- Target a luxury market, but don't make it too exclusive and limit your success.
- Market for the short-term, but also set your sights on long-term goals.
Every luxury real estate agent wants his or her marketing to bring results and yield a return on investment.
Obviously, agents don’t want to waste money on unsuccessful marketing. Effective techniques will lead to the desired outcome.
Lead generation
The goal of lead generation for luxury real estate agents is to identify interest in their services — or at least — in the high-end market.
Remember that every communication with clients (whether potential, present, or past customers) should include an offer. Yet it does not always have to request a purchase. There is a place in marketing for free offers.
Unique luxury
Of course, even though the luxury real estate sector is about buying and selling, it is also different from a retail business. The “Buy One and Get the Second One Free” offer won’t work in high-end property sales.
Marketing ideas will differ depending on the business. Indeed, type of media, timing and the specific market will determine the ultimate advertising strategy.
Keep in mind though that there is a common thread which runs through all types of marketing. Connecting with customers is the first order of business.
Now or later
Encouraging clients that they need to act “now” captures attention. Of course, it also has to be backed up with an honest approach and commitment to act in the customer’s best interest.
Yet luxury real estate agents should not just concentrate on the really eager buyers. They must also market to the “maybe later” potential clients.
Don’t lose touch with the “maybes” and let someone else zone in when it becomes a “yes.” Be patient; sometimes people are not ready to take that step forward today, but that doesn’t rule out tomorrow.
Successful luxury real estate agents can inspire customers to act ASAP on their real estate dream. They create a legitimate urgency for the potential buyer or seller to act without delay.
Also, just because someone isn’t buying a luxury home right now doesn’t mean that they won’t welcome information about the upscale market.
When luxury real estate agents make the most of this opportunity, they start a relationship with potential clients and build trust. Also, the agent learns more about their real estate preferences.
With an established rapport, the luxury agent will, most likely, be the customer’s first call when they want to buy or sell a home.
Reason to respond
Luxury agents must pay attention to their marketing strategy and measure its effectiveness. They have a certain level of flexibility, but they want to get the most for their marketing dollar.
Therefore, luxury agents must give people more than one reason to connect with them — and more than one way to make that connection.
Make people an offer that they can’t refuse without thinking that they are missing out on something.
Kevin M. Leonard is the founder of Luxury Agent and Valore Group. You can follow him on Twitter or LinkedIn.
