5 ways to break into the luxury market

In this new video series, Rogers Healy, the owner and CEO of Texas-based Rogers Healy and Associates Real Estate, will offer his perspective of the state of the real estate market and how real estate agents can find opportunity and fine-tune their business and marketing plans.

Here are five things to know if you want to break in to the luxury market.

No. 1: Know your prospects. Realize that people that are spending more money, that have the affluence to potentially move, don’t have to move, but what they expect is for you to do your research. You can break into the luxury market overnight as long as you’re mentally prepared to have answers to different types of questions.

No. 2: The luxury market has seen the biggest adjustment in the last 10 years, just as of recent, with an almost 29% decline in luxury price-point transactions, which means there’s an opportunity to strike right now because it’s not going to last for a very, very long time.

No. 3: When working with professional athletes, celebrities, affluent high profile people, you might have to sign a non-disclosure agreement protecting their anonymity. That’s okay. Make sure you’re prepared for that, which means you can’t necessarily fanboy, even though I’ve still figured out a way to do it over the past 10 years, but treat it like a business and not like a fan.

No. 4: like Aretha says, R-E-S-P-E-C-T, Respect. They want to be treated like a human, like an individual, and it doesn’t matter if you’re going to be making more money on this deal than other deals in the past. Treat them like any other client — with respect. It’s okay that they’re spending a little bit more money, as long as you are prepared to handle the transaction. Be prepared, treat them with respect, and treat them like any other client.

No. 5: Lastly, maybe the easiest one, maybe the hardest one, but it’s okay to say no to a deal. Sometimes when you reach a certain level in real estate, people maybe don’t treat you like an actual human. They treat you like a product. You know what that does? It sucks all the joy out of your heart, and then you become resentment to real estate. So protect your future and give reality a chance. It’s okay to turn down a deal if it does not align with your vision, with your goals, and with who you are as a professional.

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