Estate of Mind — The Art of Selling Luxury Real Estate - Out-of-Market Luxury Purchases Part Two: The Importance of Local Real Estate Referrals with Tami Simms

Out-of-Market Luxury Purchases Part Two: The Importance of Local Real Estate Referrals with Tami Simms

05/18/22 • 36 min

Estate of Mind — The Art of Selling Luxury Real Estate

Being Authentic is the Best Approach When It Comes to Working with the Upper Tier:

Authenticity builds trust in luxury real estate. In order to start building a strong foundation of trust amongst clients, you have to ensure that they recognize it is your intention to help them every step of the way. Helping them is your top priority, and that doesn’t necessarily mean making a sale in order to do so.

While building relationships is important, maintaining trust is key for a healthy referral pipeline. If your clients trust you, chances are high that they’ll come back to you for future luxury real estate needs. If your clients trust you, chances are good that they’ll refer you to their own contacts for the same type of high-quality service you provided them with. When it comes to working in the upper tier, authenticity is the most important aspect of the relationship, and it’s critical that you never lose sight of it.

Making the Most Out of Opportunities in Luxury Real Estate:

You miss 100% of the shots you don’t take. While there may be some debate over where the quote originated, the idea behind it is 100% spot on. Every opportunity to go above and beyond on behalf of your client is important. If you have an opportunity to help someone, even if you don’t directly benefit from doing so, the best strategy is to assist them in whatever way possible — within reason, of course.

Also important is remaining positive throughout the relationship. This idea might seem fairly obvious, but it’s imperative that it be stressed over and over again. Regardless of market conditions, you have to remember that your client is counting on you to effectively guide them along their path to purchase or sale. Presenting information in a less-than-promising manner won’t help you in the long run, but it may hurt you and the relationship you have with the client. Remember to package less positive news in such a way that your client remains at ease, doesn’t question whether or not you’re going to effectively be able to assist them, and maintains confidence in you that you’re the right luxury real estate professional to have partnered with in the first place.

Topics and Questions You’ll Uncover During this Episode:

How has consumer behavior recently shifted in luxury real estate?
Why building your referral network has never been more important than in today’s luxury real estate market
How expanding your sphere of influence can help weather any market conditions
Some do’s and don’ts clients should keep in mind when purchasing a new home
The importance of luxury real estate professionals transitioning into trusted real estate advisors

Resources Mentioned within Episode:

Being Authentic is the Best Approach When It Comes to Working with the Upper Tier:

Making the Most Out of Opportunities in Luxury Real Estate:

Topics and Questions You’ll Uncover During this Episode:

How has consumer behavior recently shifted in luxury real estate?
Why building your referral network has never been more important than in today’s luxury real estate market
How expanding your sphere of influence can help weather any market conditions
Some do’s and don’ts clients should keep in mind when purchasing a new home
The importance of luxury real estate professionals transitioning into trusted real estate advisors

Resources Mentioned within Episode:

Previous Episode

Out-of-Market Luxury Purchases Part One: The Importance of Real Estate Awareness Content with Andrew Hong

Out-of-Market Luxury Purchases On the Rise:

The general shift in mindset that’s taken place the last two years will have a lasting impact on the world of luxury real estate. With remote work now more commonplace, buyers are no longer confined to either their existing or nearby markets. Consequently, out-of-market purchases are now growing in popularity as well, especially as home buyers seek out second and third homes that will provide them with the flexibility to comfortably work from home.

As a luxury real estate professional, it’s important to position yourself in such a way that your referral pipeline stretches outside of your local markets. It’s critical to not only network with other out-of-market real estate professionals to expand your sphere of influence, but to have meaningful conversations with your existing clients to determine whether or not their own sphere of influence can further intersect with yours.

Awareness-Stage Content and Decision-Stage Content in Luxury Marketing Campaigns:

The easiest way to differentiate between these two specific content approaches is to position one before the other. Awareness-stage content refers to the majority of content that your potential clients, and even other agents, are going to be exposed to that helps brand you as a luxury real estate professional. Think of awareness content as educational content — content that seeks to inform individuals of whatever it is you’re promoting. Whether it’s a specific property you’re highlighting or a specific market, awareness content provides your audience with valuable information they can use to help make a more informed decision.

So, now that your audience has been informed and is ready to make a decision, what should you do next? This is where decision-stage content enters the conversation. With this type of content, you’re helping guide the individual towards using your services as a real estate professional. For instance, you might provide them with client testimonials to help serve as third-party proof of what it’s like to work with you. Think of decision-stage content as your call-to-action content. Whereas awareness-stage content will help them make a decision, decision-stage content will help them select to partner with you as part of that decision.

Topics and Questions You’ll Uncover During this Episode:

What does the modern-day luxury mindset look like?
Why it’s important to constantly work towards expanding your referral network
The difference between awareness-stage marketing and decision-stage marketing
How is seeking out a luxury lifestyle impacting today’s real estate purchases?
The importance of nurturing leads to create a more valuable sphere of influence

Resources Mentioned within Episode:

Next Episode

Marketing Blueprint Takeover: Adopting a Luxury Mindset in Real Estate (Part 1) with Maria Babaev

Differentiating Oneself is Key in Luxury Real Estate:

Capitalizing on your past experiences and current skill set is a great way to set yourself apart from every other real estate professional in your market. One huge differentiator that you can leverage to stand out even more? Continually educating yourself.

In fact, in order to fully adopt a luxury mindset, you need to constantly be learning how to be a better real estate professional, how to better serve your clients, and how to more effectively position yourself as a trusted advisor for all things real estate related. The moment you actively stop learning is the moment you stop trying to differentiate yourself, and the moment you stop differentiation yourself is the moment you begin to blend in with every other real estate professional in your market. Always be learning!

Deepening Relationships and Maintaining a Healthy Work-Life Balance:

Your relationships with other real estate professionals are incredibly important. Your relationships with your clients (both current and potential) are incredibly important. Finally, your relationships with individuals who aren’t directly connected to luxury real estate are also incredibly important. So how is it possible to balance all of these different relationships without potentially ignoring one of these groups? Simple — give yourself permission to blur the lines between them all and you won’t have to clearly delineate your time amongst different groups.

Granted, it is important to remember that your work as a luxury real estate professional should not spread into every other facet of your life. However, it’s critical that you recognize how all of the different aspects of your life are connected. It’s okay for your different universes to collide, provided you’re always actively working towards one very important thing: deepening the relationships with the people around you to help form stronger bonds with them. Remember, a more robust sphere of influence, one built upon strong relationships, is the key to a healthy referral pipeline.

Topics and Questions You’ll Uncover During this Episode:

How to adopt a luxury mindset that will help advance your real estate career
Why becoming a trusted advisor is so critical when it comes to building connections both within and outside of your target real estate markets
Why is brokerage support so important?
Deepening relationships with fellow real estate professionals is a great way to expand your sphere of influence
Why is work-life balance so important as a luxury real estate professional?

Resources Mentioned within Episode: