Are you a real estate agent who wants to make a name for yourself in the luxury real estate market? Crafting your luxury real estate brand will take some time and effort, but it will be well worth it once you begin selling multimillion-dollar properties. Marketing to those with high net worth is slightly different from marketing to those who are purchasing a first home or a home in the median price range for the area. If you want to differentiate yourself and attract high-end clientele, here are some tips that will help.
Not all buyers with high net worth are the same. You need to decide which niche you want to go after as you create your real estate brand. Perhaps you love the coast and want to work with buyers looking for vacation homes in Newport, Rhode Island, or Shelter Island, New York. Or maybe you really enjoy working with those who have opted for early retirement from their jobs in Manhattan and want to buy second homes in Saratoga Springs or the Catskill Mountains. Developing a niche helps you solidify your brand and create marketing that resonates with the right buyers. It also enables you to become an expert on the communities where you are actively selling homes. The more you hone in on your ideal client, the easier and more effective your marketing will be.
Formulating the right message for your marketing is all about knowing the type of language your target audience will respond to. Do you need to use words that appeal to their emotions or their common sense? Do they prefer casual language, or do they tend to be more formal? What buzzwords will grab their attention? Which calls to action will move them to contact you or click on a link? Most luxury buyers are focused on exclusivity and attention to detail, so make sure you incorporate these into your messaging strategy. Once you study your target market and understand which messages most resonate with them, you can use them on your website, social media, and marketing materials.
To locate buyers who will be interested in and can afford luxury homes, you need to be where they are. It takes research and effort on your part to learn more about your niche market. Where do they shop? Which bars or restaurants do they go to? Which country clubs or organizations do they belong to? Do they have certain hobbies that you could pick up so you can regularly mingle with them? Common hobbies of the affluent include sailing, winemaking or tasting, car racing, golfing, art collecting, and owning horses.
Not sure where to start when it comes to connecting in this way? One way is to locate a competitor with a similar niche who already has established connections. Research where they spend time networking or meeting people and make a point to attend the same type of functions and events. In the luxury real estate business, it’s all about who you know.
While there are strategies other agents use that you can mimic, such as joining specific organizations or clubs, you also need to make an effort to stand out from the competition. One strategy is learning about luxury auctions and how you can help your buyers find their dream homes in this nontraditional way. Luxury property auctions can provide you unprecedented access to gorgeous homes at below-the-market value. It can also help you sell homes that have been lingering on the market. However, you have to know where to find them and the strategies that work to win bids for your buyers, as well as the ins and outs of selling a home via auction. There’s plenty of information online, but you might be better off seeking out an agent who has experience with luxury auctions to form a mentorship relationship.
Those with high net worth tend to have a different set of problems than those with more modest incomes. If you know how to solve these real estate-related problems, you’ll become a go-to agent for your niche. Common problems of the wealthy include insurance, zoning and land use, legacy planning, asset protection, common property and prenuptial, development, and tax consequences. If you can’t resolve these problems on your own, team up with attorneys, accountants, or lending companies who can help fill in the gaps. Instead of simply being a real estate agent for your clientele, you become a problem-solver. If you can fix your wealthy clients’ problems, word will spread in their circles, and you’ll likely have more business than you can handle.
Building a real estate brand is all about the person behind the process—you. You can’t be afraid to show your personality and the unique qualities that set you apart from your competition. Show potential buyers and sellers your expertise, experience, and qualities that make you different from other luxury real estate agents. If you’ve had a career before real estate, show them how it has deepened your knowledge or gives you a different perspective. Potential luxury real estate clients want to know that you are in the same communities they are and have a deep understanding of how this industry works. Use your personal branding in all your marketing materials for a cohesive brand that will appeal to your niche.
Building a luxury real estate brand requires time and effort. However, when you can discover the niche you enjoy most and can identify and solve your clients’ problems, you will have successfully created your luxury real estate brand. Chad Roffers is an experienced real estate agent who understands the ins and outs of luxury real estate, and his expertise can help you strengthen your real estate portfolio and online brand.