In this week’s video column, @properties Christie’s International Real Estate executives Amy Corr and Kevin Van Eck provide suggestions on what brokers, owners, and team leaders can do to break into the luxury marketspace.
@properties Christie’s International Real Estate executives Amy Corr, EVP of Culture and Development, and Kevin Van Eck, EVP of Innovation, provide broker insights and tips every other week — exclusively for Broker Edge readers. Grab a cup of coffee and watch the full video for a more in-depth look.
In this week’s video column, @properties Christie’s International Real Estate executives Amy Corr and Kevin Van Eck provide suggestions on what brokers, owners and team leaders can do to break into the luxury marketspace.
Review and update your branding and collateral to reflect a luxury mindset
Make sure that your branding resonates with the luxury client, with collateral and marketing that includes design, verbiage, imagery and production quality that will attract this type of audience. Not sure where to start? Look at what other luxury brands (both real estate and others) do to see what they’re doing.
Send and communicate a luxury message
Once you’ve upgraded your brand and collateral, you need to upgrade your marketing efforts to reach this market. Be sure to advertise and promote your brand on websites, on social media and in publications that appeal to a luxury audience. Direct mail is also a great tool to use with this audience.
Your agents will be a primary distribution channel, so you’ll need to create customized luxury materials and content to help position them in this new space as well. And, because many luxury clients own multiple properties or may be located outside of a specific FRM area, foster an environment of collaboration with your agents — so that they can share and collaborate on available properties.
Grow luxury agents from within
Luxury consumers want to feel and believe that their agent understands them and their lifestyle, and is comfortable and easily able to anticipate and support their specific needs. Agents must be well-versed in luxury products, brands, and activities — and that means knowing which brands to wear and which cars to drive. At the end of the day, it’s all about connecting and being authentic, but it’s also about being an effective representative for the client.
Make sure your agents understand the different levels of discretion or anonymity that are needed, how to work with a business or family-office manager, or how to create a “frictionless” experience.
Recruit luxury agents and teams
Recruiting agents and teams who already have a luxury book-of-business can help you reposition your brokerage quickly, but you need to have a plan in place regarding how you will recruit and support them going forward — especially if you’re not well known in the luxury space.
Working in the luxury space is expensive and definitely an investment. You must be able to show your commitment and how you will invest in the agent or team to help them grow and be more successful. Consider positioning these hires as partnerships — let them know you’ll position them as the “flagship” and “figureheads” of your new luxury push.
Breaking into the luxury business doesn’t happen overnight, but these tips can help you begin laying the foundation for positioning your brokerage as a luxury player in your market.