Selling homes to the rich and famous might’ve been what attracted you to real estate in your market, particularly if it’s a tourist destination like Hawaii, Florida, or SoCal. Although vacation homes, luxury rentals, and investment properties may be where the money is, it’s an elusive part of the industry.
Establishing yourself as a realtor that caters to investment property purchasers and luxury home buyers will help you generate the listings and the sales to elevate your business to the next level. But be prepared, high-end buyers demand a more comprehensive level of service than the average home buyer.
These four tips can help you position yourself as an expert in investment properties and luxury homes.
Show local market expertise
Whether you’re a local or a transplant to the area, real estate agents must be well-versed in the city and specific neighborhood where the properties are. That’s true for conventional single-family dwellings and multi-million-dollar homes alike, but luxury shoppers and those who are investing in rental properties often require more intrinsic detail. You’ll need to be able to answer questions about crime stats locally, nearby schools and malls, and average per-square-foot pricing compared to other nearby and national areas that may be comparable.
Find a unique service proposition
What sets you apart from any other realtor in your city? What makes you the best choice for high-value properties? This is a question that must be answered to become known as a luxury realtor and becomes your unique service proposition. It doesn’t mean you have to be exclusive to your USP, but it differentiates you from the hundreds of other choices nearby.
What does a USP look like? Perhaps you’re known as a car guy and you drive an iconic car. Maybe it’s that you pick them up at the airport or offer complimentary passes to a luxury spa. This is something that is uniquely ‘you’, and takes intentionality to develop.
Make connections with common providers
You might offer traditional home buyers a stack of business cards for a local plumber, electrician, grocery delivery service, or insurance agency. For high-end buyers, this service has to be even more integral. For example, it’s making the personal handshake connection to your insurance partner or introducing a property management service that encompasses all trades, or including complimentary groundskeeping for the first year. This can also become part of your USP.
Provide an end-to-end experience
Whether your client is an investment property owner or a luxury home buyer, they want a realtor that takes care of as much of the transaction as possible, start to finish. At some point in the process, it should include an introduction to MBANC as a mortgage provider for luxury home buyers or investors. With mortgages that close in 30 days or less and discreet underwriting that’s completely in-house for a variety of high income-earning buyers, it’s a great way to differentiate your real estate services from the competition.