Key Highlights

  • 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.

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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:

  1. Building a successful luxury niche takes time.
    1. 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
    2. Cultivate relationships with clients over time in order to grow and upgrade transactions as their needs evolve and grow
    3. There are no shortcuts
    4. Be bold, brave and confident about contacting and handling high-end clients and transactions
  2. Recognize and seize opportunities when you are in the right place at the right time
    1. Expose yourself to events, groups and organizations that connect with luxury consumer communities
    2. Socialize and network “relentlessly”
    3. Acquire niche market knowledge in order to be useful to potential lux buyers/sellers
  3. Partner and/or seek out mentors with experienced luxury market leaders
    1. Associate yourself with agents/brokers/mentors that have credibility and proven track records within luxury properties, communities and services
    2. Make associations and mentorships mutually beneficial
    3. Find proven coach to facilitate breakthroughs and expertise
  4. Proper and thoughtful branding enhances images of sophistication, consistency, competence and confidence
    1. 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
    2. 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.

Also read: Ben Salem, Harris RE Coaching Client, Publishes Article in Forbes, NAR’s Lawsuit to Dismiss Buyer Broker Commission Lawsuit DENIED, Podcast: Housing Market Predictions Post Lockdown

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