There’s a lot that goes into selling property. And when those properties are worth millions, there’s even more to it.

The luxury real estate market is much smaller than the lower-income sector, and clients looking to invest are going to expect an agent that offers a particular level of service.

If you’re ambitious and want to get ahead, keep reading.

Build Up Trust

Luxury house with a tropical garden and pool

The most important factor is that your target market trusts you. You need to have done all the necessary legwork, handle all the real estate paperwork seamlessly, be an expert on every house you are selling, and meet all customer demands.

Efficiency, transparency and knowledgeability are the trust-enforcing traits you need to nurture.

Achieving all these elements requires a well thought out approach that you need to implement with every property you market. It’s not enough to only execute some of these aspects properly. You need to consistently stand out from the crowd and deliver in every way.

Building up trust takes time and effort, but it will pay off when you’ve established a reputation as a reliable, reputable agent.

Leverage Your Lifestyle

While you may not have to be in quite the same tax bracket as the buyers you’re seeing, you should still fit into their lifestyle to a certain degree.

Create an image that will engage clients

After all, one of the primary rules of sales is to ensure that clients feel you can relate to them – it will put them at ease immediately and make them more likely to make an offer.

In many cases, the most successful luxury realtors are in the same zip code as their buyers. But even when they’re not, they understand these individuals’ way of thinking.

Essentially, you need to create an image that will engage clients as you break into and then stay in this rarified market.

Get The Price Right

Furnished living Room in Luxury HomeListing a luxury home at the right selling price is absolutely crucial.

Just because buyers in this bracket have large sums of money to spend doesn’t mean they’re not careful with it. Often, wealthy individuals tend to be especially judicious with their money. They’ll check every detail carefully, and don’t appreciate feeling like they’ve been taken for a ride.

Simply put, an inflated asking price is unlikely to get many takers.

Get a third-party appraisal as a mark of your trustworthiness. This unbiased evaluation shows that you’re not trying to ask for more money to benefit yourself and the sellers. Prospective purchasers will respect that and be far more willing to engage with you.

The appraisal opinion can also be useful if a lender or financer does a separate appraisal and arrives at a number that’s lower than what’s needed under the buyer’s mortgage.

Armed with the impartial evaluation, you’ll be able to offer to help interested parties negotiate better borrowing terms – thus sealing the deal.

Ensure Immaculate Physical Condition

Many agents who are already in the high-end home market say that the physical condition is more important in these cases than it is in smaller properties.

In a house that is otherwise gorgeous, with beautiful architecture and professionally decorated interiors, every tiny flaw will stand out.

Some agents also advise a pre-listing home inspection, since most luxury home purchasers are looking for a space that’s completely ready for them to move into. The report that comes along with a successful inspection will give them confidence in the real estate, and in your thoroughness.

Use the Power of Warranty

luxurious backyard with pool in modern mansionA home warranty can be a very good selling point.

These warranties guarantee all major systems in a property for a year after the purchase date. Clients who are paying top dollar expect that all home issues will be dealt with – and a warranty helps ensure that’s the case.

Also, most warranty companies cover the homeowner too, for the time that the house is on the market. And since you’re aiming to build your farm with repeat clients (see the point below), you need to take care of both the sellers and the buyers.

When you’re recommending a home warranty company to your clients, make sure you choose one that’s in the area and get quotes from at least three separate organizations. This is something that non-luxury sellers might look into themselves, but in this rarified market it’s expected that the agent takes care of everything.

The warranty should cover all systems that are at or near their average lifespan, or that are no longer covered by manufacturers’ guarantees.

Grow Your Potential Client Network

Make sure that the target market within your farm knows who you are.

Often, people will buy high-end houses in the place they already live, or in nearby areas that are of a similar caliber. If they recognize you from seeing you around, they’re far more likely to feel comfortable with you.

One realtor even suggests frequenting the local coffee shops so you can strike up conversations and connect with the local clientele. Word of mouth is very powerful among this demographic – here, more than ever, it’s all about who you know.

Network with Private Bankers and Lenders Too

In addition to rubbing shoulders with potential clients while they’re out and about, you need to be networking with private lenders and bankers. People who are spending millions of dollars on property don’t go through the same channels as other buyers do.

Form a mutually beneficial relationship with financiers and advisors

That means you need to find them in other places.

And one effective way of doing that is to form a mutually beneficial relationship with financiers and advisors. You can refer clients back and forth, thereby boosting both of your businesses.

Use Co-Listing As a Quantifier

In terms of showing your target market that you are trustworthy, there’s nothing better than having someone vouch for you who is already in their inner circle. This could be a friend that you’ve successfully sold to in the past, or a private financial professional as mentioned above.

Or, it could be a fellow agent. Oftentimes, the only way you get to sell a luxury home is to show that you’ve already sold that kind of property. If you’ve never made that kind of sale before, co-listing is not only advisable, but completely necessary.

Find a mentor and colleagues within the area, possibly by using IDX, and work with them. With more co-listings, you’ll increase your confidence and your professional reputation – thus generating even more listings.

Once you’ve built up your portfolio enough, you can strike out on your own.

Personalize Your Marketing Material

External view of a modern house with pool at dusk

Content and high-quality marketing are very important for catching the eye of a prospective luxury homebuyer. Clever wording and knowing how to highlight the key features of a home can really differentiate you from your competitors.

For example, if you’re selling a smart home fitted with the latest technology, you should be able to explain all facets in simple terms. Consider the visuals, layout and every other aspect of the marketing material you publish on your website, your real estate app and anywhere else online or in print.

The visual marketing that you use should also be flawless. Hire a qualified home stager to update key pieces in each room and reorganize furniture to create the best flow. Professional photographers and videographers are important too. Since more than 90% of home searches begin online, the importance of attractive images can’t be overstated.

Make Experiential Marketing Count

Besides conventional marketing material, make sure you also engage buyers in experiential marketing – but do it high-income, ultra-luxurious style.

Demonstrate the lifestyle the house has to offer

Just as you might host a wine and cheese party for lower-income open houses, make the time spent looking around the property very enjoyable whenever you show it.

Invite prospective homebuyers to have a glass of wine as they sit in the most picturesque parts of the home, or show them how the smart kitchen works by using the appliances to prepare a simple dish.

Be as creative as you can, but only do this with one interested party at a time.

You’ll personalize the experiences that they’re having with you, which will make them trust you more as a realtor, and will be able to really demonstrate the lifestyle the house has to offer.

Closing Thoughts

“To be successful in real estate, you must always and consistently put your clients’ best interests first. When you do, your personal needs will be realized beyond your greatest expectations.” Anthony Hitt

For luxury homebuyers, the agent is usually just as much of a priority as the real estate itself.

As with almost every other industry, the more money people are spending, the more they expect you to be able to do. You need to be well-versed in their individual needs and every property you show.

To a large degree, you need to be able to take care of all requirements, and may even need to do a certain amount of hand-holding and catering to customer demands – such as meeting when they have time to see the house or sending pictures of the home at a certain time of day in a specific light.

Selling luxury real estate is not for the faint of heart, but all this invested effort can bring you great returns.

Put time and energy into nurturing your colleague and client connections and you could be closing deals on million-dollar properties that will make it well worth your while.