- Luxury real estate agents must understand how to market high-end property.
- The successful luxury real estate agent re-examines his business on a regular basis.
- Aim to make your unique mark on luxury real estate.
Luxury real estate agents around the world try to unravel the mystery of marketing high-end real estate. Truth be told, there is no mystery. Here’s how you do it — plain and simple.
1. Keep it simple
Don’t make selling luxury real estate more complicated than necessary, and keep it simple in your mind. Basically, the process involves matching a wealthy buyer with the best high-end home for their lifestyle.
2. Know what works
Take note of your most successful experience as a luxury real estate agent. Obviously, something worked about that scenario. Therefore, repeat. Refocus on sales transactions that ended perfectly for agent and client.
Also recognize your less-than-successful dealings; yes — even failures. Acknowledge them. Be aware of them, but let go of these flawed procedures.
Vow to never repeat what foiled your success in that instance. When it comes to the fine art of selling luxury real estate, remind yourself to live, learn and challenge yourself to do better next time.
Look at your business regularly — and truthfully — with open eyes. View the reality of your business. Focus on your ability to get the best possible results for clients.
Simultaneously, you will achieve success in the world of luxury real estate. Simply put, you will make more sales.
3. Keep up-to-date
Keep informed about the latest media and marketing methods. For example, use the ever-so-popular social media outlets as a marketing tool. Remember though that social media can still never hide flawed marketing.
Although luxury real estate is a unique sector, do not completely dismiss the direct marketing strategies used in other categories such as the retail and hospitality industry, the mail order business and even TV infomercials.
Certain basic marketing principles play well in all types of the buying/selling business. Over the years, old-school marketing has achieved profit-proven results.
Likewise, a new and radically different approach can yield equally exciting results. A balance of old ways and new methods could lead to the most desired outcome.
4. Understand your business
It is true that luxury real estate is a huge sector, and real estate firms are a force to be reckoned within the world of business. Even when part of a big firm, luxury real estate agents are really running a small business — their business — even if it is a party of one in a big pool.
Therefore, luxury real estate agents must understand that marketing for a small business and a large company is not entirely the same thing. Big operations have different objectives and agendas than small businesses.
That does not mean, however, that agents should never examine why that hugely successful real estate company does the best in the state.
After all, every business had to start out somewhere. Find out about the path that led them to success.
5. Be yourself
Every luxury real estate agent was once a beginner. Take note of how today’s top-ranking agents achieved that position. Still, however, stay one-of-a-kind and true to yourself.
Of course, you will see professional peers who try to emulate the leading luxury real estate agents right down to the last point. Copying to that degree will fail them — big time.
Don’t do that. Learn from the leaders and observe their best attributes and abilities, but put your own strengths, personality and passion in the spotlight. After all, it is your business.
Kevin M. Leonard is the founder of Luxury Agent and Valore Group. You can follow him on Twitter or LinkedIn.
