The lure of fewer listings and larger margins is a seductive, but are you for the research and diligence that goes with it? Are you ready to commit to faster response times, networking at luxury-related events, and spending time in the classroom to earn your certification?
If you’re still interested in pursuing this course of action, you’ve got a lot of homework ahead of you. Here are the biggest challenges between you and success in luxury real estate.
Communication is Key
Luxury customers expect to receive a level of service that goes beyond what is expected at the standard residential level. They have grown accustomed to a premium service level and pay for it – they know you will receive a higher commission on you listing sides than other agents and they want to see you work for it. You need to provide them with the relevant data in a very timely manner.
Ability to Speak the Language, Know the Market, and Understand the Culture
They want you to be a trusted advisor, so they expect you to help them make the transition. If they’re buying a new house in a new city, they’re going to expect you to know the places they should eat at, shop at, and where their kids should go to school. You need to know the communities they will be buying into and be ready to demonstrate your expertise.
You can begin to acclimatize to this lifestyle by attending luxury-related events and rubbing elbows with your future customers. Listen and absorb what their concerns are. Research the luxury communities in your area and find time to check out the stores and restaurants they are likely to frequent.
When you’ve done your homework, then you can start sponsoring luxury-related events or working with existing ones to co-brand and build name recognition.
Fine Tune Your Brand
If all of your marketing is tuned towards the standard residential market, it’s not going to resonate with the luxury crowd. Before you dive in, you need to build up your marketing to a higher level. Your website should be tuned towards luxury if you’re going to be pointing potential customers to it to review listings. Have someone look it over for grammar, spelling, and formatting errors.
Earn Your CLHMS Certification
The Certified Luxury Home Marketing Specialist designation is available to real estate agents who complete a 2-day course. It is a selling point that differentiates you from your competitors in the marketplace has “documented performance in the top 10% of the marketplace,” according to luxuryhomemarketing.com. This designation has been demonstrated to be more valuable in earning power than any other real estate designation.
To learn more about the designation and to check out when it will be available in your market, check out the Institute of Luxury Home Marketing’s website.