How to Break Into the Luxury Market
June 6, 2016
Maybe you’re waiting for your big break to go from traditional sales to luxury. If so, Jim Remley, author of books like “Real Estate Presentations That Make Millions,” recently shared some of his tips on luxury home sales in a recent webinar.
Read more: Top 20 Cities for Luxury Sales Revealed
Learn how luxury buyers are different.
“Luxury home buyers aren’t like other buyers,” says Remley. “You don’t find them in the same markets, or sell to them the same way you would other home buyers.” Luxury buyers view themselves as special and exclusive and expect to be treated that way too, Remley says. They prefer private showings or open houses that are invitation-only. They like party vibes at the showings too, which may include special touches like wine, food, and live music, Remley says. Also, their wealth has made them skeptical of some people’s intentions so they tend to rely on their close personal network to find out who to use as a real estate professional and where to buy. What’s more, great real estate for them isn’t just a great home – the great amenities that come inside of it are a big selling point too.
They love ultra-exclusivity.
Remley suggests creating a branded, property specific luxury home booklet for a luxury listing that can be distributed to potential buyers. He recommends using professionally produced, full-color photographs that feature the home’s interior and exterior. The special, high-end booklets help create that ultra-exclusivity feel for the buyer, he says.
Make an emotional pull.
Remley says that people are willing to spend millions on a home because the way it makes them feel. Therefore, use the power of emotions in your marketing to help them feel good about the property. For example, instead of writing “This home has a great deck.” Try: “Couldn’t you see yourself hosting a great graduation party for your kids on this deck?” Remley says it’s important to engage buyers emotionally so that they can connect with the home’s features and imagine their lives there.
Build buzz through a network hub.
Create buzz for your luxury listing within your network hub – that is, those who are more socially engaged than others, Remley suggests. He describes network hubs at three levels: network hub (those who are active at work and volunteer in their community; as he notes, “oddly enough, people most likely to become millionaires are volunteers first.”); mega hubs (people who are really visible, such as CEOs, celebrities, and reporters); and social hubs (those who are leading a social group, like at a church or Rotary Club).
Source: “3 Ways to Tap Into the Luxury Home Market,” RISMedia (June 2, 2016)
Updated: July 18, 2018