Breaking into the luxury real estate market is all about getting into the right mindset, and adjusting your actions and activities accordingly. To work in the luxury market long-term, and not only when the occasional luxury listing lands in your lap, you need to be a part of that community, making connections. It’s also incredibly important for you to know your stuff.
So how do you become part of the community? You have to get out there! Be a part of the social gatherings – attend events, galas, charity functions. Join organizations, clubs, and groups where the right people are, and remain active and committed to them. It’s not enough to just be on a list somewhere, you have to be active.
After you get involved, you have to give it some time. An influx of luxury listings won’t happen immediately – it’s a long term goal. Devote some time to build relationships and more importantly, trust. Those relationships won’t develop overnight in most cases. Think long term – it may even take a year or two for those new relationships to start bearing fruit.
As you’re developing these new relationships, make sure you’re developing knowledge as well. You have to have intimate knowledge of the neighborhoods where luxury homes are located – think amenities, schools, location, quantities of homes, and lifestyle. You should be storing these little nuggets of information away in your brain, just waiting for someone to ask you a related question! In addition, know the market. How many homes have sold? How many days, on average, are they on market? Better yet – know it by neighborhood! Nothing will impress a savvy luxury seller like your ability to rattle off accurate, relevant stats and data regarding one of their largest investments – their home.
Next, make sure you have the tools you’ll need at your disposal. While yes, the “standard” marketing materials you use to market your skills and brokerage can be included in a luxury listing presentation, you’ve also got to be a little bit “extra.” Brokerages (or agents) who commonly work in the luxury space will typically have a separate set of marketing pieces specific to the luxury market. Take advantage of them!
Last, but certainly not least, just get out there and do it! You may not get the first listing you try for, or even the second or third. But that’s ok! It’s a learning experience. It’s practice! I bet you didn’t totally nail the first listing appointment you ever did – so don’t expect that to happen on your first luxury listing appointment either. The important thing is to try and hone your craft until it’s second nature.
