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How to roll out the red carpet for
high-end clients
Serving the ultrawealthy client
Bernice Ross
Contributor
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Jul 3, 2013
What does it take to successfully
compete against other luxury real
estate agents? Mastering these key
best practices from the best luxury
agents in the world will prepare you
to attract and build a more
successful luxury business.
Red carpet image via
Part seven of this series outlined
Shutterstock.
five best practices to implement in
your business if you want to serve
the luxury market. Today’s column
outlines five additional best practices.
6. Luxury agents go the extra mile
The best luxury agents treat their clients in much the same way a
concierge would treat a valued guest at a five-star hotel. In order to
provide your clients with this level of service, you must know what matters
most to them. This goes way beyond just picking up their favorite type of
coffee or tea for them to enjoy on your appointment.
The top luxury agents have developed an extensive network of resources
that includes the best service providers in their area. This is extremely
important for out-of-town buyers.
This list includes more than just the best plumber, contractor or pest
control service. It includes such services as jewelers, art dealers,
decorators, hair stylists, baby-sitting, dog-sitting, catering, and mechanics
for their antique car collection, boat, or airplane. If you don’t have this
type of network set up, begin developing it now. The more people in your
network that your client uses, the more likely the client is to send you
referrals.
When you want to share one of your “premium” service providers with
your clients, never use the word “referral.” Instead, you always
“introduce” your client to “the best caterer” or “the best jeweler” in town.
7.
When you want to share
one of your 'premium'
service providers with
your clients, never use the
word 'referral.' Instead,
you always 'introduce'
your client to 'the best
caterer' or 'the best
jeweler' in town.
Discreetly marketed properties
While developing a strong network of service providers is important, many
of the most expensive properties never show up on the MLS. Instead,
these ultra-high-end clients turn to agents who have developed a strong
network of high-wealth influencers. This can include people who manage
hedge funds or large stock portfolios, or are personal bankers, estate
attorneys or wealth advisers.
8. Help them become integrated into the community
The very best agents go beyond making introductions. They actually help
their clients become integrated into their community.
For example, if your clients have children who play soccer, introduce
them to other people in your sphere who have children who play soccer. If
they play tennis or golf, arrange a lesson with the best pro in town as a
closing gift.
In other words, it’s not just giving them a list — it’s about making sure that
a face-to-face connection takes place because of you and that this
connection helps your clients assimilate into the local lifestyle more
quickly.
9. Give the buyer an experience of the lifestyle you are selling
If you’re selling a home that has a spectacular sunset view, instead of
doing your open houses during the middle of the day, set up a twilight
open house with refreshments poolside looking out on the view. If you’re
not holding the house open, invite the buyers’ agents to show the home
at sunset and to enjoy some refreshments as part of the showing. The
key is to tap into all five of the buyers’ senses that will give potential
buyers what it’s like to live in the property.
The best luxury agents actually live the lifestyle they sell. If they’re selling
lakefront properties and they own a boat, they show lakefront properties
by boat, not just by car. As the salesperson gives the buyers a taste of
their lifestyle, the buyers are much more likely to want a piece of it.
10. The most important criterion: privacy
While there are the publicity hounds who want to see their names and
activities plastered all over the media, the large majority of luxury clients
want their business to remain private.
Many ultraluxury clients are paranoid about kidnapping and other threats
to their personal safety. They don’t want a criminal to know where their
children’s rooms are located or that there is a safe room inside the
property. In fact, it’s common for some ultrawealthy clients to allow
pictures of the exterior grounds only.
If your buyers are looking at a very expensive property, don’t be
surprised if the listing agent requires proof of the buyers’ ability to
purchase before scheduling a showing. This may mean that the buyers’
accountant or tax attorney will have to confirm proof of funds for the
seller’s financial representative first.
The most important step that an agent can take is to NEVER discuss any
financial or personal details with anyone other than the client and his or
her designated financial representative.
This is especially true for international clients. In many countries, the
wives have no access to what is happening financially. If you are asked
for this type of information by anyone, claim ignorance and ask the
person to either ask your client seller or the client’s designated
representative.
If you want to become more active in the luxury market, it makes no
difference where you begin. Instead, start with any of the steps from this
series and begin implementing them one at a time. You may be pleasantly
surprised at how quickly your luxury business begins to grow.
Bernice Ross, CEO of RealEstateCoach.com, is a national speaker,
trainer and author of the National Association of Realtors’ No. 1 best-
seller, “Real Estate Dough: Your Recipe for Real Estate Success.” Hear
Bernice’s five-minute daily real estate show, just named “new and notable”
by iTunes, at www.RealEstateCoachRadio.com.
More from Bernice Ross
Related Articles
5 ways to exceed your ultrawealthy sellers’ expectations
By Bernice Ross
Sell ‘em with Las Vegas-style marketing
By Bernice Ross
‘Storytelling’ helps luxury buyers picture themselves in a home
By Bernice Ross
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