If you’ve tried to become a luxury real estate agent before and haven’t been able to get your business off the ground, there may be a specific reason. There are actually very specific reasons why most real estate agents will never break into the luxury market.
Fortunately, it is possible to avoid these “traps” and to be able to successfully dedicate oneself to the elite market of properties of great economic, historical and artistic value.
Every day is different, just like every person and every property, nothing is repeated. Do not be duped by those who preach phantom (and expensive) marketing activities in places that in our imagination are the lair of oilmen, sheikhs and princes, ready to fill anyone with millions who flaunt ads of luxurious villas with swimming pools and sea views in some portal.
Often we simply have to improve in the small things, learn to reconsider even the apparently most insignificant aspects in this interesting but difficult job, keeping up to date and be prepared on the new trends that emerge day by day in the international real estate scene.
The return of “rich young people”
The demographics of the wealthy across Europe and beyond have changed dramatically over the past 20 years. Most of the wealth in the past was concentrated in the over-60s, while now it has shifted to people in the 45-60 age range. And most importantly, along with the shift in the age of the wealthy, there has been a major shift in what wealthier people are looking for.
This is the hub in which most of the real estate agents operating in the luxury sector miss their chance: the new affluent class does not seek the same things that the opulent of the old guard wanted until a few years ago.
The younger rich have different needs and different desires, so if what you want is to sell luxury properties in prestigious areas of the peninsula, learn to recognize what these people are looking for now.
To understand what the younger wealthy are looking for in their real estate investments, you need to know your clients. Wealthy young people are comfortable with their successes, and in fact, they are enthusiastic about the milestones they have achieved in their working life and those they are about to accomplish: they have earned a good capital faster and in less time than most. Part of the people has done in life.
For this very reason, young career buyers often try to share their success with others. They are often fun and overwhelming, they love to entertain friends and colleagues on weekends and holidays. Make sure you find homes that go well with outdoor fun, it will be of vital importance.
But of course, that’s not all they want. More and more of these professionals work outside their homes: technology has made working from home easier and more convenient, so young managers frequently seek, within their dream home, an environment to be dedicated entirely to work.
“Bigger” does not mean “better”
One of the most interesting aspects that luxury real estate agents need to be aware of is that the size of properties is no longer the main focus of these users. “Bigger” does not mean “better”, we will never tire of repeating it.
On the contrary, these people are often looking for particular and innovative design elements, as well as those refined finishes that can transform even standard-sized environments into real jewels.
But even more important has become the location, what these people really want is privacy. They seek easy access to private clubs and love sports, especially golf and tennis.
Even though they love to share their success with their friends and family, wealthier young people are not used to ostentation. Most of them are looking for a more low-key lifestyle, one that does not draw attention only and only to the venal appearances.
Don’t “spam” your ads
Better to direct the communication strategy to save time. How many ads of luxury properties do you see crammed on generalist portals? Or on Google advertising banners on any website or portal?
Most advertising when it comes to luxury real estate is directed to specialized magazines and portals, luxury publications and other highly targeted sources.
Because? Because real estate agents who already operate in the luxury sector know very well that intercepting the wrong customer will result in a big disadvantage: you will end up wasting your time.
So advertising performs a selection function because it will only have to reach people who have real prospects of being able to afford the purchase of high-value property. Don’t worry about reaching millions or even thousands of people with your ad, but rather intercept a dozen potentially suitable people. Fortunately, the new digital tools and social advertising allow us precisely this type of targeting.
Use high-quality professional images, using professional photographers and video makers, so that your ads can make those concerned identify themselves, inducing them to dream of really living in that property.
Reputation and “personal branding”
Focus on your personal “brand” to demonstrate credibility and authenticity. Reputation is a key part of getting results. Those looking for a real estate agent specializing in luxury will ask for information first of all in their personal contacts, will carefully observe licenses, training and culture of the sector.
In luxury real estate, personal branding means taking care of one’s reputation to the maximum, over time also collecting testimonies from one’s buyers and sellers.
New house, new life
Promote the community and territory that the new owners will join. When you buy a luxury property, you are not only buying a property, but you are also often entering a new location and above all a new way of living.
So the buyer feels the need to know who else lives in that neighbourhood, he wants to know more about the community with which he is preparing to share his life.
Tell anecdotes and invest in storytelling, which can help potential buyers feel a sense of immersion in that community, this could be a powerful motivator to purchase.
Unique properties for demanding customers
When it comes to luxury and ultra-luxury properties, expect to be dealing with demanding and ultra-demanding sellers and buyers!
So arm yourself with patience to have the necessary readiness to face all the phases of the sale, starting with the first approach with the owners, in which you will be called to “impress” by proposing the most convincing marketing strategy.
Remember that the sellers of luxury properties are usually business people, accustomed to the world of business and often very shrewd, so your reputation and conduct must be irreproachable in all respects so that the owner never feels taken for granted. “Bottoms” by turns of words or half-truths, with the risk of being downloaded. Its authenticity must be fully demonstrated at any stage.
Show and demonstrate that your agency is well structured, that it is equipped with marketing and communication experts (internal or in the form of external collaborations), a functional legal apparatus to resolve any possible issue and that you have respectable know-how as you have been operating in this sector with excellent results for at least a few years.
You will have to be ready to answer at least unusual questions, each member of your entourage could be equipped with the necessary experience in their sector to provide the right answer. If you own or are part of a well-known brand, focus on your brand to demonstrate credibility and a good reputation.
Pamper the sellers at every opportunity, always showing you proactive and above all positive with them, but also pay attention to the buyers who will present themselves, because most likely they too will be rich, intelligent and prepared people.
And convincing them to buy a high-value property will certainly not be a walk in the park, the fact that they have a large capital often does not mean that they will be reckless and careless about the economic aspect of the sale.
Focus on the uniqueness and irreplaceability of the property that buyers are visiting with you, let them grasp those little details that make the difference, leaving admiring those who could be the next owners of the villa, the farmhouse, the wine estate or the ultra-castle -centenary that you are lucky enough to have in your wallet.
Do not forget that each property is unique as each sale is unique and that often for very demanding customers there is only one small detail capable of convincing them to say “yes”.
So, if you have struggled to be successful in the luxury market without results, do not give up but continue to work hard and refine your techniques: even a single sale of this kind in a year can be decisive and fill you with satisfaction. As well as repaying your financial efforts.
With the right coaching and training, it is possible to sell luxury real estate, and it can be done very effectively.
Of course, it is not a simple task, the world of luxury requires above-average preparation, an active and focused soul, continuous meticulous planning, and knowledge of languages, appropriate language and good general culture in addition to that specific to the real estate sector.