One of the best ways to find success as a real estate agent is to decide on your ideal clientele and market specifically to them.
For agents who are prepared to put in some extra time, energy, and marketing dollars, luxury real estate listings are a great niche to specialize in. Though you won’t have as many clients, the transactions you close will yield significant returns.
If you’re looking to earn the business of wealthier clients and higher commissions, consider trying these three strategies.
Practice demographic farming.
Real estate farming is an effective approach to growing your business exponentially by building name recognition and trust.
In many cases, agents practice purely geographic farming—targeting anyone and everyone who lives in a zip code or neighborhood with their regular outreach. But the same the principles can be applied to a niche like luxury listings.
For example, you can run Facebook ads that are targeted to people with specific interests (such as Zillow or HGTV) in a set zip code, who have an income above a certain level.
When it comes to winning listings, direct mail remains a particularly effective method. In his best-selling book, The Millionaire Real Estate Agent, (#ad) Gary Keller noted that agents can expect to win a listing for every 50 prospects they target by direct mail over a 12-month period.
ReminderMedia customers are able to build a targeted list and market their services to it using postcards. In addition to selecting a specific zip code, our clients can also choose from a variety of demographic options—including income level—which make it that much easier to land luxury listings.
Grow your network.
When it comes to winning luxury listings, the old saying really applies:
It’s who you know.
Real estate transactions are high-stakes deals, and that is especially true with more expensive homes. For that reason, you need to really prove that you’re trustworthy enough to handle a given deal. Having someone vouch for you can go a long way.
Of course, this means that getting your first luxury listing can prove especially difficult. That’s why developing a professional network is so important for agents looking to specialize in luxury real estate listings.
By partnering with a banker, mortgage specialist, or financial advisor, you open yourself up to a new world of connections. Of course, you’ll need to show what you can bring to the table. For instance, you might refer existing, non-luxury clients to these professionals for their financial needs. You’ll also need to show that you’ve researched your market and have the expertise needed to deliver results.
Send elegant gifts.
Once you’ve started to build relationships with wealthier clients, you’ll want to do what it takes to leave a strong impression. By sending a thoughtful, high-quality gift, you can ensure you stay top of mind.
While you don’t have to break the bank, consider the money you spend trying to attract high-end clients an investment in the future of your business. Here are some gift ideas for wealthy clients you’re trying to win over:
- Tickets to a sporting event or concert
- A bottle of fine wine
- An Edible Arrangement®
You might also send these clients a branded copy of American Lifestyle or Start Healthy magazine. These publications are personalized with a letter from you, and they feature your photo and branding. Every other month, your recipients get a magazine filled with amazing articles, recipes, and photography.
Best of all, it’s perceived as an elegant gift from you—one that gives you an organic reason to follow up by phone or in person. When you have this level of consistent contact, your name will ultimately become synonymous with real estate in their minds.
While the three strategies mentioned above can be powerful, you’ll ultimately succeed based on your knowledge of your niche, as well as your commitment to your clients. Learn about what buyers and sellers in your market are looking for, and then find ways to deliver that to them.
Through these strategies, along with persistent follow-up, you’ll soon be seen as the go-to luxury agent in your market—a label that will bring about plentiful business in the form of referrals.
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