The Right Way to Get Started in Luxury Real Estate (Part ll)
We’re continuing our discussion today about how to make a beachhead in your luxury market, especially when there’s a strong player that you’re trying to compete with.
We’ve talked about all the things that are necessary to break in to the luxury market like understating the characteristics of the four categories of wealthy people and the five areas of expertise you need to succeed. Now it’s time to actually get in front of a luxury seller. We want to make the beachhead that will lead to our first listing.
Today’s message is to find the “maverick” in your market. Every luxury real estate market has at least one. A Maverick is that wealthy person who goes against the grain.
For example, I was recently at a house where they spent three-quarters of a million dollars – maybe even a million dollars – just on the garage. This garage was to die for. It had radiant heated tile floors and hand-hewn, naturally-finished wood beams. The light fixtures hanging from the ceiling were bronze with halogen bulbs. You walk through the garage and workshop area and you arrive to the car parking area. There in the middle of this huge garage, with a fresh waxed metallic green shine you can see yourself in is a Subaru Forester. That’s right, a Subaru Forester.
This may be an extreme example, but the owner of this property and car qualifies as a maverick. Mavericks don’t like to do things the way everyone else. They like to be a little bit different. That means they are less likely to work with the number one market leader, the person really known for the high-end of that marketplace. This is the person that you can make a beachhead with. Let’s talk about how to do that.
Direct mail. Both directly to them and their gatekeepers.
Remember, you are an expert on price and value. Even mavericks have gatekeepers and don’t like overpaying for taxes. If you were to market to the gatekeeper your ability to provide up to the minute market information, that is your in-road. If anyone’s going to take a chance on a new person breaking into the market, it is the maverick.
Another question I hear over and over again is: “When I show up on a listing appointment they’re going to ask me how many listings have you sold in the high-end?” The way I would advise you to answer that question, if you don’t have a track record yet, is to say: “I work in the high-end on a limited edition basis. I only take one seller or two sellers – (pick the number that works for you) – at a time because I want to devote all my personal attention and energy to that property. I want to make sure I can oversee every aspect of the marketing myself. I want to make sure I can be present for every single showing of that property. I want to make sure I’m elbow to elbow with the photographer when they shoot every aspect of this property so that everything is perfect. I want to make sure I’m looking over the shoulder of the marketing person who puts the brochure together. That’s why, Mr. and Mrs. Seller, I only take one at a time, very limited edition. Wouldn’t you like to have somebody working like that on your property?”
This is one way make the beachhead. It works; I know it does because it worked for me many years ago.
Let me know how you make out with your maverick. Also, don’t forget to email me your questions and fill out your form to schedule your 20-minute consultation if you bought my book, Selling Luxury Homes.
Until next week, make it a great one.
