Whether you’re new to the world of real estate or are simply looking to embark on a new, more lucrative selling side-line, luxury real estate can be an undeniably tempting option. We’ve all seen Selling Sunset, after all, and if getting a first-hand peek at your city’s best properties doesn’t tempt you, then the commissions on offer most certainly will.
Of course, nothing in this life comes for free, and no matter how much real estate experience you have, you might quickly find that luxury real estate is an exclusive market with its own set of rules and expectations. Chances are that your typical sales patter and property marketing techniques won’t even touch the sides of what hide-end sales require.
That’s not to say that you can’t still make your make and take on the luxury real estate market to huge acclaim. It does, however, mean that you might need to deploy the following tactics to help you do so.
# 1 – Build Your Luxury Persona
We all know that appearances matter in business, but never is this more the case than in luxury real estate. Regardless of your situation, you’re guaranteed to sell better if your clients can relate to the message you’re putting out there—a message which, in this case, should reflect a luxury lifestyle much like their own.
While it might seem strange to reinvent your look like this on the cusp of a new career, it’s a step you won’t regret taking. It could also be a lot simpler than you think. Mainly, you want to find common ground with high-end clients, which could include anything from developing or delivering deeper into a love for luxury vehicles to elite hobbies such as golf or wine tasting.
Equally, you should always present yourself well in terms of what you wear, and even the way you speak. There’s certainly no space for slang language in the luxury real estate world! Remember, too, that a lot of clients will choose whether or not to work with you before they’ve even met you. Getting professional headshots from someone with experience in luxury industries is guaranteed to help you shine.
# 2 – Get to Know Luxury Locations
Even if you intend to sell luxury real estate pretty close to home, don’t make the mistake of assuming you know exactly what this neighborhood has going for it. After all, there’s a big difference between houses down in the suburbs, and the hilltop mansions you might be moving onto. While you can certainly use the local knowledge you already have to some extent, you also need to develop an in-depth knowledge of new luxury locations.
Simply visiting the luxury areas in which you intend to sell is your best option here, as you’ll then be able to pick out local amenities, environment, and so on. Equally, it can pay in a business sense to gather information like the number of pending and expired listings in that area, and also their price points. This way, you can remain competitive, informed, and more likely to top the luxury real estate charts.
# 3 – …And Your Audience
If you’re transferring from standard real estate sales to the luxury realm, then you’ve got a pretty big leap ahead of you. To make that jump with ease, it’s vital to understand that luxury clients often aren’t interested in the same things as the other people you might’ve sold to.
For instance, a high-end bachelor looking for a business crossover isn’t going to care all that much about schools in the area like the suburban families you’re used to dealing with. He’ll be far more interested in factors like distance to the airport, or the socialization potential of things like clubs and restaurants. He might even care about things like wi-fi speeds in the area, or how easily he can drive his luxury sports rental into that sizable drive!
Of course, these are all generalizations, but the fact remains the same – you need to know your client. It’s especially worth noting that, for the most part, luxury real estate clients aren’t interested in things like reasonable pricing. They want to impress, and they want you to help them do it.
# 4 – Learn the Tricks of the Luxury Trade
Along roughly the same lines, you’ll want to take a little time to learn the tricks of the luxury trade as much as possible. Where you can, shadowing another high-end agent with experience can prove invaluable here, as you’ll be able to pick up tips on everything from how they dress, to which rooms they focus on the most during a viewing.
Of course, it isn’t always easy to get a luxury agent to agree to mentor you when you ultimately become competition for them, but there are tricks to consider even without a mentor’s help. For instance, visiting the websites and social platforms of known luxury real estate agents will give you a whole load of tips for everything from how you present yourself, to how you can make your listings look as good as possible.
# 5 – Tailor Your Advertising Campaigns to High-End Clients
Speaking of making your listings look good, you must take steps to tailor your real estate advertising campaigns towards the tastes and requirements of a high-end clientele. Remember, these are largely people for whom money is no issue, so your properties need to speak for themselves to seal a sale.
This all starts with fairly obvious pointers, including the need for rich, high-quality property images. Physical glossy brochures are also something of a must in luxury property sales, as they provide an elite feel while also leaving space for information that your high-end clients will undeniably be looking for.
You’ll also want to ensure no-holds are barred in your advertising attempts, meaning that you should always splash out on key industry tech that’ll serve to make your homes look even better. This means virtual tours and drone footage, as well as additions like a php pdf viewer to ensure that clients can easily access and save all listing documents at the click of a button. AI is also redefining luxury real estate right now, and you can use it to personalize everything from property PDFs, to search suggestions and pricing predictions.
# 6 – Look for ‘Easy’ Ways In
For obvious reasons, the luxury real estate market is pretty hot, so it’s a stretch to say that there’s an ‘easy’ way in – if you don’t put in the work, you’re unlikely to ever find success here, That said, there are ‘easier’ ways into this competitive world, and it’s worth considering these when you first get started.
In particular, you might want to look for one of the following two types of listings to start bumping your luxury portfolio –
- Expired listings: Expired listings are real estate listings that have failed to sell within their listed expiration date, and you’ll often find that clients from these properties will be keen to work with another real estate agent during relisting. Going after these properties could be a good way to get your foot in the door, though they are often a harder sell. However, if you snap up a couple of expired listings and find success with them where others have failed, you can very much consider your foot in the door.
- Partnered listings: Partnered listings will see you pairing up with a more reputable high-end agent to attract client interest. Admittedly, this won’t be an equal pairing, and it could see you doing 90% of the work for 50% of the commission. But, for your first few properties, it’s still a step worth taking until you can support listings on your reputation alone.
# 7 – Put Your Portfolio on Display
Trust is key in the luxury real estate world, and clients are more likely to work with you, and even return to you if they can see that you’re well-respected in the field. Obviously, this isn’t a benefit you can lean on, to begin with (hence the value of options like partnered listings), but you’ll want to put your portfolio on display as soon as you’ve got a few sales under your belt.
As with any industry, client testimonials can go a long way towards helping you to attract future listings and buyers alike. Ideally, you’ll want to prompt all happy clients to write glowing recommendations for you, and it pays to display these on your website’s front page so they’re one of the first things prospective clients see. The more testimonials you have to broadcast, the more chances you’ll finally start making waves in luxury real estate.
Conclusion
Breaking into any luxury field can be a challenge, and this is never more the case than in the billion-dollar luxury real estate industry. The stakes are high, the prices are higher, and you need to learn how to jump through every hoop to hit those targets. Use these tactics to help you do precisely that!
