Kay Evans, regional investor in the Southeast Region, which is home to 55 market centers and more than 8,000 agents, spoke to KW associates at Family Reunion about how they can move up to luxury. This year marks Evans’ 16th Family Reunion event.
Retired from day-to-day operations, Evans remains current and active as a leading consultant and trainer in the fields of luxury and international real estate.
“Someone who wants to be in the luxury market must provide an experience – an experience that they are well versed in, and accustomed to,” Evans said.
Are You Ready for Luxury?
In her presentation today, Evans shared her key ingredients on entering and succeeding in the field of luxury real estate. While she went into great detail about finding and serving this prestigious clientele, she first asked agents to take an honest look at themselves and their market and answer five key questions.
Do I have the proper skill set: negotiation, writing, presentation, pricing, creative thinking, marketing and customer service?
- Do I have the proper network of connections: clientele, friendships, service and business relationships, acquaintances and references?
- Do I know where the buyers are in my market? Have I thoroughly evaluated my market, market pricing, comps, etc.?
- Are my marketing programs up to date, upscale, and do they meet the many needs of the luxury market? (Evans informed attendees that 75 percent of information delivered to consumers is visual and to make sure your visuals are properly speaking for you.)
- Am I assessing my business relationships? Look at who you call for buyers and who you call for banking/financial assistance.
In addition to a thorough evaluation of oneself and market, Evans adds, “Agents have to be willing to financially invest in the move-up. This includes furthering education, joining divisions such as KW Luxury Homes International, KW GPS and getting certified where available.”
Finding Luxury Clients
Once the decision to move up to luxury is made, Evans strongly urges agents to understand whom these clients are, how to attract them and what tools to use.
First things first. Who are typical luxury clients?
- Corporate/Business executives
- Financial professionals
- Entertainers/Entertainment executives
- Professional athletes
- Business owners – entrepreneurs
Once you know who your target market is for luxury, go find them.
Go Where They Are!
- Charity events
- Health clubs, golf and tennis (country) clubs
- Concerts, auctions and lectures
- Wine tastings, art galleries and fashion shows
- Clubs and organizations
And finally, once you are servicing luxury clients, be sure to meet their expectations. This means possessing market and pricing expertise, a high level of confidentiality and discretion and the ability to customize everything to suit them.
“Luxury is not just about selling more expensive properties,” she says. “Luxury is a new level of commitment and service. These clients have heavy expectations, they expect superior service, high levels of knowledge and expertise in all areas of real estate.”
Ready to move up to luxury?
Evans’ Suggested Readings to Better Understand Luxury Clients
Kiss, Bow, Or Shake Hands: The Bestselling Guide to Doing Business in More Than 60 Countries by Terri Morrison and Wayne A. Conaway
The works of Jack Cotton such as Selling Luxury Homes.
Secrets of the Millionaire Mind by T. Harv Eker