Manage expectations. Ask the tough questions. Get equipped.
These are some of the key insights we learned about luxury real estate from Laurie Weston Davis and Scott Lincicome, both from Scott Lincicome Properties in Pinehurst, NC.
Because it’s not just the price tag of the property that makes luxury real estate different. Agents will quickly find themselves in a unique world with unique challenges with their first big luxury listing. For starters, the timeline might not be what you expect.
“Depending on your market, usually these properties don’t move as quickly.” said Laurie. “Especially if you’re going to focus on luxury, you have to understand that you may not sell a property for a year or two. You have to be prepared for that.”
For Scott, a challenge for agents that focus on luxury is about managing expectations. That includes willing to be honest about the questions from their clients, including what needs to be done to the house, how it will be marketed and how long it might take to sell.
“I think a lot of agents are a little hesitant to answer the questions honestly because they’re looking more just to acquire the listing, rather than to provide a service,” he told us. “Again it goes back to the expectation level of that service — which a lot of it is honesty, integrity and setting those boundaries up front.”
Despite this “tough love” approach, both Scott and Laurie agree that service is still the calling card of a leading real estate agent, whether working with luxury properties or not. As Laurie said, “We try to bring the highest level of service to every client. But I think your average client is happily surprised when they get that level of service, whereas the luxury client really expects it.”