- Build up to luxury sales over time
- Be in right place at right time
- Partner with experienced leaders
- Get branding right
The National Association of REALTORS® (NAR) tells us that the highly competitive niche of luxury real estate nation-wide saw an increase of +44% y/y in luxury home sales in August 2020. Leading the pack regionally was the South where luxury sales skyrocketed +63.1% over last year.
To put these increases into some sort of perspective, NAR also tells us that the number of million-dollar home sales represented only 4.1% of all home sales nation-wide in August. In the South, luxury sales represented just 2.2% of its total market but that in the West, luxury home sales represented +11% of total sales.
Because luxury home sales is such a financially rewarding, tiny and highly competitive market niche, Inman developed a handbook to help agents become and remain successful within this niche. Inman suggests that agents focus in on the following areas in order to successfully break into and consistently maintain a successful luxury home sales niche:
- Building a successful luxury niche takes time.
- Most agents begin their careers by working with first-time buyers and lower-tier transactions until those first-time buyers need larger and pricier homes
- Cultivate relationships with clients over time in order to grow and upgrade transactions as their needs evolve and grow
- There are no shortcuts
- Be bold, brave and confident about contacting and handling high-end clients and transactions
- Recognize and seize opportunities when you are in the right place at the right time
- Expose yourself to events, groups and organizations that connect with luxury consumer communities
- Socialize and network “relentlessly”
- Acquire niche market knowledge in order to be useful to potential lux buyers/sellers
- Partner and/or seek out mentors with experienced luxury market leaders
- Associate yourself with agents/brokers/mentors that have credibility and proven track records within luxury properties, communities and services
- Make associations and mentorships mutually beneficial
- Find proven coach to facilitate breakthroughs and expertise
- Proper and thoughtful branding enhances images of sophistication, consistency, competence and confidence
- Branding MUST be consistent from tag lines to web sites to content strategy and production to logos so your branding appeals to your “ideal” clients and properties
- There is no such thing as a “one-off” element within your brand. Everything you put out into the virtual and real-time worlds must be consistent.
Thanks to InmanNews.