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From Sarasota and Naples, Florida to Hilton Head, South Carolina; South Hampton, New York; Austin, TX; Prescott, Ariz.; San Luis Obispo, CA; and many other cities, the luxury real estate market is booming. Picture-perfect sunsets, white-sand beaches and the lure of the great outdoors attract high-end market buyers, including affluent Gen Xers and baby boomers looking for second and third homes and Millennials with money to spend.
Here’s how you can increase your market share at this end of the real estate market and add more clients to your real estate business.
1. Define the ideal client
As with any marketing strategy, you need to know who you want to target. The first step in the process is to define the general characteristics of the group. While it’s important to consider each individual’s unique personality, understanding the characteristics of the group will help you define your marketing strategy. This includes the media (brochures, advertisements, videos, events, screenings, social media, etc.) you use to reach your target audience, the images you use, and the language and tone of your content.
2. Make a list of the type of clients you want to work with
A wide range of affluent clientele make up the luxury real estate market. This includes technology entrepreneurs from established companies and start-ups, individuals from the entertainment industry and senior executives from the financial sector, as well as sports and other personalities. Decide if there is a specific niche you want to target, such as new or experienced buyers, international buyers or environmentally conscious people, for example. Consider other factors like home price range and type of homes (low-key or opulent) that will suit your buyer profile. Knowing this will help you in how you go about networking and marketing to the people you want to work with.
Related: 8 Types of Customers and How to Deal With Them
Ask your team (or hire an assistant) to help you target your marketing materials and ads to people whose behaviors and interests match the types of customers who can afford the high-end properties you represent in places specific.
3. Build a sphere of influence
Develop contacts and generate leads from the network of people you know, including family members, friends, neighbors, coworkers, associates, classmates, and social connections. Contact and build relationships with family offices and consulting firms that manage the wealth of wealthy clients. The wealthy invest in real estate and could become potential customers in the future. Find out about each person in your sphere of influence and stay in regular contact with them.
Plus, network with other real estate agents who can help connect you with buyers and sellers.
Related: 6 Ways to Build Strong Business Relationships on LinkedIn
4. Establish a consistent local presence in your newspaper
Although it may seem old-fashioned, having a consistent presence in your local newspaper by prominently displaying your business name and advertisements works. Spend the money to place an ad on a color, full-page or double-page ad regularly so you can make sure people see it when they flip through the paper. Not only will this help you entice buyers to check out the listing, but your consistent presence in the newspaper will build your experience and credibility in the marketplace.
Additionally, reach out to high-end local publications (print and digital) to showcase your business. Offer your real estate expertise and write useful articles for buyers and sellers.
5. Use your digital fingerprint
Perform an audit of your website. Has the website design been updated recently or have you just added new ads? If you haven’t updated your site in the past two years, now is the time. Hire a professional to create a beautiful, contemporary, user-experience-driven, cutting-edge website that reflects who you are, your experience and your successes (i.e. showcasing previously sold properties ), your staff, and the places and properties you currently represent.
Make sure the website shines on mobile devices as well, as everyone is connected to their phones 24/7. Hire a content writer to tell your story compellingly. Include videos, press releases and features. Let your customers sing your praises through testimonials.
Make sure the property search tool on the website is segmented by product (location, price, square footage, and other filters), easy to use, and delivers the expected results.
Write a blog on relevant topics of interest to affluent clients. Leverage social media to grow your followers and sphere of influence and to market your properties. Assign someone to keep your website, blog, and social media platforms continually updated and fresh.
Focus on growing your email list. It’s much faster and easier to reach out and connect with people or announce a new property via email dispatch. Overseas clients, partners, developers and luxury real estate agents can click a link in the email to view the property on your website or via a digital storybook you’ve created.