactly why they should hire you. Actions speak louder than words.
#5 YOU NEED TO SUPERCHARGE YOUR FOLLOW UP
Potential clients searching for or selling traditional homes need basic follow-up strategies to convert them into clients. Those strategies include using the information collected in your CRM to send them email marketing, postcards and the occasional phone call.
In retrospect, potential clients searching for or selling luxury homes need traditional follow-up combined with action to convert them into clients. Just sending a card that says happy birthday isn’t enough. For wealthy clients, sending gifts on birthdays and invitations to exclusive events in the area are key to establishing a healthy lead flow. Here are few tips
- Remember the details – When you run into a potential luxury client, whether by chance or by a scheduled meeting, take notes and/or memorize the small details of their life. These small details include spouses, children, hobbies, vacation spots, etc. Make sure you put these things into your CRM and use these details to come up with innovative follow-up techniques.
- Use partner resources – Developing a lead funnel for luxury clients can be costly. This is why it is imperative to have partners that can provide discounts and resources to luxury amenities.
The decision to buy and/or sell a luxury home isn’t an easy one. The real estate sales and lead cycle is already a long one – add in the luxury component and the lead cycle can be even longer. Don’t be discouraged if a potential client hasn’t responded after following up with them for longer than 3 months. Many times, they are busy, on vacation, or dealing with business. Unless they say “remove me from your list” keep marketing. You’ll be in the front of their minds when they are ready to hire a real estate professional.