There are many ways to achieve success in Luxury Real Estate. Being born rich and well-connected is the most straightforward way. However, since not everyone finds themselves in those circumstances, there are a number of strategies to help you obtain great success in Luxury Real Estate.
AttitudeOne critical component to becoming successful in Luxury Real Estate is attitude. Click To Tweet
Many agents tend to be intimidated by the high net worth individuals who typically buy and sell luxury real estate. You need to have a mindset that they are people just like you. They have problems and concerns just like you. In fact, they are just like you except they have more zeros at the end of their net worth statement. It’s really your attitude that could be holding you back. It has nothing to do with high net worth individuals.
It’s imperative to be perceived as an expert in order to be successful in Luxury Real Estate. People in the high end are more inclined to deal with experts, whether it is legal, medical, or tax experts.
There are four critical areas of expertise you should know:
1.) Markets and values: What’s going on in your marketplace in terms of pricing, benchmarks, and values? How do you get properties ready for a sale to maximize the value they can realize in any given market?
2.) Pricing: How does the price of a specific property fit into that value calculation?
3.) Marketing: You have to be an expert in the marketing of the properties you have for sale and use different avenues and mediums.
4.) Negotiation: You need to learn how not to be outgunned and outmatched when you’re negotiating with buyers and sellers.
I posted a recent Facebook question asking agents what aspect of the selling process they found the most challenging. Interestingly, several comments found dealing with other agents a challenge. This makes for a great topic for further discussion!
When you have competence and are perceived as an expert, it leads to trust. This trust then leads to relationships. These relationships then lead to being the established trusted advisor to high net worth individuals in your marketplace.
Until next time make it a great week.