Learn what it takes to effectively market yourself and your luxury listings to your market's most discriminating buyers and sellers.
Many of the most prominent influencers in the real estate space are real estate agents and brokers who have mastered the luxury real estate market. In order to effectively work with these discriminating clients and real estate professionals, it is vital to understand how they work, what they are looking for, and how to create platforms and online advertising campaigns that are effective for high end, luxury real estate marketing.
In order to develop a real estate business focused on high-end properties, it is important for you to develop a reputation as a luxury real estate agent. In many ways, this is a Catch-22: how do you become a luxury real estate agent without first representing high-end home buyers and high-end homes?
There are a variety of strategies for building your reputation when you're first starting out in the luxury real estate market. These include:
Choosing a mentor who is experienced in luxury real estate marketing and sales can help you to develop both expertise in the luxury market and a positive professional reputation within that market. Over time, you will no doubt have opportunities to assist your mentor and learn their strategies for pricing and marketing high end properties and working with high end clients.
In addition, you will make connections within their professional network who you will be able to reach out to as you develop your own business.
Early in your career you may have the opportunity to work as a showing agent or assistant with more experienced, higher volume luxury real estate agents in your brokerage or local market. During your first few listing appointments, you may find that co-listing with a more experienced agent or broker can give you the extra credibility you need to compete for the listing, while your colleague's insights will help you get it sold.
Training like that provided by the Institute for Luxury Home Marketing or the National Association of REALTORS(R) Resort and Second-Home Property Specialist Certification can burnish your credentials and reassure luxury home sellers of your expertise. In addition, you will develop a professional network through these organizations that can give you the larger outreach potential you need to exchange referrals or market high-end properties.
If you are currently working in residential real estate but want to move up to luxury listings, begin marketing to progressively better neighborhoods in your area and incrementally higher-priced listings. Over time, you will find that you have progressed to a price point that puts you in the running to represent luxury properties in your area.
You won't have a career in luxury real estate unless you are getting your clients to the closing table. In order to sell homes on the higher end of the market, you'll need to do the following:
Price it right: The higher pricing associated with high-end properties involves price points that are driven by more than market comps. It is important to develop your expertise not just in the local market but in the desirable features that add value to a luxury property.
Market it right: Luxury real estate marketing requires more than just pretty pictures or a fancy brochure. You will need to have an extensive knowledge of the best, value-added upgrades that are in demand by luxury home buyers.
Network effectively: You will need to have an extensive network of professional contacts in order to stay abreast of off-market and pre-market listings. You will also need an international reach as many luxury home buyers and sellers include foreign investors.
Provide stellar service: The luxury home buyer or seller is highly informed and more demanding than the average real estate client. Because there is so much money at stake in these transactions, higher end clients require more attention and a higher degree of expertise from their real estate representative. You will need to cultivate top-notch negotiation and communication skills in order to ensure that you are providing the type of white-glove service they expect.
Effectively marketing a luxury home -- as well as marketing your services as a luxury agent or broker -- requires platforms and tools that are as elegant and sophisticated as the homes themselves. You will need luxury versions of the following:
A website with an emphasis on your experience and expertise in luxury real estate, including training and certifications as well as any prior luxury market experience
Social media platforms with an emphasis on high end properties as well as content about you and your team that reflects your connection to the local high end market
Content marketing materials and platforms, including a blog, video series, or podcast, can help to make you an influencer in your local market and beyond. Focus on topics of interest to your high-end clients.
Interior design and staging services in order to prepare properties for marketing to highly discerning buyers
Professional photographers, videographers, graphic designers, and copywriters in order to create high-end marketing materials
Print marketing materials for direct mail, listing presentations, or private showings
While many luxury real estate agents avoid public open houses, broker's open houses may be an option and can allow you to show the home to brokers with qualified high-end buyers. In addition, your best marketing tool is a robust professional network and the ability to communicate with them regarding upcoming listings and off-market properties or pocket listings.
Finally, your best selling point as a luxury real estate agent is your own image. Think about the high-end lifestyle you want to represent and ensure that everything you do is a reflection of that lifestyle. The clothes you wear, the brands you choose, the car you drive, the community events and organizations you support -- all of these reflect on your business and can help or hinder your public perception.