It’s not a secret that competition in the luxury real estate market is fierce. Today’s affluent buyers are inundated with marketing materials from luxury real estate professionals — and being able to connect with your audience is more important than ever before when it comes to differentiating yourself from the competition.
And, as we discuss with REAL Marketing founder David Collins in an episode of our “Estate of Mind” podcast, the specific language and vocabulary you use as a luxury real estate professional can make all the difference.
The importance of “speaking the language”
So, why does language matter so much in the luxury market? At the end of the day, it all boils down to setting yourself apart from other luxury real estate professionals who may be competing for your buyers’ business. If you were trying to sell your home, would you rather have someone represent you who refers to marketing materials as “flyers” or “customized marketing brochures?”
Ultimately, the language that you use to discuss everything from a property itself to your capabilities as a luxury real estate professional will reflect directly on your abilities. With careful wording, you can stand out among your competition while impressing your affluent clientele and improving the perceived value of your real estate services. It’s a win-win.
Some ways to elevate your vocabulary
So, what are some “swaps” you can start making in your own language today to have a major impact on your success in the luxury market? To start with, consider making these changes:
- “Just sold” can become “Recently acquired”
- “I sold that home” can become “I negotiated the sale of that home”
- “Real estate agent” should become “Real estate professional”
- “Comp” can become “Relevant property”
- “Currently available” can become “Recently listed”
- “Flyer”can become “Brochure”
- “Commission” can become “Professional fees”
- “Real estate business” can become “Real estate practice”
As small as these changes may seem, the reality is that they can make all the difference in the way your clients (and potential clients) view you and your services. For example, when you refer to your work as a “practice” instead of a “business,” you’re making the important point that you’re not just in it for the money; you’re truly exercising your skills in the real estate industry to act in your clients’ best interests. The same idea applies to referring to your commissions as “professional fees” instead.
And, of course, the next time your client hears another luxury real estate professional refer to their practice as a “business,” or their fees as “commissions,” they’ll be reminded that they made the right choice by selecting you to represent them. How you present yourself to potential clients is key, and how you differentiate yourself from every other real estate professional in your market is critical for expanding your sphere of influence, growing your referral pipeline, and ultimately finding success as the trusted advisor in your specific luxury real estate market.
Join the institute for more industry insights
Even the seemingly smallest of changes in your vocabulary and language can leave the strongest impressions when it comes to winning over affluent clientele. In elevating your own language, you’ll be setting yourself apart from other real estate professionals while boosting the perceived value of your own services. It may take some time to get into the habit of using these new terms, but your efforts will be worth it in the end.
Looking for more tips and insights to boost your success in the luxury real estate market? Join the The Institute for Luxury Home Marketing today! Here, you’ll enjoy the latest in industry news, plenty of networking opportunities, and so much more valuable insight curated specifically for luxury real estate professionals.
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.