The benefits to real estate agents that list and market high end properties may well be obvious: Selling more expensive property results in higher commissions. However, luxury real estate marketing also involves higher risks: a greater expense to the agent, as well as extra effort. Therefore, if it is your ambition to handle luxury real estate and target high net worth individuals, you should be sure that you have the necessary experience and commitment.
Luxury real estate marketing strategies are different from those you would use for promoting mid-priced homes or low-income housing. As you think about it, you realize that you are not only selling a home; you are selling a way of life. The marketing that you use should appeal directly to that lifestyle. Whether you are just getting started in high end real estate or are looking to improve your current prospects, the following luxury real estate marketing ideas may be of some value.
1. Educate Yourself
A little extra education never hurts. There may be special certifications or training available for agents who wish to branch into high end real estate. These not only help you feel more confident in your own abilities, but they are also impressive to potential sellers.
2. Know Your Audience
Of course, this is necessary for any marketing campaign, but it is especially important for high end real estate agents. Obviously, you know that your audience includes high net worth individuals, but that is just a starting point. The questions you should consider when identifying your audience include, but are not limited to, the following:
- What age range do they fall into?
- What are their buying behaviors?
- Are they married or single?
- Do they travel often?
- Are they interested in hobbies such as golf?
The more you know about your audience, the more effectively you can target them in your marketing. Therefore, it is in your interest to be as specific as you can in identifying them.
3. Choose Your Words Carefully
It is customary to refer to high end listing as “luxury” real estate. However, that particular term has fallen out of favor with the clients you are trying to target, i.e., high net worth individuals.
The reason is that “luxury” has become so overused that it is now generic. It doesn’t indicate anything specific in the minds of the people who hear it. Therefore, it makes sense to try to use words that do mean something to your targeted audience. Instead of describing the listing as “luxury,” use descriptive words that paint a picture of exactly what is luxurious about it. If you describe the property as part of a gated community with concierge services or whatever the available amenities may be, they will draw their own conclusions about its luxury.
Another option is to use synonyms for “luxury” that are more meaningful for your audience, such as “prestigious.”
4. Use All the Marketing Tools Available to You
It can be tempting to focus a marketing campaign entirely on social media and other online tools to the exclusion of print materials. However, this is never a smart strategy, and when marketing high end real estate, it is one that can cost you dearly. Tangibility can be very powerful in a high end luxury marketing campaign. Giving your audience something that they can hold in their hands can be a very strong selling point. Consider a branded, white label real estate app.
5. Appeal to the Senses
Online marketing can be an effective tool, but it is difficult to make one ad, announcement, or listing stand out from any of the others. Printed materials are not only tangible, but they can give a physical impression of the luxury you are trying to convey to your audience. You can accomplish this by printing full-color, high-resolution photographs on thick card stock to give your property brochure extra appeal. The presentation alone says “luxury” to your audience without you having to use the word itself.
Don’t be afraid to go beyond a mere brochure, however. One high-end real estate agent chose to introduce a particularly elegant listing to the market by sending out professional photos and a letter of introduction to every home in the neighborhood. To present the listing as a gift to the neighborhood, she contained these materials not in an envelope but in a sleek black box similar to the kind in which jewelry is sold and tied each one with a black satin ribbon.
Receiving a package like this almost certainly left an impression on everyone in the neighborhood. Showmanship can pay off significantly.
6. Offer More Value
Your website should be very sleek and clean, without any clutter. Rather than creating your own website using generic templates, it might be worthwhile to hire a web design firm to develop a unique look that will make your site stand out from the competition.
As a real estate agent, you already know the value of visuals in selling a property. Therefore, a branded YouTube channel may be a very effective way to connect with your audience and help them find you more easily. There is no cost to start a basic YouTube account, but a paid subscription may offer more tools to improve appearance and reinforce your branding as a high end real estate agent.