Breaking into the luxury real estate market might seem aspirational for some agents. If you didn’t happen to fall into it, it might seem like that carrot always dangling just out of reach. The good news is that isn’t necessarily reality. Breaking into luxury can be easier than you think and it starts with what we call the three M’s: mindset, marketing and meeting the right people.
Let’s begin with mindset. When we say “mindset” we mean it in a number of ways. Most importantly, YOU have to be in the right mindset. If you believe you can’t operate in that market then you won’t succeed. It sounds simple but it’s true. As with all things, your mindset dictates your success. Apply your high standards regardless of price point and then double down on developing your skills and knowledge and you will have the confidence you need. As we like to say, “big or small, we sell them all!”
Mindset is also about understanding the luxury client. Those with financial freedom have options. High-net-worth clients often focus on lifestyle. Do they want a home with a wine cellar or even a helipad? Waterfront or mountains? Or maybe it’s a golf location for a second or third home. And not all luxury clients are the same. You have to get in your client’s mind to determine what they really want and then deliver.
Next is marketing. How do you market yourself to this class of real estate clients? Are you engaging and professional on social media? Are your marketing materials top notch? Do you tell your success stories with video? Does your marketing stand out? For example, do you do TV, radio and billboard advertising? To help our eXp agents get marketing right we offer elegant, high-end luxury marketing capabilities and assets as part of the new eXp Luxury program, removing the guesswork for them.
Our final M is meeting the right people. And we mean this in two ways. First, you have to meet the right clients by networking. It’s true – we learned to play golf for a reason! Join your country club or beach club if golf isn’t your thing! You can’t understand them unless you operate in their sphere and develop those interests to build relationships.
But meeting people is also about proximity to other experts that can help you be successful. For example, in eXp Luxury we bring together the top luxury agents in the world to network and make each other stronger. If you are not part of a brand that offers that, then create your own network of like-minded professionals. Remember, luxury buyers can come from anywhere in the world so having a global reach is key. You want to position your client and property in a place of power with access to the right tools and systems.
Once you have mastered the three Ms, you will be well-positioned to break into the luxury real estate space. And if you really want to tip the scales, add in a fourth M: motivation. Really be honest with yourself – how motivated are you? Are you motivated enough to take massive action and develop your luxury skill set through training and certification? People will always be buying and selling these properties regardless of current market conditions, so it’s smart to add a new level of expertise to your toolbelt.
eXp’s Jana Caudill has been a real estate industry leader and trendsetter since 1996. She leads teams of trusted real estate experts as the broker/owner serving all of Northwest Indiana and the Naples, Florida areas. Tina Caul has been in the real estate business for the last 21 years. Her team will sell over 1,000 homes this year, with approximately $475M in volume.
For more information, visit https://exprealty.com/.
