How Real Estate Marketing Continues to Regain

#1. Know What You Are Getting Into

Agents often make a blind leap into luxury real estate because they think that's "where the money is." Of course, it's simple math. If you get the same split, it pays to list homes with higher selling prices. In theory, you can make more money by doing fewer transactions. On one hand, that's true, but if you go into luxury real estate with this mentality, you are probably destined to fail.

Yes, your income per transaction goes up significantly. That's great, but there is often a new set of challenges introduced when working a high-end market: the competitive stakes are much higher, social circles are much more closed, politics are different, and there are many other factors which I will detail throughout this article. In addition, marketing and servicing costs are generally more when dealing with luxury homes and clients. Both buyers and sellers expect more and demand more and the properties themselves need even more attention (marketing, staging, photography, etc.) to appeal to a more sophisticated crowd.

#2. Patience, Patience, Patience

It's clear that high-end real estate is a different animal than traditional residential markets. It tends to move much slower. Generally, there are fewer homes on the market at any given time and there are fewer buyers out there with the means to purchase such expensive properties. The stakes are higher for everyone involved. So on average, it takes significantly longer to sell one of these homes. In addition, there is a lot of competition out there for a limited number of properties, so it often requires more patience to break into the market and build a strong client base.

This is truly a case where the end usually justifies the means if you have the right understanding and commitment going in. Though listings are harder to come by and it takes longer for them to sell, the large check at the end of the transaction is worthwhile. But not all agents have the stomach to wait longer in between commission checks. Oftentimes, this is the hurdle that stops them in their tracks.

#3. Know It. Live It. Keep It Exclusive.

Another reason that some agents struggle to find their footing in an ultra high-end market is that they cannot relate to the clients or communicate effectively. You're dealing with a much savvier and usually more demanding crowd who know what they want and are used to getting what they desire. Now, you don't necessarily have to live in the luxury community you are targeting, but you have to present yourself like you do. The way you dress, your ability to network within their circles, the way you communicate with these sophisticated individuals, the quality of your marketing materials-you have to be able to make a personal connection and develop a strong professional image. If they don't buy into you as a luxury home expert who's tapped into their community, they aren't as likely to do business with you.

Think of it like any high-end product that is in demand because of its scarcity and exclusivity. So as a real estate agent specializing in high-end properties, you, your marketing image, and the service experience itself need to reflect the utmost quality. If you look and act like the best agent around, people will aspire to work with you.

#4. Image is Everything, Especially in Marketing

When it comes to your marketing materials, quality is key. You can't position yourself as a high-end agent if your materials look unsophisticated. A first-rate personal brochure and dynamic website are absolutely essential. Your personal brochure should take the place of your business card whenever you meet a potential client. It needs to look sharp and feel impressive at the very first glance (exceptional photography, nice glossy paper, sophisticated writing, clean design). It needs to reflect your personality, but also relate to the luxury market you are targeting. In a way, you are a representative of this lifestyle and your marketing should convey that. It shows your unique expertise and highlights the service/knowledge benefits that make you a specialist in this distinctive market.

It's very important that you don't skimp here or it will show. You simply can't fake high-end quality. You must be committed to investing the money to do the marketing right or people will see through it.

Put simply, the brochure and all other marketing materials need to be of the utmost quality. This includes your house advertising. You should at least have a tabloid-size glossy flyer/brochure that you use to promote each property. The staging must be great. The photography must be very professional. Of course, you should keep the property marketing pieces branded clearly with your personal image (logo, colors, fonts, etc.) so you don't lose your own identity.

#5. Be Prepared to Back It Up

In addition to making sure your marketing campaign and personal presentation are representative of your market, you must also make sure you are fully in-tune with the market itself. If you don't know everything that's happening around you, you will never be able to establish yourself as a luxury specialist. This is one area where you will not be able to fake your way through a transaction with minimal knowledge or experience. Clients will expect more and demand more from you, so you have to be able to back up your claims as an expert-in terms of both your knowledge and your service experience.