Do you know what luxury clients are looking for in an agent? Keep reading for all the deets. I’m going to cover the expectations of luxury clients. Then, what turns luxury clients off. I’ll follow up with a few tips on other things you should know when working with luxury clients. Ready? Ok, let’s get started.
Expectations of luxury clients
- High standards that they expect you to meet – it’s nothing personal, but if you can’t meet their expectations, your luxury client will find a competent professional that can. From their perspective, most luxury clients have worked very hard to get to a place where they can afford a home on the top end of the market. And having high expectations (and not accepting no for an answer) from themselves and others is one of the things that’s gotten them there.
- Consistency and discretion – these go hand in hand. Luxury clients prefer working with the same people. The consistency of working with the same professionals is important because luxury clients know the type of service they’re going to get. They don’t have to explain things or worry so much about things going wrong. Discretion comes into play because the fewer people they work with, the less they have to worry about their personal business being spread around town.
- Highly customized service – again, once you have a certain level of success and wealth, what you experience, and purchase can become customized. It only takes money to turn the ordinary into extraordinary. Take your client experience and brainstorm ways you can customize your service with creative solutions.
- Professional expertise – be prepared to handle the entire transaction from beginning to end, while making your luxury clients feel at ease. It’s important to know your area, including neighborhood reputations, public and private school rankings and reputations, parks, clubs and other recreation areas. Also know the reputation of high-end builders. It would also be expected that you know how to navigate the nuances that are special to high end real estate transactions.
- High value – what do you bring to the table. What you offer should help a luxury client make money, save money or save time. It’s wonderful if you can do all three. Do your best to protect your client’s interest and help them reach their goals. Your value-added service will help you build a name for yourself.
- Trusted advisor – as I mentioned earlier, understanding the uniqueness of high-end properties is a must if you want to be able to successfully service a luxury client. Keep in mind that birds of a feather flock together. So as a trusted advisor, you’ll be expected to refer other reputable professionals. Make sure you keep a list of the best remodelers, designers and loan officers on hand. Luxury clients will want to work with a well-known, highly recommend brand.
- Clear, concise and thorough Communication – create a schedule to keep your clients up to date on what’s going on. I recommend following a phone call with written reports. No one likes to be left in the dark, and luxury clients certainly aren’t used to being left in the dark. Be prepared to share during your status update, or one to one meeting, what you’ve done during the week to move them closer to their goal. Let your client know how you hold yourself accountable.
- Social media presence – your site will be used to vet you. From how you market your other properties, to the information you share that demonstrates your expertise. Your luxury clients will appreciate a strong real estate presence.
What turns luxury clients off
I’m a firm believer that you should treat everyone well. You should strive for stellar service regardless of the price point your client is able to buy or sell in. And with that, there are certain things that will endear luxury clients to you, and certain things that will turn them off. Below, we’ll cover the top actions that will have your clients questioning your professionalism.
- High pressure sales techniques – nobody wants this! The difference is, that non-luxury clients may put up with it because they have limited options. But luxury clients will just walk away and find someone else.
- Asking for favors – believe me, your luxury clients get enough of this with friends, family and associates. They don’t deserve it or need it from you. Turn this around and see if what you can do to go above and beyond for them.
- Being insecure, insincere, awestruck or intimidated – Make sure you’ve established yourself as the expert and present yourself that way. Confidently provide solutions. Of course, I’m not saying that you need to know everything about everything regarding real estate. But you should be confident in the value you provide.
- Not valuing their time – valuing someone’s time, of course means arriving on time. Showing respect for time also means being prepared so that you use their time wisely and ending on time, so you don’t hold up the rest of their day.
Things to know about luxury clients
To wrap up what luxury clients want in an agent, know these tips will help you prepare to provide exceptional service.
- Strong network – yes, your luxury clients will be expected that you have a strong network of other repeatable professionals. From repairmen to house cleaners. To tax professionals or remodeling experts. Of course, your strong network should also include other agents that you can market to.
- Willing to pay for the extra in extraordinary – don’t get me wrong, luxury clients like a good deal. But they’ve also become accustomed to paying more for some of the finer things in life. Performance cars cost more, perfectly tailored clothes cost more, and superb service typically comes with a high price as well. So don’t go overboard, of course, but don’t fret about the cost of providing valuable service.
What luxury clients want in an agent
So now you know how to better service the luxury market. We covered what luxury clients expect in an agent. Then we reviewed what turns luxury clients off. And we wrapped up with other important tips when working with luxury buyers or sellers. To help you provide the best service, I created a free worksheet to help you Create the Perfect Client Experience. Download it now.