By Christine George, President of Marketing and Business Developement

A lot goes into building your personal luxury brand.  Time, commitment and the willingness to go the extra mile are just a few things you’ll need to ensure you are successful in this market.  Here are 10 strategies for building your personal luxury brand…

1. Know Your Value.  Linda O’Koniewski, CEO and Broker/Owner of RE/MAX Leading Edge loves the farmer analogy which is, farmers had to brand their animals in order to identify them as their own.  They all look the same otherwise.  Real Estate Professionals are no different. They all look the same to the consumer. In a time when information and data  is at the consumer’s fingerprints and discount brokerages like Redfin are nipping at your heals, it’s more important than ever to know what distinguishes you and makes you stand out in the crowd.  You MUST know your value and be willing and able to communicate it clearly through your words, actions and behaviors, including your marketing.
2. Understand How Luxury Buyers and Sellers are Different. According to Jim Remley, Principal Broker of John L. Scott Real Estate in Oregon, luxury buyers and sellers see themselves as unique and special.  They prefer exclusivity and they expect to be treated in this way. They value discretion and are often skeptical of people’s intentions.  They depend on friends, family and business partners they trust to find out where to live, what to buy and who to buy from.  They’re also drawn to once-in-a-lifetime experiences and exclusive, invitation-only parties and events.  They are emotional buyers who don’t just want a great home, but a great home with great features.
3. Provide Lasting and Memorable Experiences.  Homebuyers and sellers, especially in the high-end segment, expect experiences, not things, so in every part of the buying and selling process you want to create long lasting, memorable experiences for them. This may mean reserving a luxury uber to pick them up from the airport and bring them on a tour of desirable towns and homes for sale.  It may also mean rolling up your sleeves to weed and plant flowers in preparation for their open house.  Whatever it looks like, be prepared to go the extra mile and do whatever it takes.
4. Time is Their Most Valuable Resource.  They expect things to be easier, faster, better and less stressful.  Be prepared to go the extra mile.  Be highly responsive. Do what you say you’re going to do and be timely about it.
5. Be Knowledgeable.  Knowledge is power and clients expect you to know the market as if you live in the neighborhood.  Know the market’s inventory, understand the absorption rates, days on market and be the pricing expert.  You should also know the neighborhood, where the coffee shop and grocery stores are.  Is there public transportation nearby and if so, how close is it?  All of these things separate you from the average agent.
6. Just Google It. Preparation for a marketing presentation to a seller creates instant trust and credibility and is 80% of what you’ll need to close the listing.  Google makes it so easy for us to gather information; you’d be crazy not to spend 20 minutes researching the person you’re about to call a client.  Learn as much as you can about the client.  Their age, friends, family members, colleagues, hobbies, club affiliations etc. will give you intel on how to connect with them and personalize the experience. Wealthy buyers and sellers don’t have a lot of spare time so the more you know about them before you walk in the door, the better your meeting will go.
7. Be Interested not Interesting. Resist the urge to talk about yourself and what you can offer and ask as many open-ended questions as you can.  People will appreciate that you’re interested and it will only provide you additional intel to build a plan that addresses their concerns and fits their needs.
8. Use Visuals. Studies suggest that 3 days after a presentation, people retain 65% of what they heard if it is coupled with a visual presentation as opposed to 10% without it. Make sure you are using an effective listing presentation. Not only will it add to your credibility, but you’ll be perceived as more prepared, more professional and more interesting. You will be sure to delight and impress them.
9. Ask For a Testimonial.  According to Mark Zuckerberg, “Nothing influences people more than a recommendation from a trusted friend… A trusted referral is the Holy Grail of advertising.”  Isn’t this the truth?  How often do you dine at a new restaurant or stay at new hotel without reading customer reviews?  Client testimonials will eventually weed out all the really horrible agents out there and allow all the great ones to rise to the top.  Make sure you’re asking for a testimonial at the end of each closed transaction. Just like the referral, make it easy for your client to provide one.  Send them an email with a link to your Zillow
10. Ask For a Referral.  85% of our Agent’s business comes from their sphere of influence.  So, asking for a referral is critical to the long-term sustainability of your business.  However, make it as easy as possible for a client to make that referral.  Open-ended questions require the client to think about what you do and who, among their sphere might be a good fit.  Instead, be specific.   Tell them exactly what type of client you are looking to work with and what value you provide (don’t assume they know what your value proposition is). This allows them to immediately hone in on a potential referral.

I challenge anyone whether you’re in real estate or another sales and service oriented industry to incorporate these 10 strategies into your business.  It’s about going deep in your market, your business and with your customer.  Know your client so well that you’re able to anticipate their need before they know they need it and then provide a suitable solution.  This is how you distinguish yourself and win in the luxury market.