Being a go-to expert for buying and selling in the Luxury Real Estate Market is a feat that few realtors are able to achieve. Living in Southern California there are many high-end markets throughout Los Angeles the Hollywood Hills (you can add other areas if you want), but as you might imagine the competitions if fierce. Below are the methods I rely on to maintain a powerful presence in the elusive Southern California Luxury Market:
Global Reach
In order to be successful in the Luxury Market obtaining global reach is a must. Buyers and sellers of standard homes often live in the general area the home is listed in, however in the Luxury Market buyers and sellers often live outside of the state and even outside of the country. A luxury home is often a part-time home, a vacation home, or a short-term investment while living conducting business in the area.
To be successful in the Luxury Market you must understand how to reach prospective buyers and sellers from across the globe. This means I invest a good portion of my time to worldwide marketing and outreach. If someone in China is searching for a realtor in the LA area I want to be at the top of their list.
Multimedia Access
Multimedia access goes hand-in-hand with global reach. Since many of my clients live in different time zones they need to be able to reach me in a manner that best fits their schedules. Some of my clients prefer email, some prefer the phone, and some like to meet in person. My luxury clients have demanding schedules and will squeeze in their communication while on the go—it is my job to make sure they can reach me quickly and easily with the communication methods they prefer.
Luxury Amenities Expert
Homes in the Luxury Market come with a multitude of extravagant amenities that average buyers have no need for. If your luxury buyer wants a home with a full-sized basketball court, an infinity pool, and an in-home movie theater that is precisely what I must find for them. If I can’t find the exact fit I must find a home that has an ideal space to do a quick remodel to produce the amenities they desire. I also have a list of reputable contractors and vendors that specialize in adding the luxury amenities my buyer’s desire. This way I am prepared with a solution to fit all of my clients needs.
Presentation
Staging is just as important in the Luxury Market as it is in the standard market, if not more so. However the staging budget for luxury homes can quickly reach the low to mid five digits. Understanding the process of staging a 25,000 square foot home is a whole other ballgame than staging an average 3,000 square foot home. While I may not stage every room in a 6 bedroom home there needs to be enough visual appeal in place that the prospective buyers can envision what to do with their expansive rooms.
Presentation also includes dressing to impress and having extensive knowledge of the homes I am showing. It’s true that you never get a second chance to make a first impression so I ensure that every detail is covered from staging, to history of the home, to noteworthy neighborhood features, to a clear and concise showing, and a professional and polished appearance.
To win the Luxury Market it is not enough to be just an expert in your industry. You have to market, network, and understand the unique needs of your luxury clientele.