We often associate luxury home buyers with top real estate markets like New York City, Chicago, Miami and L.A., but the new generation of luxury buyers are not known for following the footsteps of their parents. These educated buyers grew up in the digital world and are accumulating more wealth at a younger age.
Luxury buyers and sellers can be found in most real estate markets from coast to coast. They are buying and selling properties in the downtown high rises of major cities, the suburbs and even in rural areas of Montana and Wyoming.
However, the luxury real estate market is a small, niche market. In fact, less than ten percent of home buyers purchased homes priced in excess of $500K, according to the National Association of Realtors® (NAR).
So if you are ready to expand your real estate career and tap into the high-end market, you may want to consider earning your Certified Residential Specialist (CRS) designation which is the highest credential for real estate agents and brokers. In the meantime, here are four rules for working with luxury buyers and sellers:
Be punctual, professional
When you are scheduling a meeting with a luxury buyer or seller always arrive on time for every meeting. Be professional and dress the part. You don’t have to shop at the most expensive stores to be neatly groomed with a professional appearance.
Don’t waste their time
Luxury buyers and sellers value their time. Understand their expectation for each meeting, deliver results and be respectful of their time. When providing a listing presentation you can toss the boring marketing fluff. You will need to convince the seller why you are the best real estate agent to list their property.
Work quickly, efficiently and accurately
You need to deliver on all cylinders and you have to be quick. When a luxury buyer says now, they really mean yesterday. Make sure all of your facts and figures are correct.
Make sure you understand exactly what they are looking for
Luxury buyers have defined tastes, specific criteria and are decisive. They know what they want. When showing properties to luxury buyers make sure they match their criteria. Map it out and preview the properties and neighborhoods before showing them to your luxury buyer. Be ready to negotiate and close the deal.