UGANDA, Kampala | Real Muloodi News | Real estate agents have different responsibilities. Some are generalists, while others emphasise one particular niche. Establishing a niche is a strategic way to focus on the business and maximise deal flow. One of the most elite niches is the luxury property market. Quality, refinement, and exclusivity often characterise this market.
Real estate agents who specialise in the luxury real estate niche deal mainly with ultra-rich individuals. These are the wealthiest individuals in society. Although it is a relatively small group, it continues to grow.
There’s more to working with the wealthy folks than simply showing expensive and beautiful homes. Let us look at what it takes to become a luxury real estate agent.
It’s All in the Details
According to Vivien Snyder, a residential broker associate and Certified Luxury Home Marketing Specialist, one of the essential things luxury real estate agents can do for their clients are pay attention to the details.
“I think the biggest trait that successful real estate agents share and this is also the same for luxury agents is to pay attention to the small details.” “Luxury homes are usually large and can’t fit into a ‘price per square foot’ category, so you need to be aware of the features in the construction and finishes from the structural components and the finer appointments,” says Snyder.
The details may include critical elements of a property on sale, location, amenities, and anything else that will help it sell. Clients for luxury properties want a pleasant neighbourhood, easy access to shopping and community services and some extra frills.
Ultra-rich clients can be more demanding than other customers. One of the best ways to meet the demand is to be detail-oriented and prepared. The agent should be specific, timely with information, organised, concise, and trustworthy.
“Expecting questions before being asked and listening to determine what clients may ask is vital to keep your clients well-informed and happy. So, listen for the questions and prepare your answers,” says Snyder.
Become an All-Around Expert
According to Snyder, you don’t have to be wealthy and well connected to become a luxury real estate agent. The number one aspect you need is to become an expert. Be familiar with the properties on sale by touring them and any other inventory that has been sold.
Besides informing the clients about the real estate market, the agent should share detailed information about the neighbourhood. The agent should also have information about non-real estate such as clubs, art and recreational centres in the community and so forth.
Some ultra-rich clients may want to have offices at their homes and so need information about the availability of internet services and much more.
An expert in real estate knows how to price properties and time the market. With such skills, you’ll be able to develop.
Develop a Sphere of Influence
A successful luxury real estate agent uses the sphere of influence strategy to build contacts and generate leads. They generate leads through the people they already know, such as family members, friends, neighbours, classmates, business associates, and social connections.
Developing a sphere of influence is very important to agents working with the ultra-rich. Every person you meet could become a client, not necessarily right now, but perhaps in the future. Learning about each individual and maintaining regular contact can make a big difference. People may not be searching for homes now but often make quick decisions when the right property comes along.
Networking with other professionals in the real estate market is also an excellent practice to help you connect buyers with sellers. Be different in the market by building a qualified team that can quickly address any property-specific questions and concerns.
Be Yourself and Prepared
Breaking into the luxury real estate niche can be intimidating. According to Snyder, it’s essential to be yourself. Remember that you don’t have to be wealthy and well-connected to succeed as an ultra-rich agent.
“A person is not judged by the amount of money that they have in their chequebook.” “Some of the most genuine, giving and warmest people that I have had the pleasure of working with—and later became friends with—were luxury clients,” says Snyder.
One of the most effective methods to avoid intimidation is to prepare yourself. Know everything there is to know about the property, the comps in the community, the neighbourhood, and your client.
“Don’t be intimidated, be prepared. Get to know what is important to that client. Is their pet their favourite child? Are schools important? What are their hobbies and things that are happening in their lives that are important to them?” says Snyder.
Building a career as an ultra-rich real estate agent can be emotionally and financially rewarding. If you’re learning the real estate field, watch how the most productive agents work with well-to-do clients. Learn from top agents in the industry.
To become a successful agent to the ultra-rich, focus on the details, become an expert on each property and the surrounding neighbourhoods, learn about each prospective client, and listen and answer fast to each query and concern raised by the client.
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