Understanding the Expectations of Luxury Clients
It’s been a busy few weeks with the launch of Luxury Agent Academy! While working on one of the modules, I was reminded of a video we did last year about the mindset of the Luxury client.
Today, we’re going revisit this topic because it’s an important one. In this video, I list seven things that totally turn off Luxury Home Buyers and Sellers. I know it might sound negative, but it’s important to recognize these expectations so we can always keep them in mind.
Enjoy the video.
Seven Things Luxury Clients Don’t Like
- Poor Service. In most cases, wealthy people became so by giving great service in their own businesses and professions. As a result, they have high expectations, and they want them met. They find poor service annoying and have little tolerance for it.
- Low Passion, Low Energy. I hope you care about your profession as a luxury real estate expert. It needs to be a vocation and not an avocation. Repeat the thoughts and ideas of your luxury clients so that you can be sure they know you understand, that you’re on the same page and have passion for what you do.
- Inconvenience. Wealthy people are busy; their time is valuable. We need to respect that and be easy to do business with. They hate to hear, “Oh, that’s not company policy. We can’t do that.” I’m not suggesting anything illegal, immoral or unethical. At the same time, find a way to get it done. Be a problem solver, not a problem creator.
- Manipulation. Your wealthy clients tend to be smart people. Many times it’s how they became wealthy. Some of their success can be attributed to finely tuned B.S. detectors. Be 100% above board, straightforward, and honest in all your dealings with the affluent, (and everyone else for that matter).
- Not Being Heard. It’s one thing to hear, it’s another to listen. Your affluent clients don’t want to repeat what they’ve said to you. They want to know that you get it. They don’t have time to spell things out, so make sure you’re listening and tuned in.
- Unnecessary Complexity. Some agents get nervous when they’re dealing with people in the high end. They feel the need to impress with their knowledge, expertise and technical ability. Some agents will use jargon or words that don’t have a lot of use and commonality. Don’t try to over-impress. Be secure in who you are. Don’t compensate for insecurity by talking down to wealthy people. They can’t stand it.
- Cold Fish. Some advise that in business you should not “take it personal” or that “it’s just business”. Not true in the high end. Everything is personal to the luxury client and it had better be for you. Be careful of what you delegate. When you delegate, make sure you’re visible and on the front lines so that the wealthy person can see that you’re fully engaged. Think about the maître d’ at a restaurant or an orchestra conductor. They may not be doing the actual work, but they’re on top of and watching everything. Nothing falls through the cracks.
Understand that people of means have high expectations. To be successful, meeting them is not enough, we must exceed them. What are some ways you exceed the expectations of your clients?
P.S. If you’re curious about what Luxury Home Buyers DO want, check out this blog. Click Here
Don’t forget, I will cover more of your luxury real estate questions on the first Tuesday of each month. Register RIGHT NOW at www.LuxuryRealEstateUnplugged.com. This is FREE, monthly one-on-one coaching in a group setting. Sign up and get your question submitted without delay. Action items this week:
Go to www.LuxuryAgentAcademy.com and read the course outline. This session is now closed but I will offer it again early in 2014.- Check out www.JackCottonRealtor.com and let me know how you like my videos.
- Go to www.LuxuryRealEstateUnplugged.com and register for the next webinar.
- Leave your question at the bottom of the page
Lastly: Think about your own luxury listings and decide which one could benefit from exposure through my newsletter. Send me pictures and a brief description with your contact information and I’ll include the best one with mine in my weekly e-video news blast. Wouldn’t that be great if we had a referral in our group every single week as a result of this video series? In the meantime don’t forget to pass this video to a Realtor friend.
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