There’s a lot that goes into selling property. And when those properties are worth millions, there’s even more to it.
The luxury real estate market is much smaller than the lower-income sector, and clients looking to invest are going to expect an agent that offers a particular level of service.
If you’re ambitious and want to get ahead, keep reading.
Build Up Trust
The most important factor is that your target market trusts you. You need to have done all the necessary legwork, handle all the real estate paperwork seamlessly, be an expert on every house you are selling, and meet all customer demands.
Efficiency, transparency and knowledgeability are the trust-enforcing traits you need to nurture.
Achieving all these elements requires a well thought out approach that you need to implement with every property you market. It’s not enough to only execute some of these aspects properly. You need to consistently stand out from the crowd and deliver in every way.
Building up trust takes time and effort, but it will pay off when you’ve established a reputation as a reliable, reputable agent.
Leverage Your Lifestyle
While you may not have to be in quite the same tax bracket as the buyers you’re seeing, you should still fit into their lifestyle to a certain degree.
Create an image that will engage clients
After all, one of the primary rules of sales is to ensure that clients feel you can relate to them – it will put them at ease immediately and make them more likely to make an offer.
In many cases, the most successful luxury realtors are in the same zip code as their buyers. But even when they’re not, they understand these individuals’ way of thinking.
Essentially, you need to create an image that will engage clients as you break into and then stay in this rarified market.
Get The Price Right
Just because buyers in this bracket have large sums of money to spend doesn’t mean they’re not careful with it. Often, wealthy individuals tend to be especially judicious with their money. They’ll check every detail carefully, and don’t appreciate feeling like they’ve been taken for a ride.
Simply put, an inflated asking price is unlikely to get many takers.
Get a third-party appraisal as a mark of your trustworthiness. This unbiased evaluation shows that you’re not trying to ask for more money to benefit yourself and the sellers. Prospective purchasers will respect that and be far more willing to engage with you.
The appraisal opinion can also be useful if a lender or financer does a separate appraisal and arrives at a number that’s lower than what’s needed under the buyer’s mortgage.
Armed with the impartial evaluation, you’ll be able to offer to help interested parties negotiate better borrowing terms – thus sealing the deal.
Ensure Immaculate Physical Condition
Many agents who are already in the high-end home market say that the physical condition is more important in these cases than it is in smaller properties.
In a house that is otherwise gorgeous, with beautiful architecture and professionally decorated interiors, every tiny flaw will stand out.
Some agents also advise a pre-listing home inspection, since most luxury home purchasers are looking for a space that’s completely ready for them to move into. The report that comes along with a successful inspection will give them confidence in the real estate, and in your thoroughness.
Use the Power of Warranty
A home warranty can be a very good selling point.
These warranties guarantee all major systems in a property for a year after the purchase date. Clients who are paying top dollar expect that all home issues will be dealt with – and a warranty helps ensure that’s the case.
Also, most warranty companies cover the homeowner too, for the time that the house is on the market. And since you’re aiming to build your farm with repeat clients (see the point below), you need to take care of both the sellers and the buyers.
When you’re recommending a home warranty company to your clients, make sure you choose one that’s in the area and get quotes from at least three separate organizations. This is something that non-luxury sellers might look into themselves, but in this rarified market it’s expected that the agent takes care of everything.
The warranty should cover all systems that are at or near their average lifespan, or that are no longer covered by manufacturers’ guarantees.
Grow Your Potential Client Network
Make sure that the target market within your farm knows who you are.
Often, people will buy high-end houses in the place they already live, or in nearby areas that are of a similar caliber. If they recognize you from seeing you around, they’re far more likely to feel comfortable with you.
One realtor even suggests frequenting the local coffee shops so you can strike up conversations and connect with the local clientele. Word of mouth is very powerful among this demographic – here, more than ever, it’s all about who you know.
Network with Private Bankers and Lenders Too
In addition to rubbing shoulders with potential clients while they’re out and about, you need to be networking with private lenders and bankers. People who are spending millions of dollars on property don’t go through the same channels as other buyers do.
Form a mutually beneficial relationship with fi