Higher priced property listings in prime locations have the potential to bring in millions in real estate income. Just look at the success of Aubrey Ferrao of Fiddler’s Creek Community in Florida. Seaside and beachfront properties are in high demand with wealthy clients, and Aubrey Ferrao has built a real estate empire capitalizing on the preferences and purchasing habits of these individuals. The term luxury will mean different things across the nation, with condos in California holding unique attractions when compared to the mountain-side homes of Vermont. However, the principles for attracting the right buyers for your luxurious listings are the same.
There are many different types of luxury buyers, as having money or wanting a nice home can represent a wide variety of personalities, professionals, nationalities, and family dynamics. You may be looking for a rancher interested in a big plot of land or be reaching out to the snobby, Rodeo Drive type. Your location may be desired by techy young professionals or business owners that need a place to entertain important clients. Unless you know who you are working with, you won’t be able to effectively address their areas of interest or close in on their needs. Knowing the area around you helps you work with your clients, but reaching prospective clients requires a marketing plan that already knows who they are and what they want. Consider the average age, common hobbies, and professions.
Selling on the luxury market requires more attention to detail than the average residential home. There are generally certain amenities and features that cannot be found in middle-class homes, and you will need to keep a notebook of the prices associated with these high-end extras. Some amenities will be worth mentioning, but others won’t be as intriguing and persuasive as you may think. Talk to your clients and other agents with knowledge of the market to hone your skills in selecting the right properties and highlighting motivating selling points. Cultivate relationships and network with professional groups and luxury clientele to get the inside track on new or potential listings. You should become acquainted with a good luxury listing lender and financing opportunities for those who will need large loans.
The best way to attract luxury home buyers as clients is through your own million-dollar listings. If you have luxury listings, your website will gain the attention of wealthy individuals, as will your presence in real estate magazines. Even if you don’t have these listing on your own, you should consider joining a team that deals with luxury listings. This becomes a great opportunity for new agents to both learn from experienced agents and receive your own luxury leads. You can also offer to help or support other members of your team who are working a luxury listing.
Everything about your online and in-print marketing strategies should attract the interest of luxury buyers. The focal point should be a reinforcement of the quality that high-end buyers are looking for, whether it is in the images used on social media or the language and tone of your information. Your photos and discussions should be able to reach a more affluent crowd and inspire aspirational living. You don’t always need to display luxury homes, but also the illusions of well-to-do living.
You can extend your prospects with potential clients by developing a strategy specifically for luxury real estate. While you shouldn’t limit your services to high-end buyers and sellers, developing the skills and marketing approaches that resonate with wealthy clients can increase your financial success and help grow your business.