So, you want to establish yourself as a luxury realtor in the first place and get a million-dollar listing; that’s great. But you know what? The pursuit of becoming a luxury realtor isn’t as easy as it may seem on the surface.There is so much deep down inside a premium real estate listing.
You may wonder that you should have already sold a million-dollar listing to get one; right? The answer is both yes and no. While it will certainly help you understand how to work with luxury clients, it’s not necessarily important to get your first luxury listing. After all, everyone has to begin somewhere, someday.
With bigger difficulties come bigger expertise. So, if you wish to become a legitimate luxury agent, you need to buckle down and cross every hurdle in your way. To assist you in your “one million listing journey,” we have prepared this article. Let’s dive deeper and try to figure out what does it take to get a million-dollar listing!
The Pursuit of Getting a Million-Dollar Real Estate Listing
Did you know that luxury is defined as the top 5% as the threshold and ultra-luxury as the top 1%? Luxury real estate is an interesting yet competitive market, where billions of dollars are spent every year. So, making a million dollarsin your first year doesn’t happen by luck.
When realtors receive a listing, they mostly do a few things like staging, taking photos, advertising, posting a sign-out front, and hosting an open house. However, when it comes to listing a home in the multi-million dollar category, the marketing game totally changes. Everything, from the photography to advertising of the property, has to be targeted to that million-dollar category. To generate favorable outcomes, you need to strategize every step.
3 Fool-Proof Strategies to Get Your First Multi-Dollar Listing
There are three different strategies to look at when you want to get your first luxury listing. You can use one strategy at a time, or use them all to increase your rate of return. The choice is yours.
Success doesn’t come at once. You need to follow a step-wise approach to reach the apex. When you are planning to get a multi-dollar listing, focus on your real estate brand. Be someone who looks like an experienced and competent luxury realtor. I mean, no one is going to get in touch with you if you aren’t the right person to deal with. Stay consistent with your minimum listing price and build your luxury brand as you climb the pricing ladder. And once you are on that incremental mode, shout out loud from the mountain top that you are ready to get a multi-dollar listing.
There are tons of examples of associated marketing. Just look at Tommy Hilfiger: the brand associated with top luxury brands in its ads, which helped itmarket the products in an extraordinary way. You can do the same and associate with a ‘million dollar listing’ brokers. Associating yourself with whom you want to be in the future attracts the type of clients you want to work with. Also, be where luxury buyers and sellers are.
Pick the Low-Hanging Fruit
Since you have no experience in getting a million-dollar listing, don’t go after what everybody else wants. Go after the low-hanging fruit, which is easy to pick. For instance, it would be easier to crack a one million dollar deal than a ten million dollar deal. The logic is simple: why would someone sell to you when you have no experience as a luxury realtor? Once you have that low-hanging fruit, you are ready to attract more deals that are bigger and better.
A Few Good Tricks Shared by ‘Million Dollar Listing’ Brokers
When you leverage these three sure-fire strategies, your million-dollar listing will definitely cometo life. To break it down even further, we talked to some luxury real estate agents and listed a few tips that will help you get closer to your first premium sale.
Start with Networking
It may sound cliché, but networking is what matters the most for any million-dollar listing. Often, luxury home sellers don’t want everyone to know they’re selling. Therefore, it’s crucial to know them by making connections. When you know people, they will know you and understand what you do. Well, that’s what you want; right?
Avoid Being Too Gimmicky
Luxury home sellers and buyers are scrolling through real estate listings so quickly that they’re not interested in gimmicky features. They are looking for basic things like square footage, number of rooms, property taxes, size of the backyard, etc. Being too tricky with sensational wording could move your serious clients away. There is more room to be gimmicky when it comes to ads and social media posts, but not on the listing itself.
Co-List With a Current Luxury Realtor
If you want to sell a million-dollar listing right off the bat, you need to sell traditional real estate first. Luxury real estate has its own nuances. That’s why it’s significant to list with someone who already knows the industry. Though you’ll likely share some of your commission, you’ll gain much-needed experience, expertise, and confidence.
Use Expired Listings When in Doubt
Expired listings are interesting. When you work your local expired listings, you may feel intimidated to approach the seller who hasn’t sold his/her home yet. Don’t fret! Who knows, they are ready for a new approach? It would take some priming, but the end result can be rewarding. So, don’t be oblivion.
There you have it – your first million-dollar listing. Keep in mind that multi-million dollar homes are a niche industry all their own. To make a healthy listing, you have to understand the market. Connect with your passion first, and then create a plan to get in touch with affluent people who share the same passion and excitement that you have.