The Right Way to Get Started in Luxury Real Estate (Part lll)
We’re finishing our discussion this week about how to make a beachhead in your luxury market; especially when you’re competing with somebody who’s has a firm grip on the high-end market.
Last week, we talked about finding a “maverick” and before that, we talked about the need to get known in our marketplace. Here are three ways to accomplish this:
- Direct mail. If you do random mailings you are likely to have limited results. On the other hand, mail to gatekeepers like trust officers at banks, attorneys who specialize in tax and estate work and CPA’s for a more effective response. When your mailings introduce and reinforce your expertise in pricing the luxury market, you are bringing value to the gatekeepers.
- Expired occur in all price ranges, even the high-end also. Monitor expireds in your market, they are often the maverick.
- Headhunters need to be added to your list of gatekeepers either in your exact location or in regions nearby. For example, I’m on Cape Cod, Massachusetts, not too far from Boston where a lot of headhunters are based. Their highly compensated executives oftentimes want summer homes on the Cape.
Lastly, a bonus tip: Get a dog!
You’re going to think I’m crazy, but I was talking to an agent who told me how her dog gets her high end listings. This reminded me of a story of an agent who I work with here in my office. She was trying to get a particular waterfront listing, from a high end builder priced in the $3 to $5 million range. She was thinking about how to make contact with the builder and noticed he was on the property as she was out walking her dog. Somehow her dog got loose and took off onto the property (smart dog). Of course she had to go run onto the property, catch the dog and wouldn’t you know, ran into the builder. A doggie conversation ensued and she actually got the listing.
Other agents have told me that they walk their dogs through expensive neighborhoods and they’ll run into interesting people like Bill Gates. When people meet another dog on a walk, they always have a conversation. I’m really almost hesitant to talk about something as low-tech as getting a dog but whatever it takes to make that first beachhead.
Once you get your first listing in your luxury market, more will follow. Every deal you do should result in three or four more deals with both buyer and seller referrals.
Let me know what you think, especially your luxury real estate dog stories. If you have purchased Selling Luxury Homes, don’t forget to fill out your for your a 20-minute consultation.
And until next time, make it a great week.
