The Five Levels of Expertise
Let me begin by saying that I am having lots of fun answering your questions both by telephone and by email. Don’t forget every purchase of my book comes with a 20 minute phone consultation with me. This is a great opportunity to get answers to your most pressing luxury real estate questions.
Many questions center on the idea of expertise. As I mentioned during my webinar and in the book, high net worth individuals are used to dealing with experts: whether for tax purposes or legal purposes or medical reasons, they always want to know they are dealing with the absolute top person in their field.
- The first area is the most important. You need to become the absolute expert on prices and value in your marketplace. My suggestions continue to be to create a two year history of everything that has occurred in your chosen marketplace: every sale, every offering, every buyer and every owner. Learn something about the people in your market place. What are the demographics, who are the builders in that market place and who are the competing agents in the high end. You need to know it all.
- You need to learn to write. Agents hate it when I say this because nobody likes to write. Understand that people in the high end judge others by their writing as well as their speech. The more you can write content with information that is important to them, the more you will be perceived as an expert. You can write a book. It is not as hard as you think. Start articles, blogs and reports.
- My secret to writing is to begin with a compelling headline. Further, I like headlines that begin with numbers like 7, 10, 12 or 21. Seven Ways to Make Your Property Ready for the Market; Ten Biggest Mistakes of Luxury Home Sellers are quick examples. And once you get the headline down, the rest of the article writes itself because you have created a promise—you have created a hook. Merely fulfill the promise of the headline by creating the points.
- Now if you think writing is bad, the next step is public speaking. Most people detest the idea of getting up and talking in front of people. Get over it and volunteer to present at Rotary clubs, country clubs or any groups or organizations that will have you and talk about your market. For instance, I have presented a talk this year called Seven Predictions for the Real Estate Market In 2011 which I presented all over Cape Cod and beyond. People love it even though not everyone agreed with all my points. You actually get more opportunity to connect and discuss when people disagree with your points.
- Number four is to get endorsed, people in the high end love to deal with people who have been endorsed by their friends, peers or associates. You can get endorsements by sending out a survey card every time you list or sell a house. On our survey we have a little check box where responders give permission to use their comments for testimonial purposes. Obviously, letters of recommendation from other people in your marketplace are a great addition to your arsenal.
Lastly, Read what your clients read. Try to read one to three hours every single day. Business magazines and newspapers, current business books and articles. You should start with the Wall Street Journal and follow up with the business section of your local paper. Most cities have their own business magazines or publications that are must reads. You will be amazed at the number of times that you will fall into conversation with someone either featured in an article or has some connection to the topic presented. You must be in the know.
I hope this adds some clarity to your questions on the five levels of expertise that you need to be successful in the high end real estate.
Keep those questions coming, I love hearing about what is important to you. Send me emails, visit www.JackCotton.com and don’t forget to stop by Facebook. Until next time make it a great week.
Thanks again for your time. Don’t forget to schedule your twenty minute phone consultation. I love hearing your questions and look forward to talking to you again next week.
