Over the next few weeks, I’ll be sharing with you highlights from my interview on Club Wealth TV’s podcast.
This week, I will be sharing with you insights about what distinguishes luxury, and even more importantly, how you, as a Luxury Realtor, can apply this in your business and why you should!
Definition of Luxury
It’s first imperative to understand the definition of luxury and how you can apply it when you interact with prospective clients.
Luxury, by definition, is rare, scarce, expensive, seeks perfection, has integrity, and has a history. Any product that you can think of that’s luxurious meets that definition. That’s what people in the high end are expecting and that’s what you and I have to live up to in the conduct of our business.
Luxury Is the Antithesis of Generic
As real estate becomes more and more generic, as the public perceives real estate agents as being more and more generic, and as the online world tries over and over again to creep into and take over our space, the rush of an agent to become more generic is really self-defeating.
On the high end, you cannot be seen as a generic person. Click To Tweet You must be seen as unique and different – someone who brings and adds value. Otherwise, you’re not going to be successful and people are going to find you to be irrelevant.
Luxury Is Synonymous with Expertise
In the high end, the higher you go up in price range, the more people want to deal with experts. The affluent have experts in every aspect of their lives – from medical, financial, tax, or legal experts. Thus, they want to know that their real estate agent is an expert as well.
5 Areas of Expertise the Rich Want to See with Luxury Real Estate Agents
1.) You need to be an expert in market benchmarks.
2.) You need to be an expert in pricing.
3.) You need to be an expert in market preparation.
4.) You need to be an expert in marketing.
5.) You need to be an expert in negotiation.
Those five critical areas of expertise, in conjunction with having a strong understanding of what luxury is, are required to be successful in the luxury real estate industry.
Until next time, make it a great week.