Throughout 2022, the luxury home market has grown substantially. In fact, as of August 2022, luxury home sales have grown by about 35% each quarter. These trends are only expected to continue into 2023 and beyond—meaning the market will be a lucrative one for many luxury real estate professionals.
At the same time, such growth and opportunity will come with greater competition. No longer will it be “enough” for a luxury real estate professional to have a website and social media presence. In order to truly stand out among the competition, luxury real estate professionals will need to take things up another notch (or several).
Recently, our team at the Institute for Luxury Home Marketing had the wonderful opportunity to sit down with luxury GUILD™ designee Maria Babaev to gain some valuable insights on this topic.
1. Adapt your experience
The first (and perhaps most important) thing luxury real estate professionals should remember is that their unique life experiences can and should be used to their advantage. Regardless of your specific real estate experience, you can always look at your background with previous careers/jobs and draw on some of those strengths and skills.
Maria, for example, had a strong background in finance and international relations before she entered the world of luxury real estate. She was able to use these skills and leverage existing relationships to build her business, even when she didn’t have years of real estate experience under her belt.
Take some time to consider your past work experience and how the skills you learned in your previous roles may work to your benefit in the luxury real estate market. Then, find unique ways to market those skills so that you can set yourself apart from the competition.
2. Always keep learning
Another important tip to keep in mind when trying to set yourself apart as a luxury real estate professional is to keep that same passion for learning about the industry that you had when you first started. Continuing education is extremely important for any luxury real estate professional—and staying on top of current industry trends is one of the best ways to gain an advantage over the competition.
One option to continue your education is to utilize in-person or online training sessions, which are available to Members of The Institute. As a Member of The Institute, you can also find mentors through our robust online community, The Institute Network. The more training and education you have, the better; after all, affluent clients will go out of their way to look for a real estate professional with plenty of knowledge and experience.
3. Mind your reputation
Last but not least, know where your online reputation stands—and take common-sense measures to protect and improve it. These days, you are what you post on social media. Your reputation as a luxury real estate professional depends on how you interact online, what you post, and what you choose to share with your audience. Unfortunately, all it takes is one unfortunate comment or post to be misinterpreted for your reputation to potentially be tarnished.
Of course, this isn’t to say that you should scale back your social media presence. In fact, social media can (and should) be a major part of any luxury real estate professional’s marketing strategy. The key is to be mindful of your affluent audience when you post, all while finding ways to be relatable. Ultimately, social media is designed for people to get to know you better, so don’t hesitate to add a little bit of your own personality to your posts. Just make sure that there is no possibility that your posts or comments will be misinterpreted or potentially taken the wrong way.
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As you can see, there are many ways to set yourself apart from your competition in the luxury real estate market. You don’t need to have years of experience under your belt to be successful in this field, but using your past experiences to your advantage and finding ways to expand your knowledge can make all the difference. Likewise, prioritizing your online presence and reputation is a must.
This is only the tip of the iceberg when it comes to the advice Maria has to offer, so be sure to check out the full episode of our “Estate of Mind” podcast to learn more. In the meantime, we invite you to learn more about The Institute and the many benefits you can reap by becoming a Member. By joining, you’ll gain even more insights from subject matter experts and enjoy unique opportunities to connect with like-minded individuals and expand your sphere of influence. Be sure to also check out our Luxury Market Report to stay on top of the latest industry news!
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.