How to Land Your First Luxury Listing
In Middle Tennessee, we are experiencing an ongoing surge in population, with an average of 82 people relocating to our region every day. Consequently, there is an unprecedented opportunity for Parks Realty agents to break into the luxury real estate market. The tricky part? Winning your very first luxury listing.
If you are working to enter the luxury housing market, you are likely planning your first moves carefully. Your interactions with an affluent client can have an enormous impact on your career trajectory, so it is natural that you want to make a stellar impression.
We want our agents who are focusing on the luxury residential niche to succeed. When you nail your first listing, you will find that your name will quickly make the rounds among your client’s (often) prosperous friends and family. Over time, you will build a strong reputation as a capable, hard-working, engaging real estate agent who can be trusted within every stratum of residential property.
Today, we’re sharing practical recommendations for strategies and practices that will help you get your foot in the door and sign your first luxury listing. Trust your capabilities, establish your customized approach, and prepare to make the transition into your role as a realtor specializing in luxury real estate.
Tap Into Your Sphere of Influence
Although realtors almost universally rely on their existing social, professional, and familial contacts to establish and expand their business, they tend to overlook contacts who are especially affluent. When their careers are first taking off, they aren’t ready to tackle luxury listings. Down the line, their business is thriving, and they do not review their preexisting sphere of influence when they are finally ready to do so.
Don’t make this common mistake.
Instead, carefully sift through your contacts and connections. Create a separate category for your affluent contacts, or for those who are entering careers that are likely to lead to a substantial income within the next few years.
When queried, experienced realtors who cultivate affluent clients report that their first client of this type was obtained through their existing sphere of influence. Not infrequently, this does include existing clients whose changing financial situation has allowed them to purchase a home in the luxury market for the first time.
Continue to expand your sphere of influence throughout your career, and carefully review these contacts at least twice per year for optimal results.
Establish a Strong Personal Real Estate Brand
We all know that our professional reputation is our most valuable asset. The lifeblood of our work flows via word of mouth and our recognizability within our communities. Whether you are working for a brokerage, studying under a mentor, or charting your own course as an independent agent, your individual reputation should always be at the forefront of your mind.
Having a website, using social media effectively, and working hard to cultivate positive relationships in all areas of your life must be core pillars of your career.
None of these strategies will be successful, though, unless you bring your authentic, individual self everywhere you go. In each interaction, remain sincere, and allow your unique personality to perpetuate your real estate brand!
Connect. Listen. Adapt.
When you are interacting with your affluent clientele, clear, concise communication is essential. Your client is likely to be busy and will have carefully scheduled you into their day. Make it very easy for them to reach you, and respond to their phone calls, emails, or texts as promptly as you can. Keep in mind that your client’s preferred method of contacting you is far more important than your own preferences. Adapt to their needs rather than asking that they bend to your requests.
You will also find that you’ll be asked to adapt to their schedule. Quick thinking and a flexible, can-do attitude will endear you to your busy client as they navigate their unpredictable life.
Remain positive. Never complain to your client; that’s what your friends, co-workers, and therapy appointments are for! Your client does not want to manage your feelings about the work you’re being asked to do.
Pursue Opportunities for Continuing Education
As a real estate agent for the upper echelon of Middle Tennessee’s homeowners, you will never have time to rest on your laurels. Instead, you will have to push yourself to obtain new information that will add value to your clients.
If you do not, your reputation will sink. Your existing clients will replace you with a realtor who has a hunger to thrive, and you will no longer be frequently recommended to their wealthy peers.
Research market trends constantly. Take every available course on luxury real estate and mingle with the realtors and brokers who are attending with you. Obtain as many applicable certifications as possible. Your credentials matter to discerning clients!
The Takeaway
Our goal is to help you as you set out to land your first luxury real estate listing or affluent buyer. Once you have broken into this enviable niche, you won’t have repeated opportunities to create a positive impression. One fumbled client could be enough to set you back for several years to come.
Keep our recommendations in mind and stay on the cutting edge of the Middle Tennessee luxury housing market. We know you will be able to establish yourself as a go-to real estate agent for the expanding upper crust of our gorgeous region.
We always recommend that new agents ally themselves with an established realtor who is thriving in your desired market niche. Offer to help in any desired capacity and take every opportunity to soak up the strategies and communication styles that have helped them achieve such outstanding professional success.
With the right knowledge, work ethic, communication skills, and interpersonal contacts, you can achieve your dream of being a real estate agent who specializes in luxury real estate listings!