The luxury real estate industry is a business like no other, and high-end clients have unique requirements. Luxury real estate agents must learn to interact successfully with their luxury buyers and sellers. As such, here are eight truths about the luxury clientele that will help you build better relationships.
1. Focus on the consumer
The first priority of luxury real estate agents must be their upscale client. Such focus is important in all customer dealings, but it is especially so for business in the luxury sector.
2. Offer exceptional service
The most significant decision a luxury real estate agent will ever make is a commitment to offer the highest quality of service to every client.
3. Do your homework
Luxury real estate agents must be prepared thoroughly for each client interaction. Intense research of the current market, listings and home values is the key.
4. Be a global player
Upscale customers expect their agents to be educated about the global real estate market. Maybe they just want to buy a property down the street right now, but high-end clients still want a well-informed luxury real estate agent.
As well, their next transaction could involve a global property, or they might recommend your services to a friend who is interested in foreign investment.
5. Personalize your service
High-end customers want to be taken care of with individualized services, and they appreciate a degree of catering to their needs.
6. Don’t count out unconventional strategies
As long as luxury real estate agents exhibit exemplary professional behavior, high-end clients are not likely to be perturbed by innovative approaches to real estate.
Keep in mind that many luxury customers have achieved their own success through innovative practices.
7. Match the client with the property
Luxury real estate agents must do their utmost to make the perfect match between the property and buyer. It takes effort to get the right home in front of the right client, but that is the job of a committed luxury real estate professional.
They must be completely knowledgeable about the market, do house comparisons, etc., and whatever else it takes to provide optimum service for clients.
8. Speak the truth even when nobody wants to hear it
Many luxury clients are used to people agreeing with them. Yet sometimes, when buying and selling high-end real estate, people need to hear things that they might prefer nobody say. They expect a certain outcome.
If luxury real estate agents, however, know that a selling price is an unreasonable amount or a residence will not suit a buyer’s needs, they must advise their clients.
Of course, it might be easier to be silent or just nod in agreement, but the easy way is hardly ever the best path to serve clients. In almost all cases, customers will appreciate the agent’s honesty — even if they had to listen to an unpleasant truth.
This luxury real estate advice can make a huge difference to your professional career — especially during challenging times in the industry. A successful relationship with high-end clients can give you an advantage in this fast-paced, ever-changing luxury real estate sector.
Kevin M. Leonard is the founder of Luxury Agent and Valore Group. You can follow him on Twitter or LinkedIn.