Looking to sell the lifestyles of the rich and the famous? It may take more grunt work than you think. Oftentimes, it’s far easier to sell a 4-bedroom single-family home than it is to sell a million dollar mansion. The reason for this is because there are fewer people who can afford the high price tag that comes with luxury homes, and those that are paying more for their home have higher standards for what they need in a house. However, once you’ve made it into the luxury real estate space, each sale could be a multi-million dollar deal for you.
But how do you find these luxury home buyers? It’s not every day you run into someone looking for a billion dollar home. If you’re looking to break into the high-end real estate market and sell mansions like the luxury Eli Manning house in New Jersey, look no further. We will give you our top 5 tips for prospecting for luxury home buyers and upgrading your real estate career.
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1. Be Where the Community Is
One of the beautiful things about working in real estate is that you can build your office anywhere. Just as easy as you can work at home, you can set up in a local coffee shop and surround yourself with potential buyers. Use your knowledge of the community and hang out where luxury home buyers do.
Go to popular local eateries, set up in coffee shops, and find community events where you can meet potential clients. It’s not simply a matter of networking, but networking in places where you know your ideal clients are.
2. Know Your Clients
Before you attempt to sell anyone the luxury home of their dreams, do some research on what people in that market look for. There’s only so much you can know about a person at first glance, but there are a few things you can infer when having the initial conversation with your client.
– Your Client’s Age
Know that if your client is older and looking to retire, they may prioritize a master bedroom on the first floor or a home with accessibility options throughout the house. If your local area is a healthcare hub, your client may want rooms in the home for stay-in healthcare providers. If your client is younger, they may look for a luxury home with technology upgrades and smart-home features. If they are the CEO of a business, they may want a home that is optimized for entertaining guests.
– Your Client’s Hobbies
If your client plays golf 5 days a week, you’re going to want to offer a home on the golf course. If they have been training for a charity tennis match for a year, they may want access to a tennis court (whether a private court or a shared neighborhood one).
– Your Client’s Job
Many of the people who are in the market for luxury homes have to travel frequently for work. It’s your job to know how far a house is from the airport or how close it is to meeting spaces in town.
Not only will knowing your client save you a lot of time going back and forth between homes that aren’t a fit, but it will also increase your credibility as an agent. A client is more likely to refer you to a friend if they know that you gave them great options the first time, rather than showing them three rounds of homes they don’t like before even being in the correct ballpark.
3. Keep in Touch With Previous Luxury Home Buyers
Speaking of referrals, they are the best way to lock in leads – especially when it comes to the luxury real estate market. People spend time with people who are similar to them, and the best way to meet people who want luxury homes is to be introduced by a friend (or previous client).
Reach out to your previous clients every once in a while and ask how things are going in their new home. Create a monthly newsletter to send out to previous clients letting them know what’s new on the market and what’s been going on in the community. The more you stay on the forefront of their minds, the more likely they are to think of you when their neighbor is looking to upgrade their home.
Also, check – How to Choose the Best Home Warranty Plan
4. Co-list Luxury Homes
The most effective way to break into a new market is to enlist the help of your fellow agents. If you have a luxury listing coming up and you haven’t had much experience in the field, co-listing is your power move.
Co-listing consists of teaming up with another real estate agent who knows people that may be in your network, and working together to sell the home. This does mean that you will split the earnings, but don’t get greedy. When it comes to luxury homes, half of a lot is better than a whole lot of nothing. Whether this is jumping on a listing of theirs or asking an agent to co-list one of yours, it’s a sure-fire way to strengthen your luxury portfolio.
5. Luxury Certifications
Another way to help get your name out there in the luxury market is to become a certified luxury agent. Not only do luxury certifications educate you on the differences between the luxury market and other markets, but it will provide you with a number of connections that will help you grow your portfolio.
One of the most popular certifications you can get is the Global Elite Certification, which introduces the basics of co-listing, co-marketing, and luxury listings.
Tips For Prospecting For Luxury Home Buyers
If you’re wanting to break into the luxury real estate market, these are the best 5 ways to start. If you are already in the market and need to up your game, these tips will help you leverage your business for success. From large lakeside homes to urban mansions, you’ll have all the information you need to sell them all and live the lux life.
Showcase IDX allows users to search for homes by price range, location, type of property, number of bedrooms or bathrooms, among other criteria.
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