Luxury clients have big-time expectations, and it’s up to you to meet them. The Agency founder offers a prescription for overcoming obstacles and finding success.
No one can predict the future of real estate, but you can prepare. Find out what to prepare for and pick up the tools you’ll need at the immersive Virtual Inman Connect online Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital and more will be center stage. Bet big on the roaring future, and join us at Connect.
Real estate sometimes feels like the wild west. You never quite know what’s going to happen. All you can do is be prepared and stay on your toes to best advise your client.
As a new agent, navigating difficult sales and transactions can be both challenging and rewarding. The luxury market, in particular, comes with unique demands and high expectations.
But I’ll let you in on a secret — with the right strategies, a focused mindset and a positive attitude, you can overcome any obstacles and thrive. Here, I’m sharing my tips to help new agents excel in the exciting, ever-evolving realm of luxury real estate.
1. Build a strong network.
Connect and collaborate with experienced agents and brokers in your luxury brokerage. Their knowledge and expertise can be invaluable in navigating challenging sales and transactions.
Attend networking events, join industry associations and engage in online communities to expand your network. At The Agency, one of our most popular and beloved networking events is our annual Global Forum, which is designed to educate, inspire and ignite new connections between colleagues based in our offices around the world.
2. Continue to educate yourself
Stay updated with industry trends, market insights and regulations specific to luxury real estate. Attend workshops, webinars and seminars to enhance your knowledge and skills. Not only will this help you better understand the unique challenges and opportunities that arise in luxury transactions, it will also empower you to address them with confidence.
3. Develop exceptional negotiation skills
In luxury real estate, negotiations can be complex and require finesse. Invest time in mastering negotiation techniques, understanding the needs and motivations of both buyers and sellers and finding creative solutions to address any challenges that may arise during the transaction.
4. Leverage technology
Embrace digital tools and platforms to streamline your processes and enhance efficiency. Utilize customer relationship management (CRM) systems to manage client interactions, transaction management software to organize documents and virtual tour technology to showcase luxury properties remotely.
Technology can greatly simplify and improve efficiencies — let it aid you to do what you do best: Selling real estate.
5. Provide exceptional customer service
In luxury real estate, exceptional customer service helps establish a strong bond of trust and rapport with your clients. In challenging transactions, this trust becomes even more important as it allows your clients to have confidence in your abilities, expertise and dedication to their specific needs.
Because customer service is so important, our company even has a customer service playbook that highlights the ins and outs of providing clients with our signature service. When clients trust you, they are more likely to work collaboratively with you to overcome obstacles and find solutions.
6. Communicate — a lot
Clear, concise communication with your clients is paramount — especially during a challenging market or amidst a tense transaction. In complex transactions, there may be multiple parties involved, intricate contract details and time-sensitive decisions.
By keeping your clients well-informed and updated throughout the process, you can alleviate their concerns, address any potential misunderstandings and maintain transparency, which they will always appreciate.
7. Manage expectations
In the luxury real estate realm, big-ticket transactions often come with high expectations from clients — and that’s understandable. There is a lot of money and emotion on the line.
As you are communicating clearly and consistently with clients, you can effectively manage their expectations. You can set realistic timelines, explain the intricacies of the transaction process and provide regular progress updates. When clients have a strong understanding of what to expect — or what roadblocks may crop up — they are more likely to remain patient and cooperative, even when faced with challenges.
In general, real estate is a high-stakes, high-emotion business. Clients at every price point have high expectations and it is no different at the luxury price point. Remember to stay adaptable, seek solutions and keep your clients’ needs top-of-mind.
Mauricio Umansky is the founder and CEO of The Agency in Los Angeles. Connect with him on Instagram.