Being an agent in the luxury space is hard work. Not only are you dealing with some seriously discerning clients, but you also have huge commissions on the line — so impressing them and bringing your A-game is key.
Not sure how to do that, exactly?
Here’s what other luxe agents are doing right now to safeguard their success:
1. They’re connecting with (and even working alongside) other luxury agents.
In luxury real estate, few transactions are handled solo. You’re either relying on another agent to bring in the buyer, or you’re co-listing a property to up its exposure. Either way, you need help — and other luxe agents are the key to it.
Connect with luxury agents in your market, and tap them for any co-listing or co-marketing needs. You should also make connections with luxe agents in other parts of the world. A good number of luxe buyers are either relocating or looking for second homes, vacation properties, or pied-a-terres. Networking with far-off agents can give you an in if any of these buyers are headed toward your neck of the woods.
2. They’re using the art of persuasion.
Luxury clients are notoriously stubborn. On the selling side, many come to the table with a set price point in mind — a number they’re rarely willing to budge from. Luxe buyers, on the other hand, typically hold those purse strings tight. Sometimes, they may even have a budget that doesn’t line up with their expectations for size, amenities, or even location.
The best luxury agents know how to persuade these hard-to-convince buyers and sellers and help them meet in the middle. They can show sellers what a home is really worth — and what buyers are willing to pay for it — and they can help buyers be more realistic with their budget (or their expectations).
3. They’re leaning on social media.
Social media plays a critical role in the luxury real estate space nowadays — especially the photo-sharing site Instagram. The platform has transformed the way consumers look at real estate, making it more consumable, more beautiful, and more accessible than ever.
Use Insta to share images of drool-worthy amenities or features, or upload a video tour of your latest listing. With the right hashtags and timing, you might just see your content go viral.
Facebook and Twitter can also be helpful platforms, especially if you use the tools’ paid promotional features. These can boost visibility and put your posts in front of the exact target audience you’re looking to reach.
4. They’re assigning a value to time.
The best agents know that time is money — and luxe clients want to protect that cash any way they can. To help them do this, agents need to use their client’s time as efficiently and effectively as possible.
- Pre-vetting properties – Don’t show agents a home if it’s not a sure bet. Offer virtual tours and other remote options if you’re on the fence about a property.
- Understanding their wants and needs – Know what your clients want like the back of your hand. Only consider properties that align with these preferences.
- Tracking feedback – As you tour properties with clients, keep records of what they like and don’t like. These notes can be useful when making a final decision or during negotiations.
5. They’re matching their service to the price point.
If a client is spending $5 million on a property (and giving you $50K in commissions), they want service that’s just as high-brow. That means pulling out all the stops. Book them a private car and driver for their showings and send them out for a nice dinner or some pampering after a long day of travel. Once they close, forget the picnic basket and bottle of wine. Treat them some to a five-star meal or a weekend in Napa (they need to stock that wine cellar anyway!)
6. They’re tuning in — not just to the market, but to the luxury space as a whole.
As a luxury agent, knowing the luxe real estate space (both locally and beyond) is critical, but you shouldn’t stop there. If you want to understand and relate to your clients, you need to be tuned in to the larger luxe industry as a whole.
To do this, read luxe travel, food, and wine magazines, and know what causes and charities today’s luxury clients care about. You should also make it a point to attend the occasional event in the luxury community. This will allow you to network, mingle, and get to know your audience even better.
7. They’re networking outside of the real estate world.
Speaking of networking, to really see success as a luxury agent, you need to connect with community members outside the real estate sphere. That means connecting with business owners, consultants, executives, and more who can send luxe buyers your way when they crop up.
Some of your best bets for connections? That’d be attorneys (especially divorce attorneys) and HR reps. They’ll be tuned-in to relocators and others looking to put down new roots in the area.
Have a luxury client you want taken care of?
We’re here to help. Refer them to Embrace Home Loans and we’ll ensure they get the treatment they (and you) expect.