Realtors who want to enter the luxury market niche sometimes wait for a big break, but they can lay the groundwork for a change ahead of time.
Here’s how to break into the luxury market :
Learn how luxury buyers are different
Luxury home buyers aren’t like other buyers. You don’t find them in the same markets, or sell to them the same way you would other buyers. Luxury buyers view themselves as special and exclusive and expect to be treated that way too. They prefer private showings or open houses that are invitation-only. They like party vibes at showings, which may include special touches like wine, food and live music. Also, wealth has made luxury buyers skeptical of some people’s intentions, so they often rely on their close personal network to decide which real estate professional to use and where to buy. What’s more, great real estate for them isn’t just a great home – the great amenities that come inside of it are a big selling point too.
Provide ultra-exclusivity
Create a branded, property specific luxury home booklet that can be distributed to potential buyers. Use professionally produced, full-colored photographs that feature the home’s interior and exterior. The special, high end booklets help create an ultra-exclusivity feel for the buyer.
Make an emotional pull
People are willing to spend millions on a home because of the way it makes them feel. Therefore, use the power of emotions in marketing to help them feel good about the property. It’s important to engage buyers emotionally so that they can connect with the home’s features and imagine their lives there.
Build buzz through a network hub
Create buzz for your luxury listing within your network hub – and that is, those who are more socially engaged than others. A network hub are people who are active at work or volunteer in their community. A mega hub are people who are really visible, such as CEOs, celebrities and reporters. A social hub are people leading a social group, such as at a church.
