As a luxury real estate agent that’s been in the industry for more than 25 years, I’ve grown my business to achieve more than $4 billion in career sales and built a large circle of clientele. So much of this success is the result of years spent developing and keeping strong relationships with my clients. The challenge at any price point, but particularly with more affluent clientele, is to remain a source of industry knowledge. Each year it gets more challenging, as clients these days have more information than ever before and it can be hard to stay in front of the data they have access to. That’s why now it’s critical to deliver real, data-driven insights to your clients.
The State of Luxury 2019 Report
A great place to start is with “The Report: State of Luxury 2019,” published by Coldwell Banker Global Luxury. It provides an annual comprehensive review of the top luxury “Power Markets,” with landmark listings and luxury property trends among the ultra-high net worth population across North America and around the globe. Analyzing the latest trends and data provided by The Institute for Luxury Home Marketing, Wealth-X, Unique Homes and in-the-field real estate specialists, the quality of the research and insights is unmatched.
I use “The Report” whenever I get the chance. From listing appointments to everyday conversations with clients, it gives me the latest data I need to give my clients valuable advice. I recently used findings from “The Report” to point out to one client that while the current luxury market may be appearing to hit a slowdown, real estate, especially in Beverly Hills, is still a safe investment. It’s helped to build consumer confidence and establish clients’ trust in my market expertise.
Luxury agents looking to grow their business can start with these three tips.
1. Put your data to work – don’t stash it in a drawer!
We are busy people and constantly on the go, so even when we come across invaluable research like “The Report,” it can be tempting to flip through the findings once, and then stash it in a drawer. Don’t do this.
“Data is the new currency,” as Craig Hogan, vice president of luxury for Coldwell Banker, likes to say. Read the research thoroughly and take notes on what’s relevant to your clients. Then, bring this knowledge to listing appointments. Perhaps a potential client is an international buyer looking for an investment property. See what data you can use from “The Report” to show why U.S. properties are still extremely smart investments.
“The Report” is also a great tool to help keep in touch with clients and show them you have the industry expertise they can rely on. Maybe you’re catching up with a client over dinner. They may not be looking to buy or sell right now, but you can still use “The Report” to discuss market trends that they may want to keep in mind long-term. Not only will you have passed on this helpful information to them, but they’ll be impressed by your wealth of expertise.
2. Be honest and focus on the long-term, not the short-sell
Use data to focus on the long-term. Month-to-month comparisons may generate a lot of buzz, but that can lead us and clients to draw the wrong conclusions. “The Report” contextualizes the entire luxury real estate market from the past year and provides an accurate picture of where the market is headed.
I’ve gone on listing appointments and told people that now is not the best time for them to sell their house, or that they need to take certain steps before they consider selling their house. I had one client who referred ten buyers to me because I advised her to wait to list her home and she watched its value go from $1.7 million to $9 million.
At its core, real estate is a relationship industry, and honesty and open communication are key to building rapport with clients, and having a strong grasp of the market data goes a long way to building their trust.
3. Stay up to date on trends
You already have the local expertise, and “The Report” provides the big-picture perspective on luxury trends, so you are fully armed to exceed client expectations.
Smaller homes that are easier to take care of, yet still artfully designed, are a big trend right now. So is wellness. It is everywhere, so of course it’s made its way into the luxury home. People want their home to be a relaxing sanctuary. A landmark listing in “The Report,” the Chartwell Estate in Bel Air, is a perfect example of elegant design coupled with the conveniences of wellness and escape — spanning ten acres with features such as serene walking trails, a spacious pool house, and ultimate privacy.
I am proud to be a part of the Coldwell Banker network because the brand represents the utmost excellence and expertise in real estate. The Coldwell Banker Global Luxury program has earned a powerful name recognition with tools and marketing materials that are beneficial to agents at every step in their career.
“The Report” has been instrumental to my success as one of the top-producing Global Luxury Property Specialist in Beverly Hills. See how the Coldwell Banker Global Luxury training and marketing programs can be the key to your success.