RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

4 Tips for Success With Luxury Clients

Home Agents
May 17, 2017
Reading Time: 3 mins read
4 Tips for Success With Luxury Clients

the seller transfers key to the house in the hands of the buyer outdoors

The following information is provided by the Center for REALTOR® Development (CRD).

Real estate professionals who work with affluent buyers and luxury homes attest that serving this market niche requires an adjustment in both business methods and mindset. Affluent clients and their advisors are often pressed for time and expect a high level of service on their time schedule. Many buyers and sellers in the luxury market are successful business people. About one in five has achieved recent career success. They expect a real estate professional to conduct business with a level of professionalism commensurate with their own. In-depth knowledge of the market, organization, and preparation will demonstrate your professionalism.

  1. Join the Team

In some cases, the real estate practitioner may never meet the buyer or seller face-to-face. Instead, a cadre of managers, accountants, attorneys, assistants, and others will be the “face” of the client. Therefore, it is important to become comfortable working at arm’s length from the client. The client’s team will likely be the gatekeepers on communication and negotiations, but not the final decision-makers. It would be a mistake, though, to regard this group of people as mere information channels. Their opinions and evaluations influence the client. The real estate practitioner who can demonstrate the ability to become the real estate expert for the team can gain a client for life, plus a stream of referrals.

  1. Customize Communication and Materials

You will likely need to adjust your communication styles for the luxury market. For example, don’t do a listing presentation; do a listing proposal. Don’t say “We will try it at that price;” say “Let’s develop a pricing strategy.” Don’t say “Let’s look at similar homes;” say “Let’s take a look at buyer behavior in our marketplace.” Customized marketing materials that appeal to a client’s interests will have more impact. Is the client’s interest in golf, water sports, or a family-friendly getaway? Marketing materials should feature the lifestyle or attraction of foremost importance to the client. Marketing methods and materials must be commensurate with the property. You should expect to invest in professional photography and glossy, professionally designed and printed property marketing materials. Advertising for high-end and unique properties should be placed in publications that prospective buyers are likely to read, such as the Wall Street Journal, New York Times, Unique Homes Magazine, and specialty websites.

  1. Step Up Your Presentation Skills

Prepare a portfolio for each property that you will show to a prospective buyer. Compile a summary of how the property will meet the buyer’s objectives. Affluent buyers, particularly successful business people, are accustomed to reviewing business proposals and will expect information about the property to be presented in an organized manner. It is important to pre-qualify those who ask to see the property. There are the curious who try to use the listing as an opportunity to take a tour of a unique property or a celebrity’s home. It should be obvious that lockboxes are seldom used with these types of properties.

  1. Pay Attention to Confidentiality

In the luxury market, real estate professionals must maintain confidentiality and demonstrate trustworthiness. These are important issues for all buyers and sellers, but even more so for celebrities and the very wealthy. Their wealth and status makes them the target, too often, of opportunists who put their own interests first. Confidentiality involves not only protecting a client’s privacy, but also the security and safety of the family. Furthermore, disclosing the client’s identity could compromise successful negotiations. If sellers know that celebrity or wealthy buyers are interested in their property, they may raise the price. Adhering to the REALTORS® Code of Ethics, scrupulously guarding clients’ privacy, and providing objective information helps to establish the real estate professional’s trustworthiness.

For more education about how to best serve specific markets in your area, consider checking out the official National Association of REALTORS® (NAR) designation and certification online courses and programs at our site. Each of the programs of study focuses on a different business aspect or a different customer market. Knowing how to effectively grow your business and meet the needs of your particular customer segments are essential skills to successful real estate practice.

For more information, please visit onlinelearning.realtor.

For the latest real estate news and trends, bookmark RISMedia.com.

Tags: Center for REALTOR® DevelopmentLuxury Real Estate ClientReal Estate NicheRSPS Certification
ShareTweetShare
Susanne Dwyer

Susanne Dwyer

Related Posts

The Institute: July Luxury Market Report
Agents

The Institute: July Luxury Market Report

August 11, 2022
Keeping Up With the Changing Technology Landscape
Agents

Keeping Up With the Changing Technology Landscape

August 11, 2022
Succeeding as a New Agent, Even in a Recession
Agents

Succeeding as a New Agent, Even in a Recession

August 11, 2022
The Value of Experience and Education
Agents

The Value of Experience and Education

August 11, 2022
LGBTQ+ Real Estate Alliance Announces First In-Person Conference
Agents

LGBTQ+ Real Estate Alliance Announces First In-Person Conference

August 11, 2022
ERA Artist’s Logo Design Selected by Toys for Tots
Agents

ERA Artist’s Logo Design Selected by Toys for Tots

August 11, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

There’s Gold in Them There Leads. HomeKeepr Can Help.

Does your brokerage have leads no one is working? Let’s put those leads to work! Our Moover Intelligence feature identifies... Learn more.

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • The Institute: July Luxury Market Report
  • Keeping Up With the Changing Technology Landscape
  • Succeeding as a New Agent, Even in a Recession

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X