In the realm of marketing luxury real estate is it important to understand that the client to whom you sell a primary residence in your local marketplace can also be a buyer of multiple homes in multiple locations as well as other types of properties. The question is: Will you benefit from this by earning multiple commissions?
Good luxury real estate marketing professionals stay in touch with their clients and cultivate referrals of buyers and sellers within their own local marketplace. Great agents also take the time to discover where else their clients might consider purchasing additional homes or even other types of real estate. Then they help them connect with trusted colleagues in other marketplaces, which generates referral fees.
We recently heard a story that a certain buyer purchased several vacation homes in a very popular luxury real estate marketplace. The agent who discovered this fact realized that the buyer was a client of a friend, another agent in another state who was oblivious to her client's buying spree. Where was the disconnect that caused this missed opportunity for referral fees?
In commercial real estate it was very clear that most of our clients had the capability of purchasing multiple properties. In fact, many of them could purchase as many qualified properties as we could find for them. The trick was finding quality properties in great locations that were reasonably priced. But, this "mutliple properties mindset", whether the client's purpose was for personal use or investment, was the norm.
It just requires a slight shift in perspective to maximize the potential of your relationships with your high net worth clients. Take the time to discover the full scope of their real estate needs and interests. They may be thinking of buying properties for their kids, too.
Find out if your clients invest in commercial property or income property. If so, team up with colleagues who specialize in this arena and see what other opportunities you can develop together.
Expand your level of professionalism in terms of the depth of service that you offer. Become a trusted advisor in their real estate dealings beyond just their residence in your local marketplace and watch your own net worth increase significantly.
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