While, the air is certainly is thinner at the top, some feel it’s well worth the climb. You can’t argue with the fact that a multimillion dollar closing reaps greater rewards on many levels. However, to get to that rarified stratosphere, the path you need to take is considerably different from your typical marketing strategy.
When it comes to the high-end real estate market in Florida, the competition is stiff and the inventory, sparse. Yet, it appears that some realtors are relishing the challenge, and killing it! Let’s do the math. During this last quarter in Florida’s multimillion dollar market of homes priced $5 million or more that were advertised in the MLS, 328 estates and 71 luxury condos were sold. Those sales totaled almost $3.5 billion! ($3.497,588,021)
Selling ultra luxury homes does have unique challenges that typical real estate does not. Because luxury homes are more difficult to appraise, suitable comps can be hard to come by. Affluent buyers and sellers tend to shield their privacy and may live out-of-state and own multiple home, and simply finding and servicing these clients can especially frustrating. That’s why we’ve picked the brains of experts to find these best practices for agents approaching the special niche of luxury home transactions.
Find and Know Your Potential Luxury Homebuyer
Because these are atypical clients it’s even more important that you understand what it’s like to be part of the club. Knowing what is, and what is not, important to their lifestyle can help you leverage yourself as the best agent to find the home of their dreams.
Luxury homebuyers don’t check the yellow pages for a realtor. Most ask a trusted friend to refer someone, so you’ll want to brush up your people skills and show up at places like charity balls, equestrian events, golf tournaments, or high-end night spots where you can rub shoulders with your targeted audience as well as get a feel for their way of life. Additionally, you’ll want to build a network of contacts among people and businesses that also cater to your desired clientele, such as high-end clothiers, interior decorators, or landscapers, where you can create win-win scenario.
Develop a Unique Value Proposition
Your value proposition explains the unique value you provide to high-end clients. It is your brand promise that shows you understand the unique challenges they face and how you are especially leveraged to help them. For example, you could specialize in helping clients who are transferring their corporate headquarters to a new region, or you could become known for keeping buyers’ and sellers’ information private during a real estate transaction.
Not sure what your unique value proposition is? Think about the clients you’ve served in the past. Do they have any characteristics that overlap? Ask your previous clients what they liked about working with you. Patterns will emerge that will help you form an attention-grabbing value proposition that will make your ideal clients rush at the chance to get to work with you.
Make Sure Your Marketing is On Point
Luxury real estate clients are likely busy and always demand a higher standard from everyone they work with. That means your marketing must be of a higher standard as well. Your research and communication must be accurate and relevant. Everything from your online presence to your printed materials needs to be of the best quality. Your website, your social media presence, even your business card must exude top shelf.
Grow Your Network
Former Yahoo! executive and author Tim Sanders once said, “Your network is your net worth.” Nowhere is this truer than in the area of high-end, luxury real estate. Not only will you find most of your clients through a strong network, but these connections will also help you add value to your clients. Think mortgage brokers, loan officers, and other agents as well as contractors, home stagers, landscapers, home inspectors, pest control experts, and luxury home builders. Each connection you make will be a valuable resource for not only finding clients but also for creating a fantastic homebuying experience for your current clients.
Leverage the Power of Content Marketing
A static website with your contact information will only get you so far, no matter how lavish. To entice prospective clients to work with you you’ll need some content marketing. This could include creating a blog with important estate-buying tips useful; sending out a newsletter featuring the newest luxury listings in your area; and narrate video walkthroughs of homes in your inventory. You could even create a podcast to discuss the state of the current luxury real estate market.
Florida’s ultra luxury market can be a challenge. But by creating a powerful marketing message, drawing in clients with great website content, and leveraging a strong, relevant networt, the door to that elusive niche can be opened.
Florida Bar Board-Certified Attorneys David E. Klein, Esq. and Guy Rabideau at Rabideauklein.com have the expertise and experience you need to ensure that your interests are protected during high end real estate transactions across the Palm Beaches and throughout Florida. You are welcome to contact Rabideau Klein when you need a closing contract lawyer at your side for your next Florida property purchase or sale..