Luxury real estate is often considered a pinnacle of success by many real estate professionals. Discover five facts about luxury real estate marketing to get a piece of this lucrative target market.
Capturing the business of elusive luxury buyers and sellers is often considered a pinnacle of success for career-conscious REALTORS®. Closing just one deal can often equal what it would take to nurture a dozen others in a mainstream market. Luxury buyers are more accessible than many REALTORS® think! Get familiar with these five facts nobody tells you about in luxury real estate marketing.
Research, Education, Attention and Location (R.E.A.L)
R.E.A.L is an acronym for Research, Education, Attention, and Location. Start by doing research about the client’s neighborhood, property values, lifestyles, associates, market trends – everything that makes the clients and their property relevant. Engage in continuing education that puts you ahead of the curve on the latest developments in the real estate market. Most luxury clients are busy and have limited time for interactions, so always give them your undivided attention. Finally, find out about the most coveted locations on luxury buyers’ and sellers’ maps to be ready to present all types of properties and possibilities. Network with people in their social circles, including lawyers, accountants, architects, engineers and other key players who can engage in mutual referrals in the future.
Pay attention to the details
Luxury clients tend to be heavily detail-oriented. Most of them have relationships with several REALTORS® so paying attention to their specific goals and wish lists is highly important. Think ahead and research figures, facts and marketing strategies they might ask about in the future. Take notes of your conversations. Present innovative strategies and ideas with proof of how they work. Generate analyses and reports that clients can share with their partners, attorneys, accountants and other advisers. Use tools such as Grammarly to check your spelling and grammar before communicating online. Get familiar with more unique showcasing options like Matterport and drone photography. As always, reputation and reliability are crucial to gain the trust and repeat business of luxury clients. Be trustworthy and transparent in all your communications. If you honestly don’t know something, never evade or embellish. Have a team of experts on-call to provide accurate answers right away, as luxury clients expect this level of dedication.
Never a one-size-fits-all approach
Most REALTORS® use a boilerplate marketing approach for their clients. Streamlining helps them close enough average deals to earn a living. However, automated responses and generic marketing campaigns are simply not enough for luxury clients. To stand out from the competition, set aside the one-size-fits-all approach and develop a customized marketing plan based on the unique goals of the client. Take advantage of technologies such as MLS, Facebook, Twitter and SEO content to promote luxury properties. Work with a marketing team that includes a photographer, videographer, SEO pro and home stager. Network with other real estate professionals to raise awareness about the property. If difficulties arise, consider splitting the deal with another successful REALTOR® who can help close it.
Focus on features
Marketing luxury properties involves more than writing a basic summary of the number of bedrooms and bathrooms. Descriptions and marketing efforts should showcase the outstanding features of the property. Use persuasive words and impressive images to get attention. Tell a story about the property that piques interest. Consider planning events rather than typical open houses. Host an exclusive party to introduce the property to the market. Point out what makes it special, such as spacious living areas, a heated pool and sauna, or LEED certification and solar panels for green luxury clients.
Time is on your side
Patience is a necessary virtue for REALTORS® working with luxury clients. While some deals unfold quickly to accommodate a new business opportunity or situation, others take a lot longer to pursue and close. You might wind up talking to assistants and leaving messages a few times before connecting with a luxury client. Once you do, there might be specific requirements they expect you to fulfill. Be pragmatic, efficient, and return messages even if the client is not available. Keep moving forward as long as they agree to work with you. Be assertive without trying too hard. Remember that time is on your side and the deal is worth the effort. Even if the deal falls through, top-notch skills may win you future referrals.
Knowing these five points about luxury real estate marketing helps REALTORS® stay focused. And once you close one fantastic deal, the word will get around to other luxury clients.