I received this email last week from one of the agents I coach in SEO for her blogs and websites:
What does it take to sell million dollar properties? Do I need to live in one of them? Hang with those people all day, playing golf and sipping wine?
Do I have to 'talk' like them and go on vacations like them?
If I don't do any of that does that mean my life will never 'mesh' with them?
It's not that I don't believe in selling luxury homes, but I'm not sure how much of the lifestyle and personality I need in order to sell it?
I wonder if you could put your answer into a post. "
The first things that you have to learn when you want to list and sell in the luxury market are:
- People who own million dollar + homes put on their pants the same way you do, one leg at a time.
- People who live in million dollar + homes are mostly just like you. They are people too.
- People who live in million dollar homes come in two types: those that are truly wealthy and those that are wannabees.
- Truly wealthy people own a lot of books. All leaders are readers. Readers make more money than non readers.
- People who live in million dollar+ homes are mostly entrepreneurs, own their own businesses or are in the executive sectors of companies.
- People who live in million dollar + homes tend to be articulate in language, have a world knowledge, understand history and geography.
- People who live in million dollar + homes are the most down to earth people we have ever been acquainted with.
- People who are truly wealthy are NOT snobs. They are personable, interesting and caring.
- People who live in million dollar + homes give a lot to charity and work in charity events often.
What we discovered after we broke into the million dollar + market is that in looking for a real estate agent this clientele is very appreciate of our work, respect our time and our days off, rarely ask us how much commission we charge and become our friends for life.
We do not live in a million dollar McMansion or a Mansion. We don't drink wine. We don't go hang out in country clubs or at golf courses in order to find our luxury home clients.
Most of whether you are successful in listing and selling in the luxury market niche depends on how you feel about yourself and your relationship with money.
If you were told growing up that:
- rich people are evil,
- that money is the root of all evil,
- that you have to work hard for your money,
- rich people are selfish
than you will need to work on your relationship with money and falsehoods regarding luxury home owners or else you will be intimidated and sabotage your own efforts.
Our experience has been very refreshing working with luxury home owners. Yours will be also. It is all about your attitude. Your attitude determines your altitude.
How do we get luxury home sellers and buyers? Every one of our luxury listings has come from our expired letter, from referrals, from our website and our Active Rain blog.
Measuring the highest and best use of my time is the most important priority in my working life.
We all have 24 hours in a day. We all may choose in which ways we will spend those 24 hours. And we all will never ever be able to make more than 24 hours nor get any moments we spend back again.
So with those choices;
I can choose to sell more units at lower dollar volume or less units at a higher rate of return and higher profit margins.
Let's break that down:
I can sell ten homes at $100,000 each and make $30,000 or I can sell one home at $1 million and make $30,000. ( as examples)
The time that it takes to sell the ten homes is ten times more effort, work, paperwork and liability than selling one home making the same amount of money but with less aggravation, less time, less stress, less work, less paperwork and less liability.
Since we run our real estate business like a real business we are always looking at how much profit the company is making and how we can improve that number.
Selling luxury homes increases our profits, gives us more time with our family, gives us more like bankers' hours, gives us our weekends off and more time to work on income producing activities.
Stay tuned for a post on how we persevered and got our very first million dollar + listing.