For Paul Boomsma, president, Luxury Portfolio Intl.; COO, Leading Real Estate Companies of the World®, the real opportunity today lies in the luxury market, as this group has not only rebounded, but changed its attitude when it comes to purchasing real estate. “When the crisis hit, half of this group thought they would lose their money, while one third thought they would lose their job, creating a fear mentality that kept them from purchasing unless they were getting a really great deal,” said Boomsma. Boomsma went on to note that luxury buyers are now in the market to purchase again, especially when it’s worth it to them, however, what they’re looking for in a home has changed. For real estate professionals, finding the attribute of that property is crucial when it comes to getting luxury buyers back into the game.
As the needs of consumers—and their desires—change with every market up and down, keeping up with education and training are two ways real estate professionals can set themselves up for success as we move forward on a new playing field, complete with new rules. While the luxury and upper-tier market are typically handled by a default group of brokers/agents/offices, Lawrence P. “LP” Finn, III, director of Corporate Services, Coach REALTORS®, has taken a proactive approach to move his company to better tap into the luxury market.
From educating agents in regard to affluent buyer and seller behavior to looking at presentation skills and providing prospecting materials so agents can grow their sphere of influence, Finn has pulled out all the stops when it comes to elevating his agents’ game. “Finding success in today’s market started with empowering my agents so that no matter what the competition was, they could get the buyer because they understood them,” said Finn.
