How often do you network with other professionals who serve an affluent clientele?
Luxury real estate has a reputation for exclusivity, but the truth is, success comes from building a network of people who can help connect you with new, qualified prospects and support you in better serving your existing clients—and vice versa.
The good news?
There are plenty of other luxury professionals whose affluent clientele overlap with that of a luxury real estate professional, and many are aware of the reciprocating benefits. In fact, given that discerning clients often rely on a number of specialists (venetian plasterers or wine storage installation experts, for example) there are enough luxury professionals to network with to keep you busy for the rest of your career.
If you’re just starting out, however, there are three types of upper-tier professionals you’ll want in your sphere of influence if your network doesn’t already include them.
So if you want to expand your reach and better serve your clients, here’s who to bump elbows with in the beginning of your career:
1. Wealth Managers and Affluent Clientele
Understandably, wealth managers can provide great connections to affluent clientele because they tend to only work with clients above a certain income level.
These professionals help their high net-worth clients with financial planning, generating and maintaining wealth, and navigating investments. And, as one would expect, the majority of these affluent clientele have a fair amount of real estate in their wealth portfolios, which means there’s a need for luxury real estate expertise.
Plus, having a trusted wealth manager or two in your sphere of influence can also help you better understand how your clientele make their financial decisions.
A unique way to connect with these professionals? Offer them your monthly Luxury Market Report. They’ll appreciate the resource, and it starts your relationship on a mutually-beneficial note.
2. Custom Home Builders and Affluent Clientele
Although some feel the relationship between a builder and a luxury real estate professional is a competitive one, the reality is that both can benefit from the partnership.
Since both are looking to serve affluent clientele who are looking to purchase a home, there are plenty of opportunities to swap business back and forth.
For instance, a home builder may refer a client who isn’t represented by an agent, and an agent may refer a buyer who can’t find their perfect home on the market and would rather opt to have one built.
Another big benefit?
Continuing the relationship with a builder after the sale can help secure a reliable warranty for your client, which creates a referral-worthy experience for them and helps encourage repeat business for you.
3. Business Attorneys and Affluent Clientele
Given that many affluent clients run their own businesses, business attorneys can be another useful resource to have within your network.
Besides introducing you to wealthy entrepreneurs who may want to buy, sell, or invest in luxury real estate, connecting with a business attorney may also open up commercial real estate opportunities if you’re looking to diversify for your expertise.
What’s more, having a business attorney in your sphere of influence can be especially beneficial for you as a self-employed entrepreneur. A business attorney can help you legitimize and protect your business by overlooking client contracts, help you form an LLC or even point you towards a CPA who specializes in managing non-traditional income.
Is Building Your Luxury Real Estate Network a Priority for You This Year?
The Institute’s in-person Luxury Live events are back and—for the first time ever—we’ve introduced a Member Happy Hour to give you even more time to network with other luxury real estate professionals (or aspiring luxury real estate professionals).
The curriculum for these exciting two-day events is based on our proven Seven-Step Luxury Marketing Blueprint to help you break into luxury real estate or reach the next level in your luxury real estate career.
To learn more and see when Luxury Live is coming to your city, click here.
Diane Hartley is the president of the Institute for Luxury Home Marketing, a premier independent authority in training and designation for real estate agents working in the upper-tier residential market. Hartley brings her passion for luxury marketing and more than 20 years of experience growing and leading businesses to her role as president of the Institute.