Do You Have The Referrals To Move Up To Luxury Home Sales?

If it was easy, everyone would be doing it. Thankfully, we have some advice.
If you want to do real estate right, then you need to consider every client a âhigh-touchâ client.
Of course, thatâs easier read on a blog than done, isnât it?
Well, if your goal is to work in the luxury home market, treating every client that way isnât a choiceâitâs an expectation.
The leap from selling traditional homes to luxury properties isnât one many agents land on the first try. The big homes are often few and far between, and the people that own them tend to know each other. That means you need to become comfortable with referral marketing, know where to network, and understand an entirely new set of expectations. Â
And all that means taking a new approach to your business.
Referrals Win The Day
While it may sound uncouth, itâs important for luxury real estate agents to use those who like them to their advantage.
Thatâs easier to accept in the luxury market because most of your new clients will be very comfortable with the lexicon of business. They know itâs about doing whatâs best for their money, not necessarily whatâs best for their social circle.
The move to luxury homes starts with winning that first big listing or buyer, the one thatâs well above your marketâs median price range, maybe even your biggest to date. When it closes, and your client is happy, itâs time to help them help you by finding ways to earn their recommendation.
The most effective method? Ask them for it. Also, ensure theyâre reminded of you by plugging them into your Adwerx Sphere, ensuring they see your branding when theyâre online.
Additionally, if youâre on the housewarming party invite list, ask if you can pick up the catering, or maybe even the bar tab. Go out of your way to have a presence at the event; and do the same in any place where your clientâs friends will be. Donât over-do it, but donât be reticent. No one wants to trust their largest investment to a wallflower.
Manage Up
Buyers and sellers in the luxury markets have a different set of expectations for real estate agents to manage. In short: you need to know what they want before they tell you they want it.
The most productive way to manage this is to leverage your initial meeting for all its worth. Find out exactly what theyâre looking for in a home or a listing agent. Ask about specifics, show them current listings to measure reactions, and ask them why they want a new agent. Be frank, but professional. Most clients in the luxury market are pressed for time, and will appreciate their agent wanting to know as much as possible from the beginning.
The goal is to make it easy on your client, help them avoid surprises, and consider their time precious. Granted, a fair amount of instinct will be needed when it comes to recommending houses they should see or offers they should entertain. You may lose one or two leads as you learn how to juggle needs and remain flexible when addressing challenging demands.
Can it get tough sometimes? Absolutely; but thatâs all part of working in the luxury home market. If it was easy, every agent would be doing it.
Know The Trends

Luxury home buyers tend to emulate the âKeeping up with the Jonesesâ mentality. Except they donât want to merely keep upâthey want to blow by the Joneses.
Itâs important for agents moving into luxury to be aware of interior design trends, room features, and in general, high-end home amenities. Whether itâs an in-home wellness suite or a four-car garage for an Italian supercar collection, itâs your job to know whatâs popular in your clientsâ price ranges. Floor finishes. Guest houses. Landscaping. Be ready to field questions about homes that have fixtures and technologies not commonly found in a marketâs median price range.
The more you know about whatâs hot in home design, the more credibility youâll have in that range of the market.
Lastly, remember to consistently measure your marketing efforts. If it helped you make the move from traditional home sales to the luxury market, itâs probably worth keeping. The differences will be in your messaging and audience numbers, as the luxury market is smaller, but often much quicker to make decisions.
In the end, it all comes down to simply being a good agent. And paying a bit more for your closing gifts.