What The Ritz Has To Do With You
Last week, we explored the importance of gatekeepers and how they will help you break into the Luxury Real Estate market.
But before I get into the next step of how to break into the Luxury Real Estate market, I want to check in to see how you’re doing. Are you progressing at a pace in your business that you’re satisfied with? If not, email me at jack@jackcotton.com and tell me what you’re struggling with.
Now, we’ll return to our regularly scheduled program.
This week, we will be discussing how processes can help you exceed the expectations of your clients and deliver consistent top-notch service, like they do at The Ritz.
Have A Process for Everything
You need effective processes to be successful in Luxury Real Estate. This is because you’ll want to deliver constant and consistent services, prizes, and delights to your clients. Share on XFor example, when you check into a Ritz Carlton hotel, they have a process for all their check-ins, check-outs, and how the front desk staff accommodates various requests of all the guests. It’s not spontaneous. The same holds true in Luxury Real Estate. You need effective processes for everything, too, if you’re going to be successful.
The Listing Process
As we discussed a few weeks ago, luxury can be defined as perfection. And in the Luxury Real Estate business, we are always seeking perfection. You cannot achieve that without a process.
For example, a listing process can encompass:
1. Pre-listing research
2. Pre-listing presentation
3. Schedule first appointment
4. Finalize the presentation
5. Schedule second appointment
6. Sign the agreement
7. Start marketing the property
We would then have a process to monitor and communicate the results of our marketing to the seller as the time in the market unfolds.
The Pricing Process
You don’t have to copy this exact pricing process and, in fact, you can have a completely different pricing process. However, my pricing process is primarily meant to gather sales data and to adjust the sales.
1. Gather Sales Data
2. Adjust the Sales
3. Compare to Benchmark
4. Present in Secret
5. Pricing Committee
6. Select Price
7. Test the Market Acceptance
The main point I want to make is that it’s vital to have a process for everything. It’s the best strategy to help you deliver consistent service that exceeds the expectations of your luxury clients, just like The Ritz.
Until next time, make it a great week.
