What You Need to Know About Selling to the Wealthy

Posted by on Jun 20, 2019 | No Comments

Affluent individuals can be difficult to read, especially if you haven’t had much experience interacting with them. In Luxury Real Estate, it’s important to be mindful of how they think, what they look for, and what impresses them if you want to be able to do business with them.

Below are three tips you should be aware of when it comes to interacting and negotiating with wealthy individuals.

The Affluent Don’t See Themselves as Rich

Interestingly enough, if you ask a wealthy person how they define rich, they will typically define rich as belonging to the category above them. Rich individuals tend not to think of themselves as being rich unless they’re crazy rich. Less than 1% of our population is qualified as rich when you exclude the value of someone’s primary residence. Thus, we’re talking about a very rarefied, small group of individuals.

Mindset of the Affluent

Individuals in the high end don’t like to be played and manipulated. They like integrity and honesty. They don’t like change and don’t want to deal with a commodity. They want to know that you are different, better, and bring more value to the proposition of buying and selling Luxury Real Estate. In other words, you have to bring value and add value. That means you’ve got to have USPs (unique selling propositions). You need to identify what it is about you that is different and better and brings more value to the proposition of buying and selling Luxury Real Estate.

Project Confidence

You have to learn to consult and diagnose before you prescribe. When you do prescribe, you have to prescribe with confidence, just like a car mechanic. When mechanics diagnose a problem and provide a solution, they’re very confident. They don’t say, for example, “Well I don’t know. This might work. We could give it a try.” They will tell you exactly what the problem is and their recommendations to solve the problem. “You have a nail in the tire that caused it to be flat. We can either remove the nail and fill the hole or replace the tire. If you want to save money we could fill the hole and it should last you a few months. Or we could replace the tire and you won’t have to deal with the hole again.”

When you engage with your affluent clients, be direct and confident because those are qualities they are looking for in professions they need to do business with. Click To Tweet

Until next time, make it a great week.

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