They feel at ease and excited with their achievements – they enjoy entertaining especially outdoors and look for a dedicated work space. Size is no longer as important; they are more design and finish-oriented. They are looking for privacy, which includes land, access to private clubs and private elevators. All of this leads them towards a lower-key lifestyle that avoids drawing attention.
There are 1,821,745 households in the U.S. with $3 million or more in assets.
There are 249,159 households with more than $10 million in assets. Legacy for the affluent is top of mind, 43% of those surveyed donated to charities in order to set an example for their children.
For those millennials out there, there are reasons why your parents have not disclosed their real net worth; 34% of those surveyed said that they were concerned it will negatively impact their work ethic.
If you jumped into real estate to get rich, you may have picked the wrong profession. At least that’s what salary pollsters will tell you. Most salary surveys will tell you that the average salary for a real estate agent in the U.S. is just $39,800 a year? That’s the average – so many agents aren’t making even that much. But there are real estate agents who do get rich. The big question is, ”How do they do it?”
To get rich in real estate, you have to understand one simple reality. To make $39,800, you can sell 20 homes with a $2,000 commission, 10 homes with a $4,000 commission, 4 [...]
What if you just landed a deal to sell a multi-million dollar home, and your client said, “I don’t want everyone to know we’re selling”? Could you still sell that home?
Think this could never happen to you? Think again. Many famous people want to sell their homes and don’t want all the fanfare that goes along with it. If it doesn’t sell for their asking price and they have to drop the price, this can bring public embarrassment. So not only does it happen, it happens more often than you might think.
If you’re ever faced with this situation, your mind will quickly scratch many of [...]
Google still remains #1….. are you winning?
92% of buyers use the internet in some way in their home search process and 50% of buyers use a mobile website or application in their home search. ….. in order to compete you must be ranking for luxury keywords in your luxury market.
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The luxury consumer was the “blue blood or old guard”
Now it is the 45 – 60 year olds.
To cater to the affluent – you must be educated to protect their time; which is their most important asset.
They desire to experience life like a 5 Star resort; so be prepared.
Research shows that finding out who they are as a person is the most important.
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Many factors contribute to your success in luxury real estate.
There are 2 components that stand out:
Consistency in everything you do, such as what you produce in marketing luxury homes, how you position the marketing products and distribute your communications.
Authenticity is one of the most critical components in building a relationship with an affluent prospect; remember your luxury sellers and buyers are being solicited at every angle.
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Surveying affluent consumers shed a light on the true drivers in their purchase decisions.
62% purchase to have a higher quality of life
47% purchase to spend more time family and friends
44% purchase to see more of the world
39% purchase to achieve and retain financial stability
40% purchase to simplify life.
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There are 1,821,745 households in the U.S. with $3 million or more in assets.
There are 249,159 households with more than $10 million in assets.
Legacy for the affluent is top of mind; 43% of those surveyed donated to charities in order to set an example for their children.
For those millennials out there; there are reasons why your parents have not disclosed their real net worth.
34% of those surveyed said that they were concerned it would negatively impact their children’s work ethic.
Spread a little luxury today; like us, follow us and subscribe to our Luxury Agent Youtube channel : [...]
Looking to transition from a general conversation at a cocktail party or event to a luxury real estate conversation?
Here are 2 questions to ask your affluent prospect:
What do you like most about the house that you’re living in?
What do you have to have in your home for media and technology?
Using questions like these allow you to forge a bond with your affluent prospect while discussing luxury real estate.
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Statistics show that the average real estate agent makes roughly $48,000 per year; from about 12 transactions for a total of $1,500,000 in sales.
IMAGINE… if you could sell $1,000,000 plus homes and do 12 transactions per year – you would sell $12,000,000 per year and earn $360,000 in commission instead of $48,000…
To become a luxury agent you have to:
Perform extensive research on the:
Luxury real estate market trends
Speak the language of luxury and understand how to promote luxury properties.
The Bad News: This can and has been done however; on average it can take [...]
Ever heard of “fake it until you make it” –
Borrow a colleague’s success in the luxury sector and pay them a hefty fee for it… 50%!
Yes; that’s right – ask one of your colleagues to borrow their credibility and expertise in the luxury market to get your 1st listing – in which you will pay them 50% of your commission for doing so.
After you have done at least 2 sales or listings you can list a luxury property on your own – as now you have the credibility and success.
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Website that converts
Landing Pages that generate leads
Direct Mail Strategy
Magazine & NewsPaper Advertisements
Syndication to the most searched websites
Syndication to the top real estate web portals
Many of the people you see with expensive cars, name brand clothes and dining at the finest restaurants may not be as “wealthy” as you think….
Have you ever heard the expression “The empty can rattles the most”.. that also rings true when it comes to luxury.
Be sure to see past the “flaunt”
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5 Luxury Cocktail Conversations Tips
Imagine you are at an event or fundraiser – and you don’t have your cocktail conversation prepared… there is only 1 opportunity for a first impression.
Here are some Luxury Cocktail Conversation Tips:
Be well informed; especially when it comes to your luxury real estate market.
Become a great listener -- a good conversation requires more listening than talking.
When speaking with your affluent prospect try to repeat the person’s name throughout the conversation.
Before going to an event, be sure to know the highest and lowest luxury sale in your [...]
There are 4 affluent personality types:
An affluent driver personality is in charge, persuasive and action oriented. They prefer a customized approach.
An affluent expressive personality is more emotional, talkative and entertaining. Don't be mechanical, formal or curt with them.
An affluent amiable personality is someone who wishes to please people, they are friendly and enjoy social interaction. They want to know Who, What, Where, Why, When, How. They love when you take notes.
An affluent analytical personality is detail oriented and [...]
5 Seconds is All You Have in Luxury Real Estate
Thin Slicing as defined by Wikipedia is a term used in psychology and philosophy to describe the ability to find patterns in events based only on "thin slices," or narrow windows, of experience.
You only have 5 seconds before your luxury prospect determines if you are successful or not – purely based on your appearance.
There is a strong tendency by affluent prospects and any prospect for that matter to make assumptions about your attractiveness, personality, and all sorts of things within seconds of meeting you ---- including if they feel [...]
Explain how you work upfront.
Let your client know if you have a team strategy or when you’ll provide the weekly updates and your overall marketing strategy.
Be as thorough and complete as possible.
In addition you must let your client know when they can contact you and the times you’ll be accessible to them – most importantly ask your client what is most convenient for them.
For example if you are in meetings or servicing other clients you should avoid taking calls – as you would do the same for your affluent client.
Your phone should be forwarded to your [...]