I've sold over $100MM in Residential Real Estate, yet in the beginning of my career I did not have the nerve to work with Luxury Home Buyers and Luxury Home Sellers.
I believe in allot of cases this is because we have "myths" of what it would be like to work with them. In this blog I will do my best to identify and dispel those myths.
Myth #1 - I don't know enough about the Luxury Home Market .. doing a deep-dive into the area you want to focus on in the MLS and daily updating yourself on new active, pending and sold, even generally driving around luxury neighborhoods to get a feel for them, and also holding allot of open houses in Luxury Home neighborhoods can make you quite the expert in about 90 days...there are very specific details I would suggest for all of these but not enough room here to cover it all.
Myth #2 - They are a completely different type of personality and much harder to work with .. not true .. as the old saying goes "they put their pants or dress on the same way you do" .. the buyers are looking for the same things in a home...location, floor plan, backyard, neighborhood etc .. just on a grander scale in a more exclusive neighborhood .. the sellers I find easier to work with for they have been through the process before .. they are usually already successful in their own business so they are more direct and to the point .. which I think is great!
Myth #3 - It is too expensive to market these homes .. I found over the years that any of the expensive marketing avenues like magazine ads don't work anyway .. the MLS and the Internet still dominate the way these homes sell .. you just to have the find avenues like LUXVT and PROXIO that will separate you from everyone else without incurring major expenses .. with Luxury Home Sellers it's all about being "unique" .. talking about marketing and doing things they haven't heard before from everyone else..
Myth #4 - It takes much longer to close one of these listings or home buyers .. again not true .. from the buyer side there is less inventory but if you go back to Myth #1 and you are all over everything that is happening as it happens and know your stuff you can close quickly .. .how about being creative and when you buyer is interested in a certain Luxury Neighborhood sending a letter to everyone stating that you have that buyer .. I was invited into many $5Million+ homes doing this and ended up with many private listings .. from the seller point of view .. nothing is different in trying to sell a home quickly .. a great home, great location and priced great wins .. and can be quick..
Over the past few years I have been lucky enough to work with all kinds of great personalities in the Luxury Home Market...
Here is a sample of those personalities...
Four Star General - US Army
Physicians - Surgeons
Owner - Weight Loss Clinics
Owner - Auto Dealership
Mayor - Vancouver British Columbia
Owner/Founder - CEO - New York Mobile Company
Owner/Founder - CTO - Social Media Company
Fire Chief - Chicago Illinois
Top Criminal Defense Attorney - Phoenix Arizona
Vice President - Semiconductor Company
Hopefully this all made sense to you..
Feel free to ask any questions in the comments below..
Click on any of the links for more "UNIQUE IDEAS AND STRATEGIES" that will put you far ahead of your competition..
To your success,