Building a luxury real estate business can be an incredibly rewarding experience. The personalities are fascinating, as are the homes. Yet for all its glamour, luxury real estate is not for the faint of heart. It takes a lot of hard work to build a scalable, sustainable and profitable luxury business.
My business partner, Chris Suarez, often says, “Find a simple solution to a complex problem.” In my business, incorporating a “power of moments” plan is a simple solution to the complex problem of gaining repeat and referral luxury business.
Credit: Amazon
What is ‘Power of Moments’?
Inspired by Chip Heath and Dan Heath’s Power of Moments: Why Certain Experiences Have Extraordinary Impact, my team’s goal is to create the most out of every opportunity so our clients remember our level of service, increasing our referral business and our presence in the community. Striving for excellence is just who we are.
The book underscores that moments are mostly forgettable, but occasionally remarkable. In real estate, clients typically remember the highs and lows of the transaction and forget most of the rest. We create moments along the way — at every transition of the transaction — so that the entire transaction is not only memorable, but also evokes a positive memory.
Making meaningful moments
It’s easy to excite someone with a fancy bottle of champagne or a spa day, but it’s not exactly original. That’s the baseline for the luxury business.
We don’t want to provide something that simply goes into the wine cellar or in a drawer of forgotten gift cards. We want to strive for the wow factor. In order to “wow” your client, the moment must be personal.
It starts with our first conversation, where we do a lot of listening. We build a natural relationship and learn about the wins with our clients through communicating. Through every interaction, our team is trained to learn more.
For example, our operations manager might hear a dog in the background on a call. If so, she will ask questions about the dog. Our showing assistant might notice a preferred beverage or beverage container that the client has in tow. No detail is left unobserved. This allows us to create personalized moments allowing even the smallest gesture to be a meaningful one.
We have a simple rule: If it is not illegal, immoral or unethical, we will do it. When our team is asked to do something, we have several answers, and they all begin with the letter Y and end with the letter S.
When should you make a moment?
Make a moment at every transition during the transaction. Send a token of appreciation:
- After the first meeting
- When a listing goes live for a seller
- After the first day of viewing homes with a buyer
- When a property goes under contract
- As an inspection is taking place
- After the option period
- At close
- One week after close
- One month after close
- Quarterly the first year after close
- On the anniversary of the close
The continuation of the relationship is critical in luxury because that is the level of service luxury clients experience in all facets of their lives.
As agents, we might breathe a sigh of relief when the option period is over, but our clients might be under more stress. That is when packing begins and other logistical details. Being thoughtful during this time goes a long way to strengthening your relationship.
For our elite luxury clients, we provide concierge hours. This might mean someone running their donations to Goodwill or providing an extra set of hands as they pack. Or, it could be identifying a boat dealer for a client who is moving to lakefront property.
We have a simple rule: If it is not illegal, immoral or unethical, we will do it. When our team is asked to do something, we have several answers, and they all begin with the letter Y and end with the letter S.
Tailor the closing experience
In luxury, there should not be a standard closing experience — it should be tailored for the individual client. For example, for a client who was sentimental about the home she was selling as she moved into a temporary rental, we had a beautiful watercolor of her home commissioned. When someone is moving out of their home, such touches along with gifted concierge hours are part of what we call our “departure service.”
Think through your clients’ needs as they arrive or depart from a property. Most people appreciate little gestures, like stocking their refrigerator as they move in. Remember, we have taken notes throughout the relationship, so we are not just stocking their fridge — we are stocking it with their favorite items.
Another easy gift is a basket of necessities that we leave in the kitchen. We call this our “arrival service,” a touch for when they arrive at their new home.
The basket includes things like paper towels, toilet paper, big trash bags and box cutters — things that will make their move into the new home easier. For neighborhoods that do not have frequent bulk pick-up, we take care of it for them.
Moments matter
Remember, it’s not the price or the size of the token of appreciation. Thoughtfulness and personalization are what make a moment matter and a memory last.
I often think about the quote below from Power of Moments, because it so aptly captures what I’ve seen working with luxury clients over the years.
“Transitions should be marked, milestones commemorated, and pits filled. That’s the essence of thinking in moments.”
Jeannette Spinelli is the CEO of Spinelli Residential Group powered by PLACE Inc. in Austin Texas. Connect with her on Facebook or Instagram.
