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From Sarasota and Naples, Florida to Hilton Head, South Carolina; South Hampton, New York; Austin, Texas; Prescott, Arizona; San Luis Obispo, California; and in many other cities, the luxury real estate market is booming. Postcard sunsets, white, sandy beaches, and the allure of wide-open spaces attract high-end shoppers, including wealthy Gen Xs and baby boomers who are looking for second and third homes and millennials with cash to spend.
Here’s how you can increase your market share in this part of the real estate market and add more clients to your real estate business.
1. Define the ideal customer
Just like 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 is important to address each individual’s unique personality, having a good command of group traits 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 tech entrepreneurs from established companies and start-ups, individuals in the entertainment industry and C-suite executives in the financial sector, as well as sports personalities and others. Decide if there is a specific niche you want to target, such as first-time or experienced buyers, international buyers, or environmentally conscious individuals, for example. Consider other factors such as the price range of homes and the type of homes (discrete or opulent) that fit your buyer’s profile. Knowing this will help you in how you proceed to network with – and market to – the people you want to work with.
Related: 8 types of customers and how to manage them
Ask your team (or hire an assistant) to help you target your marketing and advertising materials to people with behaviors and interests consistent with the types of customers who can afford the premium properties you represent in specific locations.
3. Build a sphere of influence
Develop connect and generate leads from the network of people you know, including family, friends, neighbors, coworkers, co-workers, classmates and social connections. Contact and establish relationships with family offices and consulting firms that manage the wealth of high net worth clients. The wealthy invest in real estate and could become potential customers in the future. Get to know each person in your sphere of influence and keep in touch with him or her regularly.
Also, network with other real estate agents who can help you connect with buyers and sellers.
Related: 6 ways to build strong business relationships on LinkedIn
4. Establish a consistent local presence in your newspaper
While this may sound old-fashioned, having a consistent presence in your local newspaper that prominently displays your business name and ad lists works. Spend the money to regularly place an ad on a full-page, full-page, or double-page ad to make sure people see it when they flip through the page. Not only will this help you convince shoppers that they want to view your ad, but your constant presence in the newspaper will strengthen your market experience and credibility.
Also, reach out to high-end local publications (print and digital) to introduce your business. Offer your real estate experience and write useful articles for buyers and sellers.
5. Use your fingerprint
Conduct an audit of your website. Has the website design been updated recently or are you just adding new listings? If you haven’t updated your site in the last couple of years, now is the time to do it. Hire a professional to create a beautiful, contemporary, user experience driven and cutting edge website that reflects who you are, your experience and your successes (e.g. showcase previously sold properties), your staff and locations and property you currently represent.
Make sure the website shines on mobile devices too as everyone is connected to their phones 24/7. Hire a content writer to tell your story in a compelling way. Include videos, print ads, and features. Allow your customers to sing your praises through testimonials.
Make sure the property search tool on the website is segmented by product (location, prices, square footage, and other filters), is easy to use, and delivers the expected results.
Write a blog on relevant topics of interest to high net worth customers. Leverage social media to build your followers and sphere of influence and to market your properties. Assign someone to keep your website, blog and social media platforms continuously updated and updated.
Focus on growing your email list. It is much faster and easier to reach out and connect with people or announce a new property via email. Customers, partners, developers and luxury real estate agents overseas can click a link in the email to view the property on your website or via a digital storybook you have created.