In this Agent First Summit, our guest is none other than Grecia Garza, a luxury real estate superstar from the Dallas Fort Worth area. Grecia has been in luxury real estate for over 10 years and works with Rogers Healy and Associates as a lead broker.
Our Agent First Summits happen every Tuesday morning! It’s a perk for all our real estate team members and any of their guests who want to grow their real estate business. To get an invitation, RSVP here: Save Your Seat!
In this session, Grecia shows us how to break into and work within the luxury real estate sphere using a few tried and true luxury real estate secrets.
The Steps to Succeeding at Luxury Real Estate
Breaking into the luxury real estate market can be a challenge. However, working in the luxury market is one of the most exciting and lucrative opportunities you may get as a real estate agent. Here are some top tips for working in the luxury real estate sphere to get the most success.
1. Identify Luxury Market Boundaries
Before you sell anything, you need to know what you’re selling and how to get the most value out of it. To do that, you need to get to know the market intimately. Identify the lifestyle that you’ll be selling as well as the property so that you can show people why they ought to buy your specific home.
Identify the boundaries that your ideal market lives and works within and target those boundaries. Don’t try to sell outside your market—know the lifestyle of your audience and use it to encourage them into a transaction with you.
2. Identify the Property
Once you know the market, you need to know your property. Figure out the style, the architect, the landscaping, the price per square foot, the lot size, etc. Understand your property inside out and upside down so that you truly are the expert for anyone who comes looking for answers.
Knowing what sizes, designs, and zoning laws govern your area is crucial. You’ll need to know how buyers can improve the home and what kind of deal they’re getting with the purchase of your client’s home. Know the property you’re working with so that buyers know it too!
3. Have a Marketing Plan
You need to have a marketing plan in place to share with clients when you want to start working with them. This is crucial, since a marketing plan is what will really set you apart from the competition.
To get started with a marketing plan, budget about .05% to 1% of the home price for marketing. If you’re selling a $2 million home, for example, estimate that you’ll spend about $10,000 to $20,000 on marketing. Let the client know that this is your goal and share how that will help them get more views and more offers on their home.
4. Prep the Home
Before you put a home out on the market, you’ll need to prepare it to look its best. Start by making it as clean and neutral as possible. Have your clients get rid of as much personal paraphernalia and clutter as possible. Stage the home professionally to really make it shine.
Your goal is to present the home at its highest possible potential. Show the owner how their home can stand out in the market and why they want to make it stand out to attract the most attractive buyers. In most cases, you want the homeowner to be willing and ready to pay for the home staging so it’s important that they understand the power of putting the best view forward.
5. Provide Market Information
To make sure that your sale goes as smoothly as possible, you’ll want to keep a close eye on the market. Provide an update on the market for your sellers on a regular basis to show how the home is doing on sites like Zillow or Trulia compared with other homes in the area.
You want your client to understand the significance of fitting their home within the market to get the most views and best offers. Some buyers want to overprice a home to see if they can make it work, but it’s an overall better strategy to price the home appropriately and keep it hot on the market for as short a time as possible.
6. Know How to Negotiate
You’ll be dealing with lots of seasoned agents when working in the luxury market, so make sure you know your product and your neighborhood. You don’t want to get bullied into a deal that isn’t right just because you’re inexperienced. Get to know the market and your home inside out so that you aren’t blindsided by a bad deal.
Maximizing Your Marketing
When it comes to luxury, you need more than the ads and good photos that work in other real estate areas. Your sales will almost certainly be local and to people who are educated in real estate. Focus on knowing the local community and having strong relationships with magazines and other companies where you can find local clients.
Your job as a marketer is to make the home famous! You need to hype up the listing as much as possible, especially with other agents. Talk broker to broker to make sure that people are aware of your listing and interested in getting in as soon as possible.
Maximize your investment by taking the time to attend open houses and put out your sign so that you can connect with local people. It’s crucial that they see you as an involved agent if they’re going to consider working with you in the future.
In addition to marketing your own homes, you can get deeper in the community by offering your services to other local agents. Don’t be afraid to ask for opportunities to offer valuable marketing support that will help you grow your business while benefiting the other agents at the same time. It’s a win-win situation!
In the end, luxury real estate is all about knowing the right people. Know brokers and buyers in your area. Host and attend open houses. Market the property, the neighborhood, and the lifestyle. Get attention for the right reasons by selling your luxury home at its highest possible potential!
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