Estate of Mind — The Art of Selling Luxury Real Estate (Institute for Luxury Home Marketing)

Emerging Design Trends and the Changing Priorities of Affluent Homeowners:

Over the last few years, a stark minimalism characterized by bland color schemes seemed to dominate design trends throughout real estate. A lot of these design choices seemed to correlate with the pandemic and a more sterile approach to living. In 2023 though, that’s all about to change.

According to this year’s most popular design trends, warmer color palettes and textures are taking over. Accent walls are growing increasingly popular, especially those that incorporate patterns via high-end wallpaper. Also making its rounds in the luxury residential market? Luxury vinyl flooring that’s durable enough to stand up to high foot traffic and wear and tear.

Bringing inside elements outside is another trend that’s growing in popularity. With many homeowners wanting a more seamless transition from indoors to out, and ample natural light sources becoming increasingly important, biophilic design is becoming a more popular option. In 2023, design trends are set to be a lot more colorful, have much more personality, and focus on bridging the gap between the home’s interior and exterior living spaces.

Topics Discussed During this Episode:

• How design trends are shifting in a post-pandemic world
• Why color is being utilized in a much bolder way
• The return of textured wallpaper
• Where vinyl flooring is being incorporated in a luxury home
• How architecture and design are adapting to the most recent trends

Resources Mentioned During this Episode:

• REAL Marketing
• The Institute for Luxury Home Marketing

From navigating steep driveways to addressing ongoing construction concerns, Simms and Miller provide practical guidance on turning challenges into opportunities. They also dispel common misconceptions surrounding stucco homes and emphasize the importance of understanding market-specific preferences.

Join the hosts as they delve into the art of seeking feedback from colleagues, identifying buyer requirements, and providing thorough disclosures – essential elements for navigating the ever-changing real estate landscape. They also highlight the power of creativity in targeting the right audience and achieving successful outcomes in this competitive market.

Tune in to this insightful episode and gain valuable strategies for successfully selling even the most challenging luxury properties!

To jump to a specific topic, navigate to one of the following timestamps:

[08:00] Strategies for selling luxury condos in areas with urban development

[11:20] Challenges and solutions regarding exterior finishes, specifically stucco

[22:45] Understanding market-specific preferences and targeting the right audience

[26:50] Tailoring search and marketing strategies to match buyer requirements

[30:40] The power of creativity in overcoming obstacles and targeting the right audience

[35:00] Importance of disclosure and thorough research in real estate transactions

Topics You’ll Uncover During this Episode: 

• Principle of sacrifice and addressing perceived negatives
• Overcoming challenges around unique features and external finishes
• Unique marketing approaches for challenging properties
• Strategies for selling luxury condos in urban development areas
• Addressing misconceptions and challenges surrounding stucco homes

Resources Mentioned Within Episode:

• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• The 12 Week Year is about training your consciousness to be aware of how longer term goals are achieved via short term planning
• The three guiding principles at play are Accountability, Commitment, and Greatness in the Moment
• The five core principles discussed are Vision, Planning, Process Control, Keeping Score, and Using Time Wisely
• Why time is our most valuable resource, and how we view time impacts how successful we are in achieving our goals
• What periodization is, and what it has to do with successful business planning
• What the difference is between quarterly planning and 12-week planning
• How annualized thinking creates a lack of urgency, which ultimately leads to a lack of productivity
• Why success and failure should be measured on a daily basis as an indicator of whether you're on track to achieve bigger goals
• Why you need to assess where you are today, where you want to be in the future, and identify the gaps in planning that are preventing you from getting there
• If your vision doesn't make you uncomfortable, your aspirations aren't great enough
• You need to stick to a process, but be willing to alter that process in order to make progress
• What lead indicators and lag indicators are, and how they fit into your plan for success
• Why planning—not time management—is the route cause of failure to meet goals
• Why reviewing plans after they've been executed is helpful for future planning
• Leaders want to hold others accountable but they can't; only individuals can truly hold themselves accountable for the things they choose to do
• Accountability is the foundational principle to high performance (i.e. taking personal ownership of goals is the first step in achieving them)
• When you choose what you're doing, you're in complete control of the situation—so choose appropriately in order to work towards your goals
• Just because you're interested in something doesn't mean you're committed to it
• Successfully executing tasks leads to greatness in the moment, and greatness in the moment shapes our future

Resources mentioned within episode:

• Real Marketing
• The 12 Week Year on Amazon
• The 12 Week Year Field Guide on Amazon
• Institute Member Webinar Sign-Up
• Non-Institute Member Webinar Sign-Up

Topics covered and questions you’ll uncover during this episode:

• The “person is the brand”
• Reputation = referrals
• What's the important and powerful part of your brand?
• How do you make a person feel when they interact with your brand so they remember you?
• How do you build your reputation in the right ways to make it easy for clients to refer your brand?
• What’s behind this idea of “buying and selling”?
• Crafting and asking for the best testimonials
• How do you make clients feel special?
• Learn about Lesley’s “Espresso Effect Model” methodology
• “Can’t Miss” moments
• Pearl in an oyster brand crafting
• Words and actions and what they mean to the individual
• Brand and reputation defined
• How do you make it easy for someone to refer you (especially in the high-net worth, affluent luxury real estate markets)?
• How to keep yourself on someone’s radar and make it more about them?
• How do you project your brand and do it consistently and stay authentic?

Resources mentioned within episode:

• Walking Tall Website
• Lesley Everett’s website
• Connect with Lesley on LinkedIn
• Walking Tall Book

Breaking Down Negotiation in Luxury Real Estate:

When we think of negotiation, it’s often synonymous with some sort of conflict that is being worked through. For example, your seller wants a certain price for their property, and the buyer doesn’t want to pay that price. This scenario can certainly take on the appearance of a conflict, but it should instead be looked at as an opportunity for two parties to simply reach an agreement. A negative connotation doesn’t need to be present here, and the approach one takes can actually be quite positive.

Negotiation is simply coming to an agreement where both parties are compromising to some degree. While real estate negotiation will sometimes leave one party less satisfied than the other, it’s still important to remember that it is the job of a luxury real estate professional to be able to fully explain why negotiating is often the best approach. If you can educate and inform your client before the negotiation process starts, you’re setting them and yourself up for a more agreeable outcome.

Successful Negotiation Is All About the Prep Work:

Like any skill, negotiation needs to be practiced — a lot. If you want to be truly great at something, you need to practice at it not until you get it right, but rather until you can’t get it wrong. There’s a big difference between being capable of success and consistently finding it. When it comes to effectively preparing for negotiation, you need to be aware of the personality types that are going to be part of the process. You have to take these personality types into consideration so that you can better prepare and know how to subtly maneuver the conversation in order to achieve an agreeable outcome.

You also need to be prepared for any possible objection that may be presented at any point in the conversation by being able to very clearly explain both the process and the rationale behind it. Remember, when it comes to successful luxury real estate negotiations, you’ll achieve better results based on the amount of preparation you put in before the conversation even begins.

Topics and Questions You’ll Uncover During this Episode:

• How do you prepare for a luxury real estate negotiation?
• Why being able to explain one’s professional fees is so important
• How using scripts as a baseline for discussion can save you time
• Why is doing your research before negotiation so critical?

Resources Mentioned within Episode:

• Official Website - GLOBL RED
• Official Website - Kofi Nartey
• Full Mogul Podcast
• Connect with Kofi Nartey on LinkedIn
• REAL Marketing
• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• What defines a home as “Luxury”?
• Buying trends of the affluent
• The importance of staging
• Utilizing market statistics and trends
• Preparing a home for the market
• Certifications and designations for professional stagers
• Having a good relationships with a stager and agent
• Staging for the the right demographic
• Why does a home sit? 
• Creating an emotional connection with a home
• Curating a luxury experience for buyers
• Need vs. Want buyers
• Setting the tone with details
• Kofi’s secret sauce
• Capturing the essence of a property with photos and video
• Embracing the negatives

Resources from this episode: 

• Lori Pedersen - Home Staging + Styling
• The Nartey Group

From the alluring charm of Halloween showings to the dynamic evolution of neighborhoods shaped by shifting demographics, we embark on an exploration where holiday decorations wield the power to transform neighborhood perceptions. Explore the delicate art of balancing festive decor with cultural sensitivity and unlock a treasury of strategies for fostering client connections during the holiday season – from personalized Thanksgiving cards to the enchantment of Santa events.

Our hosts delve deep into the significance of recognizing and celebrating your most valued clients during the festive season. Learn the hidden gems of hosting complementary events that not only spread joy but also magnetize potential clients into your real estate sphere. Gain invaluable insights into the vital post-holiday preparations for sellers and an understanding of the current driving forces behind the real estate market.

This episode is a masterclass in harnessing the formidable influence of creating strategic yet authentic experiences for your clientele. So fasten your seatbelts and brace yourself for a rollercoaster ride brimming with insights and inspiration that will empower you to expand your sphere of influence in the luxury real estate industry!

To jump to a specific topic, navigate to one of the following timestamps:

[00:54] Impacts of the Holiday Season

[07:09] The Second Home Market and Different Beliefs

[11:21] Events During the Holiday Season

[15:31] Utilizing Your Database

[20:55] Meaningful Events

[22:53] First Holidays at The New Home

[24:17] Second Home Clients and Young Homeowners

[29:51] Changing Seasons

[36:41] Houses in Holiday Mode

Topics You’ll Uncover During this Episode: 

• Impact of holiday decorations on neighborhood perception
• Evolution of neighborhoods over time and the impact of changing demographics
• Leveraging the holiday season to connect with clients and sphere of influence
• Recognizing and celebrating top clients during the holidays
• Hosting a free event to attract potential clients

Resources Mentioned Within Episode:

• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• The homeowners deepest concern
• How to differentiate yourself from you and your competitor
• Listing properties more than once
• Where agents fall short when marketing
• What to do after you get your listing
• The number #1 call David gets from agents
• The importance of preparation
• Can you leverage a sold property?
• Pro-tips to improve your photographs
• How much you should be spending on marketing
• Become the Q-tip of real estate agents
• Diversify your listings
• Marketing for a certain price point
• The initial consultation at REAL Home Marketing
• The importance of research
• Why you should listen to your graphic designer

Resources from this episode: 

• Supreme Auctions
• REAL Marketing

Discussed:

Choosing Conferences:

• Select events based on their location, relevance to your business, and whether they offer unique networking opportunities.
• Balance big national conferences with smaller, regional events to build confidence and connections.

Value of Conferences:

• For experienced professionals, networking often outweighs content, as relationships provide referrals and resources.
• Specialized conferences and brand-agnostic events can offer unique insights.

Advice for Beginners:

• Start with local or regional events to ease into networking.
• Prioritize conferences that align with your market or professional goals.

Strategic Networking:

• Social interactions outside of formal sessions, such as hallway chats or hotel bar conversations, can yield valuable connections.
• Use events like speed networking to maximize introductions.

Budgeting and Planning:

• Aim for about four conferences per year, aligning with your budget and professional priorities.
• Consider events as business investments and integrate them into travel plans for added value.

Luxury Consumer Insights: 

• High-level conferences feature speakers from industries outside real estate, like luxury hotels and car dealerships, offering valuable insights into luxury consumer behavior and expectations.

Proactive Planning: 

• Successful agents prioritize attending conferences as part of their annual business plan. Intentional planning ensures they leverage these opportunities for growth and avoid last-minute scheduling issues.

Being a Real Estate Professional Is All about Building Relationships:

As a luxury real estate professional, constant communication and negotiation are two parts of your day-to-day interactions that are incredibly important. To become both a more effective communicator and negotiator, it’s important that you understand your client’s path to “yes” and the most effective way of leading them there.

First, you need to figure out what’s happening. Specifically, you need to determine what your client is in need of, and then you’ll be able to more accurately determine the best path to help them achieve it. To do so, you need to create a conversation that flows from one detail to the next, always building momentum along the way by creating a series of yeses that will help your client realize that you’re aligned with exactly what they’re looking for.

Remember, focusing on the customer by specifically being attuned to their pace of conversation is the key to more effectively communicating with them — and effective communication will quickly lead you down the negotiation path in becoming the ideal luxury real estate professional for them to partner with.

Topics and Questions You’ll Uncover During this Episode:

• The importance of negotiation as a luxury real estate professional
• How does improvisation factor into building better relationships?
• The concept of thinking input before output to determine client needs
• Building persuasive conversations as an effective negotiator

Resources Mentioned within Episode:

• Official Website - Yastrow & Co.
• Ditch the Pitch: The Art of Improvised Persuasion
• Brand Harmony: Achieving Dynamic Results by Orchestrating Your Customer's Total Experience
• We: The Ideal Customer Relationship
• Getting to Yes: Negotiating Agreement Without Giving In
• REAL Marketing
• The Institute for Luxury Home Marketing

Navigating the Ups and Downs of Luxury Real Estate:

It’s no secret that the landscape of the real estate industry has changed over the last two years — especially when it comes to luxury properties. While adjusting to market conditions can be stressful at times, one way to mitigate this stress is to constantly work on expanding your sphere of influence and building out your referral pipeline. If the pandemic taught us anything, it’s that out-of-market buyers are now more willing to enter into other markets, which is why it’s critical that your referral pipeline include out-of-market real estate professionals who may be looking for referral partners to help their clients navigate a move into your specific market.

A Healthy Referral Pipeline Needs Constant Attention:

As a luxury real estate professional, you should always want to improve the way you do business. That could mean improving the experience you provide your clients with, enhancing the print materials you use to help market luxury properties, or constantly nurturing your sphere of influence to ensure that you’re top of mind for all things luxury real estate related. In order to build a strong luxury real estate referral network, you need to build strong relationships with every individual who’s part of that network.

So how do you build on these relationships (and create new ones) in order to grow your sphere of influence? Attending conferences and other out-of-market industry events is one way to meet up with contacts face to face, and even make new connections during the process. Remember, traveling to see your contacts is a business expense, and an important one at that. Make the time to visit out-of-market referral partners as frequently as possible to build on your relationship with them. Additionally, remember that your referral partnerships should never feel one-sided. Giving referrals is just as important as successfully receiving a referral, so be sure to reciprocate referrals in order to establish a stronger connection with your partners.

Topics and Questions You’ll Uncover During this Episode:

• How the pandemic affected the way we buy and sell homes
• Why outbound destination markets are so important in the upper tier
• The importance of constantly nurturing your sphere of influence to promote future growth 
• How to effectively build out your referral network to expand to new markets
• Why setting expectations with partners is the key to a healthier referral pipeline

Resources Mentioned within Episode:

• Official Website - Genuine Real Estate
• Contact Patrick Ryan
• Connect with Patrick Ryan on LinkedIn
• The Institute for Luxury Home Marketing

Why is Qualifying Buyers So Important?

When it comes to negotiating sales in luxury real estate, one of the more important steps is ensuring that the buyer has the funds necessary to complete the transaction. While many real estate professionals feel bringing up the topic of assets is a bit taboo, it’s actually incredibly important to properly qualify buyers in order to protect all parties involved. If you haven’t added it to your process already, asking for proof of funds should be standard practice when negotiating a sale.

Topics Discussed During this Episode:

• When it’s appropriate to ask for verification of funds
• How not to cross the line with buyers and turn the situation uncomfortable
• Why setting expectations with your clients is so important for a smooth transaction
• Some useful resources that can help luxury real estate professionals pre-qualify buyers

Resources Mentioned During this Episode:

• REAL Marketing
• The Institute for Luxury Home Marketing

1:55 – 2025 Market Predictions 

4:29 – January 2025 Market Performance 

7:05 – February 2025 Market Slowdown 

12:00 – Regional Trends & Election Impact 

16:00 – Natural Disasters & Hyperlocal Impacts 

18:25 – “Should I Buy or Sell Now?” 

22:09 – What Will Move the Market? 

25:07 – Ideal Market Conditions for 2025

26:06 – Market Reports & Tools for Agents 

32:27 – Final Thoughts 

Topics covered and questions you’ll uncover during this episode:

• How we shifted our advertising efforts to include not only the print world, but the digital world too
• The major difference between marketing to the luxury and non-luxury markets
• How to find market opportunities (and eventually dominate the market) through research — not simply decisions made based on emotion
• If you should give up print efforts and go digital-only in the luxury market (and why high-quality materials are so important)
• What a “visual icon” is and why is it so important in your regional marketing
• Why quality statistics are so critical for upper-tier clientele
• Why highly professional presentation is so critical in the the luxury real estate market
• What variable data response rate is and how you can use it to your advantage
• How you can start at a lower price point to ascend to a higher price point via your marketing efforts
• Getting repeat business by always keeping your marketing efforts in front of your potential clients

Resources mentioned within the episode:

• Supreme Auctions
• REAL Marketing
• Institute for Luxury Home Marketing

Discover how to identify feeder markets, use exclusive certifications and designations to boost credibility, and stay top-of-mind with global real estate professionals. Learn firsthand how hosting luxury events and fostering international partnerships can elevate your business. Don’t miss these powerful insights from industry leaders—your next big referral opportunity starts here! 
 

• 00:00 – Introduction 
• 02:12 – Why Building a Referral Network Matters 
  • How referrals drive 60-80% of luxury real estate business. 
  • The value of networking beyond local markets. 
• 04:46 – Getting Started with Global Networking 
  • Importance of raising your hand, getting involved, and asking questions. 
  • First steps: Joining local and national real estate associations. 
• 06:51 – The Power of Real Estate Designations 
  • How designations help agents stand out. 
  • Designation holders earn significantly more. 
  • Building credibility and unlocking global referral opportunities. 
• 10:43 – Staying Top-of-Mind with Referral Partners 
  • Consistent outreach: Email campaigns, social media presence, and conference follow-ups. 
  • Importance of maintaining relationships after networking events. 
• 15:18 – Identifying & Leveraging Feeder Markets 
  • How to determine where buyers are coming from. 
  • Tools like Realtor.com’s Cross Market Report and U-Haul migration data. 
  • The role of state and national conferences in connecting with feeder market agents. 
• 18:38 – International Real Estate & Referral Strategies 
  • Understanding where affluent buyers are investing in second homes. 
  • Key markets 
• 22:46 – High-Value Networking Through Luxury Events 
  • Hosting private events to connect with clients. 
  • Partnering with high-end developers. 
  • Gaining Exclusive access to luxury buyers. 
• 25:33 – Making Conferences Work for You
  • Why pre-event planning and intentional networking matter. 
  • Example: Agents pre-identifying key attendees at luxury real estate conferences. 
  • How personal introductions and small group dinners strengthen connections. 
• 33:26 – Final Takeaways: Building a Sustainable Referral Pipeline 
  • Diversifying networking efforts: Conferences, industry designations, and local partnerships. 
  • Finding your niche and leveraging unique skills for referral growth. 
  • Encouragement to take consistent, intentional action in global networking.

We understand that becoming successful in the upper-tier real estate market can be complicated. All agents, no matter how experienced, face challenges in working with an affluent buyer or seller. Working with the institute will help you overcome these obstacles, whether they are real or perceived. Along the way, we’ll bring on guests that will help provide a unique insight into these challenges.

Our goal is to share the knowledge and experience of our guests, successful real estate professionals, coaches, institute trainers, and other real estate experts working with high net worth individuals. 

So if you’re ready to be motivated, inspired and certainly learn more... Join us for “Estate of Mind, The Art of Selling Luxury Real Estate”.

Building Your Brand Images Independently from Your Brokerage’s Brand Image:

When it comes to effectively positioning yourself as a luxury real estate professional, your brand image and the reputation you build are incredibly important. And while your brokerage may enjoy a certain type of reputation amongst other professionals, your individual reputation is what’s going to impact whether or not potential clients want to partner with you in the future. Remember, though your brokerage will undoubtedly provide you with resources to assist you in your career, it’s critical that how you use those resources (and consequently work with clients) serves as the basis for your personal branding.

In luxury real estate, your business is built upon who you are, the types of relationships you foster with clients, and how effectively you meet the needs of your client base. Your brand image should revolve around the things that make you unique as a real estate professional — not the things that make your brokerage what it is. Having a genuine connection with everyone you encounter will go much farther in helping your referral pipeline than how familiar a potential client is with the brokerage you’re associated with. However, it is also important to note though that the culture of your brokerage is critical to your success.

Authenticity and Always Delivering a Luxury Experience:

Since crafting a brand image is so closely connected to the type of service you deliver, it’s important to always be your authentic self when working with the upper tier. Authenticity will help guide your efforts, providing the blueprint you need to customize the type of service you deliver and establish yourself as the go-to real estate professional within your market. Remember, your referral pipeline will benefit from the more positive, luxury experiences you’re able to deliver on, and will likely help expand your sphere of influence at the same time as well — all while establishing your brand as a luxury real estate professional.

Speaking of luxury experiences, have you ever thought about what “luxury” actually means in real estate? Luxury real estate is typically defined as a home sale falling within a particular price point. However, since prices are based on market conditions, and market conditions aren’t something we as individuals have much control over, price really shouldn’t be what defines you as a luxury real estate professional. Instead, you should be focusing on delivering bespoke experiences that truly embody the idea of what luxury real estate is all about. Therefore, luxury real estate is all about high-quality service delivered to each and every client in order to create as unique an experience as possible — all of which will help define your personal brand.

Topics and Questions You’ll Uncover During this Episode:

• Why your brand should be independent from that of your brokerage
• Why is featuring the “real you” in your branding so critical for connecting with others?
• The importance of leveraging the tools and resources provided to you by your brokerage
• How community involvement can help you find success as a real estate professional
• What does “luxury” really mean in the world of real estate?

Resources Mentioned within Episode:

• Official Website - Ricardo Rodriguez & Associates
• Connect with Ricardo Rodriguez on LinkedIn
• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• Online communities can open up the world and lead to deep-meaning relationships
• Successful communities provide three things: purpose, member connection, and multiple shared experiences
• For real estate professionals, connecting with other like-minded professionals is the key to success
• Successful communities are based on existing relationships that are built upon trust
• In-person networking changed for real estate professionals in 2020, but online communities can help bridge the gap and create new opportunities
• The Institute Network provides opportunities to participate in sub-groups with a specific focus (e.g. second home market)
• The Institute Network's goal is to help Members learn, grow, and share in ways that are relevant to each Member's specific niche
• In luxury real estate, trusted referrals are a big part of being successful, and The Institute Network connects its Members with like-minded professionals who are also looking to expand their professional network
• As opposed to other online communities that don't specialize in real estate (e.g. Facebook), The Institute Network provides a fully immersive environment with no outside distractions
• Belonging is a universal feeling that what you bring to a group is appreciated, seen, and valued
• Successful communities are those in which members appreciate, see, and value others in that community
• New luxury real estate professionals can find it difficult to break into a new market, but The Institute Network assists with that by facilitating connections
• The Institute Network is about the concepts of belonging, each Member having a place, each Member being able to give and receive value, and Members being fully part of the community

Resources mentioned within episode:

• Carrie’s book, Building Brand Communities, on Amazon
• The Institute's Member Portal

 Discussed:

Importance of Organic Lead Generation

• Focusing on authenticity, relationship-building, and referrals.

Role of Social Media in Real Estate

• Establishing trust through personal branding on platforms like Instagram and LinkedIn.

Challenges with Digital Platforms for Lead Generation

• Lack of direct leads despite premium services and platform subscriptions.

Content Marketing and Engagement

• Using blog posts, social media, and webinars to engage potential clients.

Comparison of Organic vs. Paid Leads

• Differences in long-term value and trustworthiness.

Networking and Word-of-Mouth Referrals

• The power of personal recommendations and repeat clients in the luxury market.

Investment in Membership Platforms

• Questioning the return on investment (ROI) for premium services.

Brand Consistency Across Online Platforms

• Aligning social media presence with real-world persona and services.

Time Management and Patience in Lead Building

• The importance of allowing time for organic lead-generation efforts to mature.

Mastermind Groups and Continuous Learning

• Leveraging group discussions for insights and strategies to improve lead generation.

Mentioned Within the Episode:

• The Institute for Luxury Home Marketing
• Parks at Home
• The Simms Team
• The LCT Team
• Referral Exchange

More about Jim:

Jim began building luxury spec homes in 1974. He later became a founding partner in a boutique brokerage in Danville. In 2005 Jim and his wife, Ann Marie Nugent, joined forces and formed The Bay Area Team. They are now part of the national powerhouse real estate brokerage, Compass. Jim specializes in luxury sales and is the go-to expert on equestrian and country properties. His experience even spans across borders, representing upscale properties throughout Europe, Latin America and the Caribbean.

Join us as we navigate the realities of working in the current luxury real estate landscape.

Continually Growing Your Luxury Database:

The key to a healthy luxury database is constantly building up your referral network. Whether your referrals are coming from past clients, your digital web properties (such as your YouTube channel), or from other real estate professionals in your network, it’s important to look for referrals from a variety of places.

And the key to maintaining your database? Reciprocating referrals. Remember, if you’re unwilling to refer business to others, there isn’t much incentive for them to refer business to you either.

Expanding Your Reach Via Digital Marketing:

Digital marketing plays an important role in any luxury real estate marketing strategy. Shayla explains that she devotes a lot of time to her carefully curated YouTube channel, posting videos that help show her personality, establish her as a local real estate authority, and even connect her to the community at large when she interviews local businesses, such as the humane society. In addition to YouTube, she also showcases content on Instagram, Facebook, and LinkedIn, noting which videos and content pieces perform best, and adjusting her overall strategy accordingly.

When it comes to any digital marketing campaign, ensuring that your content is properly optimized — the way Shayla does — will not only help your content rank better within search results, but it will also increase your number of impressions, which could in turn lead to additional referrals. Shayla even uses her email signature to highlight relevant market updates, the MLS, and her YouTube videos, constantly mixing it up to provide her email recipients with new information they may find value in.

And where does Shayla learn about these helpful strategies she’s implementing in her marketing campaigns? Podcasts (like this one).

Topics and Questions You’ll Uncover During this Episode:

• How a digital marketing approach can play a critical role in building your referral network
• How to properly tend to luxury database in order to enjoy continual growth
• Why you don’t need to hire a professional videographer to shoot your YouTube content (and why you do need one when crafting content around client homes)
• Shayla’s approach to YouTube optimization and expanding her overall presence by expanding her digital presence

Resources Mentioned within Episode:

• Official Website - Shayla Twit
• Subscribe to the “Get Sarasota Real Estate Fit with Shayla Twit” YouTube Channel
• Contact Shayla Twit
• The Institute for Luxury Home Marketing

The “Tami” Framework for Marketing a Luxury Property:

Once you’ve earned an entry-to-midpoint luxury real estate listing in your market, what’s your next step? Before you start any marketing campaign, you should keep in mind three basic principles that will help guide you down the most effective path:

1.) Preparation: Remember, no marketing strategy can overcome commonly overlooked pitfalls like incorrect pricing or low-quality presentation materials

2.) Building the Story: Whether you’re using photography, video, or drone footage to highlight the luxury property, be sure to do so with clear messaging in order to have the greatest impact on potential buyers

3.) Telling the Story: Once you have your materials built, you need to make sure you’re presenting your story in the most effective way possible via different marketing channels

With the above principles in mind, marketing a luxury property doesn’t have to be unnecessarily difficult. Remember, it’s important to give yourself enough time to get the marketing approach right. At the same time though, you can’t spend so much time in the prep work that the seller starts to get anxious before going to market. In order to streamline your process, focus on the things that help make the property unique, particularly the lifestyle that the property will provide. As long as lifestyle is the foundation of your story, and you use high-quality materials to present your story, you’re headed down the most direct path towards finding the right buyer for your luxury listing.

Topics and Questions You’ll Uncover During this Episode:

• How incorrect pricing can set you back significantly when trying to sell a property
• Why properly staging a luxury home is so critical
• How to approach certain luxury property challenges that cannot be overcome
• What is the difference between a “Want Market” and a “Need Market”?
• Why are luxury broker open houses so important?

Resources Mentioned within Episode:

• Estate of Mind — The Art of Selling Luxury Real Estate Podcast
• Connect with Tami Simms on LinkedIn
• REAL Marketing
• The Institute for Luxury Home Marketing

MAIN IDEA #1: Break into the Luxury Market

• Strategies
• Mentoring experience
• Networking and referrals
• Creating a brand and persona

MAIN IDEA #2: Style and Inspiration

• Best publications
• Importance of construction and interior design

Topics and Questions You’ll Uncover During this Episode:

• What are some strategies you can do to break into the real estate industry?
• How important is mentoring experience?
• How can agents learn more about interior and exterior design?
• How can you network and get referrals from your communities?
• How do you create a luxury brand and persona?

Resources Mentioned within Episode:

• The Institute for Luxury Home Marketing

Topics Discussed:

1. Overview of Luxury Real Estate Market
2. Transition from Seller's Market to Balanced/Buyer-Oriented Market
3. Importance of Grasping Local Market Conditions
4. Hyper-local Information, Price Bands, Neighborhood Dynamics
5. Evolving Buyer Preferences: Experience-based Properties, Lifestyle Amenities
6. Managing Market Shifts and Buyer/Seller Expectations

Key Points:

• Jack discusses Nashville's luxury market, where despite ample inventory and sales, the market remains balanced.
• Evolving buyer preferences towards experience-based properties and lifestyle amenities were highlighted.
• Adapting to market shifts and effectively managing buyer and seller expectations is crucial in navigating the luxury real estate landscape.

Topics covered and questions you’ll uncover during this episode:

• Why it may be more valuable to cultivate professional relationships rather than client relationships
• How sharing useful, valuable data like The Institute’s Luxury Home Market Report can bring you beneficial partnerships and new clients
• Why luxury real estate professionals should know markets — and PEOPLE — outside their local area
• New ideas for referral sources and how to connect with them
• Approaching wealth managers and other professionals as a referral source — and how to find opportunities that benefit all parties
• Referral surprises: why the actual client may not be who you think it’s going to be
• The power of the SPECIFIC ask
• Building relationships through genuine philanthropic activities

Resources mentioned within the episode:

• Supreme Auctions
• The Luxury Market Report
• The Institute for Luxury Home Marketing

Why Addressing Every Square Inch of a Luxury Property is Important:

In the world of luxury real estate, one of the most effective ways to set one property apart from the rest is to properly stage the home — and partnering together with an experienced luxury home stager is the key to professionally showcasing the property and unlocking the home’s true equity.

When a home is professionally staged, items are not merely being arranged so that they’re pleasing to the eye. Rather, effectively staging a home helps potential buyers envision the lifestyle that would come along with their purchase. Properly staging a home will help reveal the home’s maximum value in a way typical marketing strategies aren’t able to fully tap into. When it comes to showcasing luxury properties, professionally staging those properties is absolutely essential.

Topics and Questions You’ll Uncover During this Episode:

• What is luxury home staging and styling?
• How do you properly stage a home to prospective buyers?
• What do buyers look for in luxury homes?
• How has the luxury market recently evolved?

Resources Mentioned within Episode:

• Official Website - Lori Pedersen Home Staging + Styling
• Official Website - Nissan Michaels
• Connect with Lori Pedersen on Instagram
• Connect with Nissan Michael on Instagram
• The Institute for Luxury Home Marketing

The State of the Luxury Real Estate Market Heading into 2023:

Understanding the current state of the luxury market is absolutely key for being able to effectively work within that market. Taking things a step further, being able to convey what those changes mean and how they impact luxury buyers and sellers is truly what will set you apart as a real estate professional. Communication, therefore, is a critical component that should always be given attention.

Generally speaking, by focusing on opportunities currently presenting themselves, rather than fixating on the market changes themselves, you set yourself up for success. Being able to pivot is an invaluable skill set, and knowing when to pivot will help you establish yourself as the go-to luxury real estate professional in your respective market.

Topics Discussed During this Episode:

• Maneuvering through mixed media messaging that’s often incomplete
• How buyers in the luxury residential market approach transactions
• Why a positive mindset is so important for growing your referral network
• The importance of being subtle, yet engaging on social media
• Why it’s so important to encourage luxury sellers to jump into the market

Resources Mentioned During this Episode:

• Official Website - Parks Real Estate
• Official Website - Jack Miller
• REAL Marketing
• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• Why “segmenting” your email list is key for sending the right marketing messages to the right people, creating a bespoke experience, and getting better results
• The importance of understanding technology’s role in facilitating the customer or client experience, and why it’s still essential to provide excellent face-to-face communication and service
• How to think about the content you create and share, and how to create content that’s actually useful for your email list
• A simple approach to getting started with online content and marketing if you aren’t posting or creating content strategically already, whether you want to do it yourself or outsource the work

Resources mentioned within the episode:

• Tobe Agency
• The Luxury Market Report
• The Institute for Luxury Home Marketing

Rather than simply accepting gift-giving as routine, Tami and Jack challenge the status quo, urging for a shift toward more personalized and heartfelt gestures.

Discover with them a range of innovative approaches, from customized gifts that reflect each client's unique tastes to crafting inclusive holiday marketing campaigns that foster a sense of belonging. They also delve into the world of themed events and exclusive outings, unveiling strategies to create unforgettable experiences that leave a lasting imprint on your clients' hearts.

But that's not all; Tami and Jack generously share invaluable tips and strategies to elevate client appreciation within the luxury real estate market. These insights will help you build genuine personal connections and cultivate unwavering client loyalty. Remember, in this industry, actions that are both authentic and considerate speak volumes, far louder than mere words ever could.

To jump to a specific topic, navigate to one of the following timestamps:

[00:51] Gift-giving in the Real Estate Industry

[09:06] Tips for Maintaining Client Connections

[13:51] Pop-by Gifts 

[17:47] Festive Gift and Event Ideas 

[24:23] Giving Memorable Experiences

[28:00] Maximizing Your Real Estate Photographer

[32:33] Showing Appreciation for Real Estate Staff

-------------------------------------------------------

Main Idea #1: Give Gifts to Build Connections

• What Makes a Good Gift
• Celebrating Special Moments for Clients
• Show Clients You Thought of Them

Topics You’ll Uncover During this Episode: 

• Memorable Gift Ideas
• Maintaining Client Relationships
• Whom to Give Gifts to First 

Resources Mentioned Within Episode:

• The Institute for Luxury Home Marketing

Topics and Questions You’ll Uncover During this Episode:

• Which outdoor kitchen trends are driving luxury home sales in 2023?
• What outdoor features do luxury buyers want the most?
• What does selling a lifestyle really mean?
• Is it possible to maximize outdoor space in an urban area?

Resources Mentioned within Episode:

• The Institute for Luxury Home Marketing

Where to Start with Lighting and What “Lit Correctly” and “Dim Correctly” Means:

With lighting design, Lynne always starts with the lifestyle of the client, regardless of whether she’s starting from the ground-up or retrofitting an existing home. From her experience In Florida, Lynne often sees her clients replacing burnt out bulbs with light bulbs that are less than ideal. The rendering typically falls off over time, the dimming sometimes stops working, and Lynne is brought in to correct the situation.

When a home is “lit correctly” it means that the lighting is consistent throughout the space. Color consistency is present throughout the home and dim-ability functions as it’s supposed to. A properly lit home should create ambiance and just “feel right.”

Lighting in the Real Estate Industry:

To Lynne, lighting is typically one of the last things clients look at when it involves real estate. Ideally, proper lighting placement should be decided on during the construction phase of the home, specifically during the architectural stage. This allows designers to recommend the right product for the space, design the lighting scheme based around the lifestyle of the client, and provide the client with an accurate budget of what it will cost to properly light a home in today’s world.

Why is this so important? From Lynne’s perspective, people are typically home more often at night than they are during the day, and real estate professionals often fail to familiarize themselves with the existing lighting setup. She strongly recommends viewing properties at night to get a more accurate feel for the overall aesthetic and consistency — and to determine what needs to be fixed before the house is put on the market.

Topics Covered and Questions You’ll Uncover During this Episode:

• What is the technology behind the lighting in luxury homes?
• How has lighting evolved from fluorescent to LED?
• Why is lighting important and why should real estate professionals and homeowners consider it when selling and building a house?
• What is the future of lighting in luxury homes?

Resources Mentioned Within Episode:

• Official Website - Illuminated Design
• How to Reach Lynne Stambouly
• The Institute for Luxury Home Marketing

 Discussed:

• Industry Changes: The NAR settlement will alter how realtors interact with buyers and handle professional fees. Agents are adjusting their business practices to stay informed and educate clients about these changes.
• Brokerage Acquisition: This type of transition involves rebranding and adapting to new operational challenges.
• Client Communication: Agents are updating their outreach strategies, including increased social media presence and direct client communication, to address both the settlement's impact and brokerage changes.
• Business Planning: There is a shift in planning timelines due to the evolving market conditions. Agents are evaluating how these changes affect their business and may delay their planning for the upcoming year.

Mentioned Within the Episode:

• The Institute for Luxury Home Marketing
• Parks at Home
• The Simms Team

Using Data to Display Your Expertise as a Luxury Real Estate Professional:

How are you currently using your Luxury Market Report? Are you using it to provide your sphere of influence insight into the latest market trends that directly impact them? If not, you’re missing out on a prime opportunity to cement yourself as a trusted advisor and create additional referral opportunities.

The Luxury Market Report is one of the most valuable resources available for luxury real estate professionals, and is the perfect source material for building effective marketing campaigns and conversation starters. Converting facts and figures into engaging, digestible content is one of the best ways you can display your expertise as a luxury real estate professional. In order to effectively build upon your referral pipeline and connect more closely with potential clients as a trusted advisor, you need to provide them with valuable content that will help them make informed decisions based on current luxury market data, conditions, and trends.

Using the Luxury Market Report to Become a Trusted Advisor in Real Estate:

Becoming a trusted advisor is something every luxury real estate professional should strive for. As a trusted advisor, you become more than just a real estate professional — you become the go-to source for real-estate-related answers to a variety of questions, and the go-to source for solutions to a variety of real-estate-related problems.

Market insights are incredibly valuable, and can make all the difference in who a luxury real estate buyer or seller chooses to partner with. By providing insights from the Luxury Market Report, real estate professionals can not only establish themselves as incredibly knowledgeable in their respective markets, but can create a sense of consumer confidence that partnering with them (and seeking out advice from them) is the best move to make.

Topics and Questions You’ll Uncover During this Episode:

• How important is brand recognition in luxury real estate?
• Building brand recognition with data-driven content
• Why capitalizing on readily available resources is so important
• Where can real estate professionals find credible resources?

Resources Mentioned within Episode:

• Official Website - Sherri Anne Green
• Connect with Sherri Anne Green on LinkedIn
• The Luxury Market Report
• The Institute for Luxury Home Marketing

Topics Discussed:

• Historical Background: Evolution and Popularity of Luxury Branded Residences
• Demographic Analysis: Target Market and Buyer Profiles
• Motivations for Purchasing: Investment, Lifestyle, Convenience, Prestige
• Comparison with Traditional Hotel Stays vs. Ownership
• Amenities and Services Offered
• Market Trends: Growth of Branded Residences Globally
• Sustainability of Development: Factors influencing the sustainability of the luxury branded residences market

Topics covered and questions you’ll uncover during this episode:

• How to create inbound relationships through content
• How is inbound marketing more of a mindset when it comes to marketing and sales?
• How does inbound marketing create more authentic relationships with the people who will eventually become your customer?
• Email marketing is very much alive - why and how?
• What’s the opportunity with inbound marketing?
• How do you position yourself as an inbound marketer and connect with contacts, prospects, past clients, current clients in a non-sales way?
• How do you share and educate at scale?
• What are the differences between outbound and inbound marketing?
• How do you produce a great blog?
• How do you create an inbound relationship?
• How do you create content?
• How do you build a strategy around content?
• SEO strategy
• Social media strategy
• Search engine rankings; organic traffic
• Social media scheduling tools
• Evergreen content
• Segmentation; segment content
• What’s a launch pad website?
• What is a Minimal Viable Product (MVP)?
• How do you structure a basic launch pad website?
• What are lead magnets? What are the keys to lead magnets?
• How to leverage your own connections?
• How do you put a Market Report in your own voice? How can repurpose it for your own blog content?
• How do you nurture previous clients and stay top of mind?
• What are the essential keys to producing great email newsletters for real estate?
• What’s the best way to produce content?
• What are the pros and cons in working with individual contractors versus working with a marketing agency?
• How does a luxury real estate agent get started?

Resources from this episode: 

• Institute for Luxury Home Marketing 
• Tobe Agency 

Topics covered and questions you’ll uncover during this episode:

• How do you get in front of the ultra affluent?
• How do you scale a referral in a systematic and proactive way?
• What are the distinctions between mass affluent to the ultra affluent?
• What’s Wealth Quotient’s methodology? How does it work? Who does it apply to?
• How do you set up a survey for a referral?
• How can an agent be in control of their referrals and their pipeline?
• What’s better: a referral or the outward-in meet-and-greet approach?
• What’s the difference between an outward-in versus an inward-out mentality?
• What are the ways people filter each other?
• What’s the prospecting pathology?
• What’s hope marketing?
• What are the 3 mindset shifts that need to happen to be a proactive agent?

Resources mentioned within the episode:

• Build Your Wealth Quotient Book
• NPS Inman Article 
• Free Chapter: The 3 Biggest Mistakes 
• Wealth Quotient 
• Connect with David on LinkedIn
• The Ultimate Question: Driving Good Profits and True Growth 
• The One to One Future

Knowing How to Balance Your Messaging Is Key:

When it comes to marketing, knowing your audience is the first step in determining how you should approach your messaging. If you’re targeting a specific market, you need to make sure that your messaging plays off of the ideas that are important to the individuals in that specific area. Remember, if your messaging isn’t striking the right balance between self promotion and providing your audience with something of value that they care about, you risk your messaging failing to have the impact you’ll need to turn these contacts into potential clients.

Furthermore, the platform you’re using can also play a factor in how you approach your messaging strategy. For instance, your newsletter audience is likely going to interact with your messaging in a different way than your social media audience will. While there may be crossover between segments, always remember to follow best practices for each individual platform you incorporate into your marketing campaigns.

Building Your Brand with Digital Media:

Expanding your sphere of influence by making the most of each digital platform is one of the most effective ways of building your referral pipeline. Whether you’re trying to spark more of a conversation on Facebook, posting stunning professional photos of properties on your Instagram account, or providing a more in-depth analysis of a particular subject on YouTube, every marketing channel you focus time and energy on should have its own accompanying strategy.

So, if each platform has its own strategy, what’s the common denominator amongst all these different platforms? The answer is simple — branding.

Using social media and other digital platforms to continually push your brand image is an effective way to establish yourself as the go-to authority for all things real estate related in your target markets. Curating a brand image, and continually reinforcing that image, is the best way to sustain that image. If it’s your goal to become the expert in the markets you’re targeting, be sure to provide a consistency in the branding you’re incorporating into your digital media marketing efforts so that potential clients immediately recognize you and differentiate you from the competition.

Topics and Questions You’ll Uncover During this Episode:

• How to write the ideal newsletter based on your target audience
• What kind of social media content you should incorporate into your marketing strategy
• How you should adjust your approach on different platforms
• Incorporating your personal branding to drive your overall branding strategy
• Technological improvements in the world of luxury real estate

Resources Mentioned within Episode:

• Official Website - Alexander Brandau IV
• Subscribe to Alexander Brandau IV on YouTube
• Contact Alexander Brandau IV
• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• Positioning yourself for success in a low-inventory environment
• A paradox: Why are more experienced agents losing more listings in this market?
• Why knowing your market does NOT mean knowing your comps right now
• What "relevant properties" means in current conditions
• How being a "Wise Advisor" will pay off now and in the future
• Do you need to spend time and money marketing yourself right now?
• Why getting control of your buyer is more important than ever, and how to do it
• Using your "frenemies" to match buyers with sellers
• This too shall pass — don’t stop building your relationships

Resources mentioned within the episode:

• Supreme Auctions
• The April Luxury Market Report
• The Report from Coldwell Banker/ILHM
• The Institute for Luxury Home Marketing

Differentiating Oneself is Key in Luxury Real Estate:

Capitalizing on your past experiences and current skill set is a great way to set yourself apart from every other real estate professional in your market. One huge differentiator that you can leverage to stand out even more? Continually educating yourself.

In fact, in order to fully adopt a luxury mindset, you need to constantly be learning how to be a better real estate professional, how to better serve your clients, and how to more effectively position yourself as a trusted advisor for all things real estate related. The moment you actively stop learning is the moment you stop trying to differentiate yourself, and the moment you stop differentiation yourself is the moment you begin to blend in with every other real estate professional in your market. Always be learning!

Deepening Relationships and Maintaining a Healthy Work-Life Balance:

Your relationships with other real estate professionals are incredibly important. Your relationships with your clients (both current and potential) are incredibly important. Finally, your relationships with individuals who aren’t directly connected to luxury real estate are also incredibly important. So how is it possible to balance all of these different relationships without potentially ignoring one of these groups? Simple — give yourself permission to blur the lines between them all and you won’t have to clearly delineate your time amongst different groups.

Granted, it is important to remember that your work as a luxury real estate professional should not spread into every other facet of your life. However, it’s critical that you recognize how all of the different aspects of your life are connected. It’s okay for your different universes to collide, provided you’re always actively working towards one very important thing: deepening the relationships with the people around you to help form stronger bonds with them. Remember, a more robust sphere of influence, one built upon strong relationships, is the key to a healthy referral pipeline.

Topics and Questions You’ll Uncover During this Episode:

• How to adopt a luxury mindset that will help advance your real estate career
• Why becoming a trusted advisor is so critical when it comes to building connections both within and outside of your target real estate markets
• Why is brokerage support so important?
• Deepening relationships with fellow real estate professionals is a great way to expand your sphere of influence
• Why is work-life balance so important as a luxury real estate professional?

Resources Mentioned within Episode:

• Official Website - Maria Babaev
• Connect with Maria Babaev on LinkedIn
• The Institute for Luxury Home Marketing

 Discussed:

Targeted Marketing Strategies

• Importance of finding and focusing on a niche market in luxury real estate.
• Transitioning from a generalist to a specialist in the luxury sector.

Branding and Positioning

• The significance of strong branding and marketing to establish oneself as a luxury agent.
• Potential business loss when focusing on luxury branding.

Market Knowledge

• Understanding the differences in market behavior across various price bands.
• Price banding concept and its relevance in luxury real estate.

Geographic Farming

• Strategies for direct mail marketing to share market knowledge.
• Importance of consistent messaging across marketing platforms.

Targeting Specific Niches

• Identifying and targeting specific niches within the luxury market, such as:
  • High-rise condos and rooftop living.
  • Equestrian communities and gated neighborhoods.
  • Historic properties and their unique selling points.
  • New construction developments.

Networking and Education

• The importance of building a vendor base and networking with other real estate professionals.
• Engaging with local preservation societies and understanding historical properties.

Successful Strategies for Luxury Agents

• Building a reputation as a go-to agent in specific luxury categories.
• The role of effective farming and market insight in attracting clients.

Episode Notes

 Discussed:

• Objective-First Framework:
  • Emphasizes starting with a clear goal before developing marketing strategies. The framework is structured around creating SMART goals (Specific, Measurable, Actionable, Realistic, and Time-bound) to guide the marketing process effectively.
• Setting Realistic Expectations:
  • Highlights the importance of understanding costs and realistic outcomes in lead generation. It involves calculating the cost per lead and setting budgetary limits based on achievable goals.
• Marketing vs. Business Goals:
  • Discusses the difference between broader business objectives, such as brand awareness, and specific marketing goals like lead generation, and how they can align but require different strategies.
• The Funnel Approach:
  • Explains the funnel strategy in marketing, where the top of the funnel focuses on building brand awareness and engagement, while the bottom focuses on lead generation and sales conversion.
• Importance of Personality in Marketing:
  • Stresses the value of showcasing personality in social media to build brand identity and engage with the audience, which helps in creating a relatable and memorable brand image.
• Print Media vs. Digital Marketing:
  • Explores the relationship between traditional print media and digital marketing, suggesting that while digital is more measurable and targeted, print still has value for brand

Mentioned Within the Episode:

• The Institute for Luxury Home Marketing
• Parks at Home
• The Simms Team
• Tobe Agency

Topics covered and questions you’ll uncover during this episode:

• The real reasons behind the unprecedented seller’s market over the last year, and why it’s not just low interest rates fueling this market
• How the Tax Cuts and Jobs Act of 2017’s $750,000 mortgage cut for new home purchases is affecting buying decisions in the upper tier
• What makes an ultra-high-net-worth or high-net-worth individual’s finances “complex”
• Why most high-net-worth and ultra-high-net-worth individuals consider their tax professional their #1 most trusted adviser
• How CPAs advise their affluent clients on real estate decisions, and why it’s primarily based on the amount of interest that is deductible
• The influence of limited itemized deductions for high-net-worth and ultra-high-net-worth individuals on their decision to relocate
• The importance of networking among luxury real estate professionals and CPAs
• How Biden’s proposed tax plan affects the upper tier and why 2021 may be a better time for upper tier clients to sell their home if the proposed tax bills are passed
• The current guidelines governing tax exemption on capital gains for single individuals and married couples

Resources mentioned within the episode:

• Supreme Auctions
• Armanino
• The Luxury Market Report
• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• When to use a sales script and when to improvise
• Why practicing Yastrow’s habit of “input over output” is key for closing more business deals and creating stronger client relationships
• How to create “conversational momentum” to keep your prospect focused only on you and your conversation, versus the handful of other people and tasks competing for their attention
• The different types of conversations that lead to creating an authentic connection
• Why it’s important to “size up the scene” when you’re walking into a meeting with a prospect or client
• How getting your prospect talking about themselves actually helps sell your service more than talking about your credentials
• The right way to communicate your success without making prospects feel like you might be too busy to work with them

Resources mentioned within the episode:

• REAL Marketing
• Ditch the Pitch
• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• How to identify and produce “moments that matter” in your clients’ experience with you
• The unique approach Jim uses to give closing gifts that win him repeat business and referrals
• The importance of knowing how and what you want your client to feel, think, and do from start to finish
• How to position yourself as your clients’ go-to real estate professional for life
• The difference between being in the “transaction” business and being in the “relationship” business — and why it pays to put relationships first
• Why listening to understand, rather than interject, is the foundation of an excellent client experience

Resources mentioned within the episode:

• Supreme Auctions
• Customer Experience Template Download
• The Institute for Luxury Home Marketing

Networking Both Locally and Globally to Build Your Sphere of Influence:

When it comes to networking as a luxury real estate professional, you should always come to your contacts with something useful in order to help establish yourself as their trusted advisor. Becoming a trusted advisor is the key to not only expanding your referral network, but for effectively building your sphere of influence as well. And in building a sphere of influence — especially composed of other professionals outside of the real estate industry — you create additional opportunities to connect potential clients with valuable services they’ll be able to benefit from.

Global networking is common, especially as a real estate professional who works with the upper tier. By expanding your network to include individuals outside of your established market, you allow yourself to bring potential buyers into your market. In turn, you create referral opportunities with other real estate professionals, and begin to build a network that can truly span the globe. Your sphere of influence, therefore, isn’t solely limited to partnering with other professionals and services that are in close physical proximity to you. The more resources you’re able to form strategic partnerships with, the more likely you’ll be able to accommodate potential clients with the various needs related to buying or selling a luxury home (especially when it comes to international purchases).

Topics and Questions You’ll Uncover During this Episode:

• Why is local networking so important for expanding your sphere of influence?
• The importance of being charitable while growing your referral network
• How do you foster better referral relationships in luxury real estate?
• Building visibility on a more global scale
• Why being useful to your clients is so critical as a luxury real estate professional

Resources Mentioned within Episode:

• Official Website - Yali Alpizar
• Connect with Yali Alpizar on LinkedIn
• The Institute for Luxury Home Marketing

The Importance of Properly Preparing for Luxury Real Estate Listing Appointments:

What does your preparation process look like when you’re about to conduct a marketing consultation?

When it comes to luxury real estate, the time and effort you put into preparing are key to securing the listing and entering into a partnership with a new client. There are a variety of tools, such as the Online Wealth Lookup (OWL) tool and WealthEngine, that can help provide you with valuable insight you can use to better prepare for the listing appointment. Throughout the process though, it’s imperative that you constantly keep in mind what the client wants, and always work within their expectations. The key here is not only to help sell their property, but to sell them on your partnership so they become a valuable part of your referral network.

Topics and Questions You’ll Uncover During this Episode:

• What types of pre-listing materials should you send?
• How do you research sellers before the marketing consultation?
• How to manage price expectations during listing appointments
• How to respond to commission fee pushback

Resources Mentioned within Episode:

• Official Website - Michael Morrison
• Connect with Michael Morrison on LinkedIn
• Online Wealth Lookup (OWL) and WealthEngine
• REAL Marketing
• BombBomb Video Email
• The Institute for Luxury Home Marketing

Out-of-Market Luxury Purchases On the Rise:

The general shift in mindset that’s taken place the last two years will have a lasting impact on the world of luxury real estate. With remote work now more commonplace, buyers are no longer confined to either their existing or nearby markets. Consequently, out-of-market purchases are now growing in popularity as well, especially as home buyers seek out second and third homes that will provide them with the flexibility to comfortably work from home.

As a luxury real estate professional, it’s important to position yourself in such a way that your referral pipeline stretches outside of your local markets. It’s critical to not only network with other out-of-market real estate professionals to expand your sphere of influence, but to have meaningful conversations with your existing clients to determine whether or not their own sphere of influence can further intersect with yours.

Awareness-Stage Content and Decision-Stage Content in Luxury Marketing Campaigns:

The easiest way to differentiate between these two specific content approaches is to position one before the other. Awareness-stage content refers to the majority of content that your potential clients, and even other agents, are going to be exposed to that helps brand you as a luxury real estate professional. Think of awareness content as educational content — content that seeks to inform individuals of whatever it is you’re promoting. Whether it’s a specific property you’re highlighting or a specific market, awareness content provides your audience with valuable information they can use to help make a more informed decision.

So, now that your audience has been informed and is ready to make a decision, what should you do next? This is where decision-stage content enters the conversation. With this type of content, you’re helping guide the individual towards using your services as a real estate professional. For instance, you might provide them with client testimonials to help serve as third-party proof of what it’s like to work with you. Think of decision-stage content as your call-to-action content. Whereas awareness-stage content will help them make a decision, decision-stage content will help them select to partner with you as part of that decision.

Topics and Questions You’ll Uncover During this Episode:

• What does the modern-day luxury mindset look like?
• Why it’s important to constantly work towards expanding your referral network
• The difference between awareness-stage marketing and decision-stage marketing
• How is seeking out a luxury lifestyle impacting today’s real estate purchases?
• The importance of nurturing leads to create a more valuable sphere of influence

Resources Mentioned within Episode:

• Official Website - Tobe Agency
• Connect with Andrew Hong on LinkedIn
• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• How to identify and produce “moments that matter” in your clients’ experience with you
• Recognizing the difference between telling someone you’re an expert and actually demonstrating you’re an expert
• Why clients shouldn’t be privy to all the behind-the-scenes happenings that take place when buying or selling a home
• Balancing boundaries and empathy when you’re involved with luxury real estate transactions
• The importance of solving problems before bringing them to the attention of your clients
• Why it pays to not burden your clients with unnecessary stress

Resources mentioned within the episode:

• REAL Marketing
• Customer Experience Template Download
• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• Why staging and styling are non-negotiable, even in a fierce seller’s market
• The difference between “staging” vs. “styling” to make a space feel more welcoming and complete
• How the Ayans put their own spin on traditional staging to craft “aspirational” spaces that sell
• An approach for minimizing discomfort and disruption for the client in the midst of getting their home ready for market
• Why outdoor staging is essential (especially in warmer climates)
• How to tell clients that their home’s appearance needs work before listing or photography
• Finding “anchor points” in each home to highlight its unique selling points and create an experience for potential buyers
• Strategies for using the Luxury Market Report, case studies, and charitable organizations to promote and differentiate your services and expertise

Resources mentioned within the episode:

• Supreme Auctions
• The Lifestyle Collection
• The Luxury Market Report
• The Institute for Luxury Home Marketing

 Discussed:

• Understanding Client Needs: Identifying what your luxury real estate clients truly value.
• Translating Value into Action: How to move beyond simply expressing value and demonstrate it through actions.
• Tailoring Presentations to Client Priorities: Adapting your message and approach based on individual client preferences and pain points.
• Using Visual Tools to Enhance Demonstrations: Integrating high-quality media, virtual tours, and 3D renderings to enhance property showcases.
• Providing Tangible Examples of Success: Sharing real-world examples of how you’ve delivered results for past clients.
• Building Trust through Transparency: How honesty, integrity, and full disclosure can elevate your credibility with high-end clients.
• Personal Branding in Luxury Real Estate: Positioning yourself as an industry expert and trusted advisor.
• Role of Testimonials and Case Studies: How past client success stories can be used to illustrate the value you bring.

Topics covered and questions you’ll uncover during this episode:

• Identify your opportunities
• Working on your natural strengths
• Using expired listings
• Becoming a market expert
• Characteristics of luxury buyers and sellers
• The importance of the broker tour day
• Utilizing a quiet sale
• How to “get in the door” 
• Budgeting for staging
• Can you have too many pictures?
• Marketing your property correctly
• Having that honest (but positive) conversation with your client
• Pricing strategies
• Getting into the mind of the buyer
• Where does your client hang out?
• Wear your nametag to bed

Resources from this episode: 

• Supreme Auctions
• REAL Marketing

Discover a wealth of noteworthy real estate conferences and events worth attending, such as NAR, Inman, and luxury-specific events. The hosts passionately emphasize the value of networking and gaining invaluable educational insights. Experience the excitement of attending prominent trade shows and specialized conferences like Leaders in Luxury and the Luxury Portfolio Conference.

However, effective networking goes beyond the mere exchange of business cards. Explore the art of speed networking and the significance of personalized marketing materials in leaving a lasting impression on potential clients. Learn how to spotlight your expertise and target feeder markets to make a lasting impact.

Yet, amidst all the professional growth, networking events and conferences also offer an opportunity for enjoyment, learning, and personal connections. Tami and Jack share their personal experiences of making essential connections during breaks and casual settings, underscoring the need for conference organizers to provide ample time for organic networking and meaningful relationship-building.

So, don't overlook the multitude of advantages that come with attending conferences and cultivating connections in the real estate industry. These connections can undoubtedly propel agents toward remarkable success in their careers. Tune in now and unlock the secrets to flourishing in the luxury real estate market!

To jump to a specific topic, navigate to one of the following timestamps:

- [00:51] Networking Outside of the Market

- [02:51] Locations of Conferences

- [06:01] The Best Kind of Conferences

- [10:35] Best Practices for Attending Networking

- [17:49] Luxury Branding and Farming Other Realtors

- [20:24] Maximizing Networking Event Locations

- [22:24] Tami’s Favorite Conference

Topics You’ll Uncover During this Episode:

• How to 'qualify' a conference to determine if it's worth attending;
• Why you should choose conferences and events based on the location;
• How targeting feeder markets boosts your practice;
• If you should go to luxury-specific conferences;
• Why follow-up is the most important part of your success in conference networking;

Resources Mentioned Within Episode:

• The Institute for Luxury Home Marketing
• Leaders in Luxury 
• Real Estate Star Power
• Inman Luxury Connect
• CRS Sell-a-bration

Topics Discussed:

• Differences between working with traditional / typical clientele versus the luxury arena
• How are expectations different at the luxury level? 
• Loyalty / value proposition
• The Importance of Experience and Personal Touch
• Setting Expectations and Boundaries
• Building Long-Term Relationships
• Service Levels and Compensation
• Strategies for Success in the Luxury Market

The hosts expand the chat to cover the bigger picture of the home experience, stressing the links between neighborhoods and communities. They dig into the trend of people moving for a specific lifestyle and explore cool neighborhoods on the rise, giving you a taste of modern urban living.

Switching gears, the hosts spill the beans on targeting the right crowd and using out-of-the-box marketing tricks. They underline the allure of walkable neighborhoods and how close things are can reel in savvy homebuyers. Get ready for some wild stories of unconventional marketing and the magic of showing off a home's unique features.

Tune in for this exciting episode as we navigate the intricate world of luxury real estate, focusing on the importance of lifestyle and innovative marketing strategies.

To jump to a specific topic, navigate to one of the following timestamps:

[00:00] Introduction

[00:55] The Experience of Buying a Luxury Home

[02:37] Selling the Experience of a Luxury Home

[06:38] Characteristics of the Typical Luxury Home Buyer

[11:08] Vibrant Upcoming Neighborhoods

[14:39] Examples of Luxury Properties with Unique Lifestyles

[18:10] Market the Experience of Owning a Luxury Home 

[23:36] Creating a Unique Experience for Luxury Home Sellers 

[26:15] Creative Ways to Tour Properties

[29:33] What Luxury Home Buyers Want in a Home

[31:27] How to Promote Luxury Homes

[35:51] Marketing Historic Properties

[39:40] Parting Thoughts 

Topics You’ll Uncover During this Episode: 

- Importance of lifestyle in selling luxury real estate

- Marketing strategies based on lifestyle preferences

- Walkability and proximity as factors in attracting buyers

- Appeal of college communities and unique experiences

- Creating memorable experiences to showcase properties

Resources Mentioned Within Episode:

• The Institute for Luxury Home Marketing
• Parks at Home
• The Simms Team

Topics and Questions You’ll Uncover During this Episode:

• How can you correctly price the unique features of a luxury home? 
• What features do luxury buyers want the most?
• What challenges can make pricing a luxury home complicated?
• What are some of the most outrageous amenities only found in a luxury home?

Resources Mentioned within Episode:

• The Institute for Luxury Home Marketing

Setting Yourself Up for Success in Spring:

Do you know what one of the biggest concerns of sellers is these days? It’s not being able to get above listing price for their own home — it’s being able to find a new home once their home sells. To help curb this very valid concern, luxury real estate professionals need to get the process started as early as possible for their sellers. Rather than wait for your sellers to officially declare their intentions to sell, it’s important to anticipate those intentions and start their luxury home selling/buying journey sooner rather than later to help set yourself up for a successful partnership.

The key here is being able to create confidence in your sellers. You need to convince them that they will be able to find a new home despite perceived inventory issues, and you can help ensure this by strategically targeting potential home sellers in the markets your clients are most interested in purchasing a home in. Rather than simply wait for new inventory to become available, be proactive in bringing the desired inventory to your client. While most homeowners might not be very receptive to immediately selling their homes, chances are still good that you’ll potentially be able to find at least one homeowner who has been strongly considering selling their home (and just hasn’t started the process yet).

Creative Targeting and Effective Agent-to-Agent Marketing:

Remember, not all home sellers necessarily want to stay in the same geographic area after they’ve sold their home, especially in today’s market. That’s why it’s so important to form strategic partnerships with real estate professionals in desirable markets your home seller may want to purchase a home in. Use the MLS to target real estate professionals in hot markets to potentially reach an even larger pool of potential buyers who might be interested in working with you. Not only does it create an opportunity for you to provide your client with an excellent experience they can tell their own sphere of influence about, but it also creates future referral opportunities from sellers interested in purchasing a home in your area.

Another creative way to potentially secure new partnerships? Tap into the real estate investment market by targeting individuals who aren’t necessarily looking to move into a new home, but are interested in potentially purchasing a home for investment purposes. Seek out properties that are for sale and investment ready, and target homeowners in higher price points who might be more receptive to purchasing the home as an investment property. Even though they may not be interested in moving into the property in question, they may very well be interested in purchasing the property if it features an investment-ready home they can add to their portfolio.

Topics and Questions You’ll Uncover During this Episode:

• How real estate professionals can tap into “other” markets
• An effective way to prepare for limited inventory setbacks
• Creating new interest in today’s luxury real estate market
• How you can attract real estate investors to partner with you
• Creatively targeting buyers (and buyer agents) in today’s luxury market

Resources Mentioned within Episode:

• Official Website - REAL Marketing
• Contact David Collins
• REALTOR.com Cross-Market Demand Report
• The Institute for Luxury Home Marketing

Positioning Yourself as a Thought Leader in Luxury Real Estate:

Building connections in luxury real estate is a huge component of finding future success within the industry. The network you build, otherwise known as your sphere of influence, is not only the foundation of your referral base, but also the foundation of a successful professional career. To find true success though, you need to make a concerted effort to systematically build your sphere (as opposed to just unconsciously growing it).

One way to expand your sphere is to position yourself as a thought leader, particularly within your community. Remember, if you can help make the community around you successful, the community around you will in turn likely help you achieve success as well. Forging close relationships with others — relationships built upon trust and providing valuable information — is the key to building your sphere and expanding your future referral pipeline. Remember, people don’t necessarily want to work with you because of what you do…they most likely want to work with you because of who you are as a person (and trusted real estate advisor).

Topics and Questions You’ll Uncover During this Episode:

• Why is it important to become a thought leader in luxury real estate?
• How to position yourself as a thought leader in your local community
• Why you should always seek out becoming the go-to expert
• How to define luxury in the real estate industry
• Why you should actively diversify your sphere of influence

Resources Mentioned within Episode:

• Official Website - Julie Faupel
• Official Website - REALM Global
• Connect with Julie Faupel on LinkedIn
• The Tipping Point: How Little Things Can Make a Big Difference
• The Institute for Luxury Home Marketing

The Next Normal and the Booming Luxury Real Estate Market:

With consumer and purchasing behavior having shifted as a result of the pandemic, the way we value homes is forever changed. Where do we go from here though, and which factors do we need to keep in mind as we move into the next normal?

If 2020 was the year of resilience, 2021 was the year of reconciliation — a return to our next normal that will not only be impacted by health, wellness, and safety, but also by an evolving sense of which elements are truly desirable in today’s luxury housing market.

Another factor that is set to substantially drive the luxury market? The enormous growth in wealth, particularly over the past year. With 20% wealth growth seen throughout 2021, the number of people who now maintain a net worth of over $5 million grew by a whopping 600,000 individuals.

With such an influx of new capital, many luxury clients have begun shifting some resources from more traditional investments to the properties they choose to live in. The driving factor of this shift continues to be a desire to enjoy a certain lifestyle that comes along with the property being purchased, continuing a trend in luxury that has become more and more prevalent over time, particularly over the past two years.

The Rise of Secondary Markets and the True Real Estate Advisor:

Luxury real estate inventory is perceived to be in short supply due to the ever-rising demand for new purchases, but that isn’t necessarily the case. While most luxury markets are hotter than ever, more traditional secondary markets, and even new, emerging markets, are also being impacted by luxury market demand. These new growth areas rose in popularity over the last two years, and will remain attractive luxury markets in the near future, particularly with changes in lifestyle that have stemmed from the pandemic.

New technologies have also emerged recently, allowing real estate professionals to work with an even more geographically diverse group of clients. Despite these technological advances though, it’s imperative to note that the human connection has never been more important, and real estate professionals should embrace their roles as trusted real estate advisors. Afterall, consumers are looking for a sense of authenticity when it comes to partnering with a real estate professional. They’re looking for someone who can not only direct their real estate needs, but also address their lifestyle concerns that will inevitably be impacted by their home purchase. That’s why it’s critical that luxury real estate professionals spend the necessary time and effort in curating their marketing campaigns so as to frame themselves as the trusted real estate advisor who can assist clients in all matters related to the luxury lifestyle they’re hoping to embrace.

Topics and Questions You’ll Uncover During this Episode:

• What is the next normal going to look like for luxury real estate?
• How will the recent rapid growth in wealth impact the luxury industry?
• Primary, secondary, emerging, and global markets in real estate
• How technology is impacting the way luxury homes are marketed
• The evolving role of the real estate professional and the true real estate advisor

Resources Mentioned within Episode:

• The Report 2022
• Luxury Market Report: 2021 in Review
• View The Report 2022: Luxury Market Insights
• Coldwell Banker Global Luxury®
• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• Why getting outside of your market to network and train can benefit your luxury real estate practice and skill set
• The importance of designations and how they help distinguish you from the competition in a saturated market
• Why it’s helpful to mentor new luxury real estate professionals who are coming into the industry and how the mentor benefits as well
• How to be open to change in the industry, whether it’s buyer and seller needs and desires or changes in technology
• Why contracts and negotiations are getting more complicated and how to navigate them better
• The importance of being authentic and making strong connections with clients and peers
• Why having a “spirit of abundance” can help you reach your goals as a luxury real estate professional

Resources mentioned within the episode:

• REAL Marketing
• Parks Real Estate
• The Institute for Luxury Home Marketing
• The Certified Luxury Home Marketing Specialist Designation

Key Takeaways:

• Lifestyle-Centered Marketing: Highlighting features such as walkability, proximity to amenities, and recreational opportunities can help potential buyers envision their lives in the property. Unique lifestyles, like waterfront living or urban rooftop experiences, make properties more appealing.
• Visual Storytelling: Techniques like drone photography, nighttime imagery, and client-provided seasonal photos enhance marketing materials. These visuals emphasize not just the home but also the surrounding community, amenities, and lifestyle opportunities.
• Inclusive and Authentic Marketing: Sensitivity in videography and photography is vital, such as ensuring diverse representation in marketing materials. Collecting imagery and videos from clients can create a more authentic portrayal of the property’s charm and functionality.
• Mini Movies: Beyond walkthrough videos, creating “mini movies” adds a cinematic element to property marketing, telling a story about the lifestyle it offers. Examples include showcasing family gatherings, outdoor activities, or neighborhood experiences. These videos can spark viral interest when done tastefully, even with modest budgets.
• Elevated Copywriting: Avoiding clichés and creating authentic, lifestyle-focused property descriptions are crucial. AI tools can assist in writing but require oversight to maintain accuracy and authenticity. Drawing inspiration from luxury magazines or engaging freelance writers are excellent ways to craft compelling narratives.
• Unique Showing Experiences: Sellers and agents can enhance property tours by creating immersive experiences, like ATV tours on large properties, hosting events that showcase the property’s potential, or emphasizing the unique features of the location.

Additional Insights:

• Marketing should tread carefully when representing demographics, ensuring it is inclusive and thoughtful.
• Creative videos and storytelling approaches, like mini movies, have been successfully used to highlight a property’s exclusivity and lifestyle appeal, such as a famous Australian luxury property video that emphasized privacy through a bold concept.
• Storytelling can help properties stand out in a crowded market by evoking emotion, creating buzz, and showcasing unique lifestyle possibilities.

MAIN IDEA #1: All About Inspections

• Radon Inspections
• 4-Point Inspections
• Termite Inspections
• Specialized Inspections
• Soil and Perc Site Tests
• Fireplace Testing and Maintenance
• Water and Irrigation
• Wine Storage
• Whole Home Automation

MAIN IDEA #2: Best Marketing Materials

• Digital Media
• Shift to TikTok and other video platforms

Topics Covered and Questions You’ll Uncover During this Episode:

• Home inspections & common types
• Radon inspections & concerns
• Varying inspections by region
• Trend of waiving inspections
• Material leaching concerns
• Pre-inspections & loss history reports
• Importance of getting good records from the seller and identifying prior damage
• Specialist inspections on luxury features and environmental issues 
• Verification of permits & paperwork
• Educating clients through video content
• Benefits of investing in thorough inspections

Resources Mentioned Within Episode:

• The Institute for Luxury Home Marketing

The episode underscores the importance of continuous education, staying updated on market trends, and building relationships with colleagues from diverse backgrounds. It emphasizes the role of the advisor in the real estate industry, emphasizing that accurate insight and guidance are in high demand. The discussion also touches on challenges like buyer representation and commission structures, stressing the need to educate the public about the value of buyer agency.

Networking and mentorship are encouraged for aspiring agents, along with maintaining strong client relationships through personal touches. A balanced approach, combining modern strategies with traditional methods, is key to succeeding in the luxury real estate market. Join them in exploring technology's transformative power and the crucial roles of advisors and networking in achieving excellence in luxury real estate.

To jump to a specific topic, navigate to one of the following timestamps:

[01:48] Real Estate Before the Internet: “The Book”

[07:02] How Has The Real Estate Industry Changed?

[10:30] The Importance of Attending Conferences and Taking Classes

[12:55] Professional Photography

[17:04] The Biggest Gamechanger

[19:16] Ease of Use and Information in the Digital Age

[21:47] Changes in Brokerage Types

[25:03] The Most Important Thing Among Brokers

[28:29] Listing Fees and Buyer Brokerage

[37:42] Words of Wisdom to New Agents

Topics You’ll Uncover During this Episode: 

• Changes in the real estate industry
• Technological advancements in real estate
• Impact of the Internet
• Transition to digital communication
• The importance of old-school tactics and personal touch 
• Advice for new agents in the real estate industry
• Importance of networking and building relationships 

Resources Mentioned Within Episode:

• The Institute for Luxury Home Marketing

What C3 Stands For and John’s Marketing Vehicles:

C3 stands for Character, Culture, and Commitment, which are the three things John Simmons and his partner, Jesse Laner, focus on. What makes C3 different from other agencies — and one of the reasons why John is able to so effectively get his company’s message out in a competitive environment — is the trust that he and his partner have earned throughout the Northern Colorado area.

What to Keep Doing as a Real Estate Professional:

When John used to teach, he had what he called a “Wheel of Fortune” that he would incorporate into his lessons. Within the real estate industry, he uses it to identify how much time real estate professionals have and what their priorities are. John then creates an action plan according to the time these real estate professionals can allot for income-generating activities, and suggests this approach should be consistently implemented in order to maximize output.

“What are you handing out that’s of value to these buyers and sellers walking into your open houses?” John asks. In response, he teaches his team that, in order to stand out amongst potential clients, they need to always provide those potential clients with valuable content.

Topics Covered and Questions You’ll Uncover During this Episode:

• How C3 puts heavy focus on their marketing to further differentiate themselves from other competing brokers
• Why only taking professional photos should be an absolute must for any real estate professional looking to take their listings to the next level
• Why having high standards for print and online marketing is so essential
• Why maximizing social media accounts to connect with potential clients in both a personal and professional capacity is key
• Understanding that some marketing pieces  — namely photography, seller guides, buyer guides, and features in luxury magazines — should not be skimped on to save costs
• Why real estate professionals should always be open to communicating with their clients who already know, like, and trust them in order to continue nurturing the relationship

Resources Mentioned Within Episode:

• Official Website - C3 Real Estate Solutions
• How to Reach John Simmons
• The Institute for Luxury Home Marketing

Why Delivering the Highest Level of Service is Always Key:

When it comes to working with luxury real estate clients, there can sometimes be a disconnect in terms of the quality of service provided versus the expectations from the client. The best way to avoid this disconnect? Always strive to deliver the absolute highest level of service imaginable. Remember, just like in the world of luxury concierge services, the more details you take into account, the more likely you’ll be able to mitigate any missteps and ensure an incredibly memorable experience.

To deliver the best service possible, it’s important that you never stop improving your skill set. There’s always something new to learn, and always a way to make any experience better — or custom tailored — for each individual client. If you’re never satisfied with just being okay, you’ll always be improving the quality of service you deliver to your luxury real estate clients. And the better the service is you deliver, the greater likelihood you’ll have of expanding your sphere of influence and growing your referral pipeline.

Understanding the Needs of Luxury Real Estate Clients and Building Your Brand:

Being able to adapt to individual client needs is one of the most vital aspects of being a successful luxury real estate professional. While many client needs may be similar, it’s important to remember that no two clients are completely alike. By cultivating individual relationships with each one of your clients, you can better deliver on their specific needs to ensure a memorable or even bespoke experience that they’ll be sure to tell their own sphere of influence about.

As a real estate professional, you always have to keep in mind that you are your brand. Who you are as a person, what you offer as a professional, and how you choose to interact with clients all help shape and build your individual brand. Remember, how we represent ourselves is going to speak to our clients, and impact the types of clients we are able to attract. When it comes to working with the upper tier, delivering on what you say you’re going to deliver on, and constantly striving to exceed expectations, is the key to building a successful brand and cementing your place as the go-to real estate resource in your respective market.

Topics and Questions You’ll Uncover During this Episode:

• The similarities between a luxury concierge service and a luxury real estate professional
• Why is understanding client needs so truly important?
• How always striving to be better within your industry is so critical to your success
• How is branding shaped by relationships with clients?
• Building better rapport with luxury clients via the double platinum rule

Resources Mentioned within Episode:

• Official Website - Travel Concierge Corner
• Follow Travel Concierge Corner on Instagram
• The Institute for Luxury Home Marketing

How Andrew Attracts Luxury Home Buyers in the Niagara-on-the-Lake Area:

With Niagara-on-the-Lake being recognized as one of prettiest towns in the world, the demand for available inventory is always high. To attract the right buyer, Andrew explains that he wins his listing presentations by tapping into his existing network and database. In fact, 85% of his business comes from agent-to-agent referrals. Additionally, he also partners with over one hundred luxury real estate listing sites to help get the word out to potential buyers throughout the world, utilizes traditional print marketing to help attract buyers locally, and (of course) takes a very strategic approach to building his social media presence and expanding his reach digitally. For Andrew, the first step though is always targeting his own personal network.

Why It's Important to Have Marketing Resources You Can Depend On:

While Revel Realty Inc. has its own internal marketing team, Andrew points out that it’s crucial for all real estate professionals to have reliable marketing resources at their disposal. Real estate professionals need to focus on lead generation, not building their own graphics and videos to use throughout the advertising process. For Andrew, it’s important to seek out and partner with individuals who align with your own vision, and rely on those individuals to handle the creative details involved with the production process. Each one of Andrew's own social media managers utilize their own expertise and creative vision in a way that compliments the way Andrew wants to market himself. The best advice Andrew can give? If you decide to partner with someone based on their portfolio, don’t micromanage them — rather, let them go to work in creating content for you that has a similar look and feel to what they’ve previously done so well and trust in their process as an expert resource.

Topics Covered and Questions You’ll Uncover During this Episode:

• How do you sell to a luxury home buyer?
• What are the common marketing mistakes that luxury real estate professionals make?
• How do you reach potential buyers beyond your region in order to create more consistent transactions?
• Why is it important to have talented marketing resources at your disposal?

Resources Mentioned Within Episode:

• How to Reach Andrew Perrie
• Official Website - Revel Realty Inc., Brokerage
• Follow Andrew on Instagram
• Connect with Andrew on LinkedIn
• The Institute for Luxury Home Marketing

More about Deborah:

Deborah is a seasoned marketing consultant with over 30 years of experience and over the past two decades, Deborah has dedicated her expertise to consulting in the real estate industry, specializing in strategic marketing for the luxury market. Her extensive knowledge and insights have been honed through a decade-long collaboration with The Institute for Luxury Home Marketing, where she is instrumental in conceptualizing, researching data, preparing, and analyzing market trends for their monthly Luxury Market Reports.

Join us as we navigate the intricate details of the luxury real estate landscape, guided by Deborah's wealth of experience and expertise.

To jump to a specific topic, navigate to one of the following timestamps:

[00:00] Introduction

[02:06] The state of the luxury real estate market in 2023

[05:25] Year-over-year price performance in the luxury real estate market

[08:19] The impact of inventory levels on the luxury real estate market

[12:01] Changes in consumer demand in 2023 

[15:13] Importance of move-in-ready homes

[18:50] The evolution of buyers’ demands in luxury home

[25:00] Luxury real estate market expectations for 2024

[29:10] Experienced-based properties and family compound

[30:31] Challenges of managing seller expectations in the luxury real estate market

[35:29] Parting thoughts

Topics You’ll Uncover During this Episode: 

• The state of the luxury real estate market in 2023
• Behaviors of affluent buyers and sellers
• The impact of inventory on the market
• Shifting preferences of luxury homebuyers
• Trends in sales and consumer confidence

Resources Mentioned Within Episode:

• The Institute for Luxury Home Marketing
• The Report Group

Topics covered and questions you’ll uncover during this episode:

• The findings from a Wall Street Journal/Dow Jones research study
• What was the main focus of the study? Who did it target?
• Why investigate the luxury real estate habits of Mansion Global’s readership?
• What’s the demographic of Mansion Global's readership?
• Where are the affluent moving to and spending money buying properties?
• On average, how many properties do the affluent own?
• On average, how much are the affluent spending on each property?
• Real estate is local - what's the importance of the broker relationship?
• How can the broker cultivate a better initial conversation with a potential buyer?
• What’s at the very core of the luxury real estate buyer?
• What’s happening to the Chinese buyer?
• Where’s the next group of international buyers coming from? Where are they going? Why?
• In the luxury housing market, what are the factors surrounding: low interest rates, low inventory but high prices? Why and what’s a solution to this?

Resources from this episode:

• Mansion Global 
• Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• How to budget your marketing dollars when you're a new or seasoned luxury real estate professional
• They key to making clients feel like your services and marketing were worth every penny
• The biggest mistake luxury real estate professionals make when they’re busy
• Why lowering your marketing budget when business is slow can hinder long-term growth, and what to do instead
• The importance of the vocabulary you use around marketing and business with your clients
• Why bringing your luxury listings to market properly and with high-quality marketing materials matters at any price point
• What consistent marketing can do for your luxury real estate practice

Resources mentioned within the episode:

• Supreme Auctions
• REAL Marketing
• The Institute for Luxury Home Marketing
• Luxury Market Report

Topics covered and questions you’ll uncover during this episode:

• How David used his marketing experience to become a top real estate agent
• The luxury market report
• The importance of success being measurable
• The best content that goes in to the market report
• The luxury mindset, at all price points
• How agents can use the luxury market report to dominate 
• The neighborhood expert makes a come back
• Providing the right information to homeowners at the right time
• How to break into the luxury price point
• Using property brochures properly
• Marketing to millennials 
• Tactile marketing
• Capturing the essence of the home through photographs 
• Marketing budget

Resources from this episode:

• Supreme Auctions
• REAL Marketing
• NAR Research
• Direct Mail Research

Inside This Episode:
✅ The secret to understanding what really drives luxury buyers
✅ Why most agents fail at selling lifestyle (and how you can stand out)
✅ The power of strategic relationships (and who you must have in your circle)
✅ A marketing hack that turns overlooked properties into high-demand deals
✅ How to create an experience that gets clients referring you for life

Topics covered and questions you’ll uncover during this episode:

• Developing and keeping relationships with other real estate agents; and why that’s important
• Competition vs. coopetition 
• Maintaining your professionalism
• Kofi’s rules for texting
• Embrace technology, provide the human element
• How to have memorable interactions
• Be an expert. Be excellent
• Using social media
• Be helpful, even when it doesn’t make you money
• Be the “agent-whisperer”
• Benefits of being part of The Institute
• Why you should co-list more
• Leverage your passions
• Goat Yoga

Resources from this episode: 

• Supreme Auctions
• Nartey Group
• Book: Sellebrity
• Nartey Sports Foundation

Topics covered and questions you’ll uncover during this episode:

• What to consider when choosing your first brokerage
• The importance of asking for help and mentorship when you’re first starting out or returning to luxury real estate after a hiatus
• Why joining local causes, groups, and community activities is still an essential part of networking, even if you have a strong digital marketing strategy
• How Liz continued to network during the pandemic via virtual “socials” through her local groups

Resources mentioned within the episode:

• REAL Marketing
• The Institute for Luxury Home Marketing
• Liz Heinkel’s Website

Topics covered and questions you’ll uncover during this episode:

• Becoming a resource and confidant to client
• How you can make customers commit to you
• Connection of belief and actions
• How to create an impactful customer experience
• Using language and storytelling to create customer beliefs
• Guiding customers from their challenges to the goal
• What makes a relationship a real “We” relationship. 
• Customer vs. Client 
• Transaction vs. Encounter
• Creating real customer loyalty
• Turning presentations to conversations
• What is a conversation that really matters? How do you have genuine dialogue?

Resources from this episode:

• Yastrow & Co. 
• Book: Ditch the Pitch
• Book: Brand Harmony
• Book: We, the Ideal Customer Relationship

Building Your Personal Brand Will Help You Grow Your Business:

Do you consistently work on strengthening your personal brand as a luxury real estate professional? It’s important to remember that your personal branding is different from the branding associated with your brokerage. While the two may in fact be very similar, they aren’t exactly the same, and they don’t have the same impact on how your potential clients may perceive you.

Your personal branding as a luxury real estate professional is what potential clients are going to associate with you. It’s the thing that’s going to help encourage them to partner with you — and potentially refer future business your way. In order to more effectively grow your luxury real estate business, you need to make sure that your personal branding accurately reflects the type of service clients can expect to receive, and always align your website messaging with your personal branding to create a more consistent, well-rounded experience for them.

Finding Your Niche in Luxury Real Estate:

In order to set yourself apart from the competition, it’s important that you highlight the aspects of your brand that make you different from your competitors. Similarly, finding your niche in luxury real estate can also help you stand out more to potential clients. By establishing yourself as the authority in a particular type of property, you’re not only segmenting yourself as the first choice among a group of niche buyers and sellers, but you're also building out your luxury real estate brand in a more unique way that will potentially yield better results in the future.

Before you establish your niche though, it’s important to determine the set of guiding principles that you want to adhere to throughout your tenure as a luxury real estate professional. For instance, if you are determined to always respond to client correspondence the same day, make sure that you commit to doing so all the time, with every client. This guiding principle will in turn help shape your brand as a luxury real estate professional, which will ultimately help you more effectively establish a foothold in a specific luxury real estate niche.

Topics and Questions You’ll Uncover During this Episode:

• How a well-curated brand image can help set you apart from competitors
• What should be included in a luxury real estate website?
• Why establishing a niche in luxury real estate can be an effective growth strategy
• Building a personal brand image around authenticity
• How branding and reputation should impact your marketing efforts

Resources Mentioned within Episode:

• Official Website - Luxury Presence
• Official Website - Malte Kramer
• Connect with Malte Kramer on LinkedIn
• The Institute for Luxury Home Marketing

Four Different Types of Loyalty:

Barry explains that there are four different types of loyalty that can be split into two different categories: transactional loyalty and relational loyalty. Within transactional loyalty, you’ll find two specific types of loyalty. Mercenary loyalty centers around the possibility of someone else being able to deliver a similar kind of transaction, and is based more on the end result itself than the service received. With inertia loyalty, clients tend to remain loyal to your brand simply out of convenience, often because they don’t have more than one option to choose from. In this instance, think of the type of relationship you may have with your cable company, and that more or less categorizes what inertia loyalty is all about.

Within relational loyalty, there are also two specific types of loyalty that Barry discusses. True loyalty centers around the experience you’re able to deliver to your clients, and often involves one going above and beyond in the service that was offered. The final type of loyalty is the one that is often the most difficult to earn. Cult loyalty is based on the value alignment clients are able to connect with throughout the purchase, and this idea is reinforced when they see other people also make similar purchases. This social proof keeps clients wanting to come back for more, mainly because of the values espoused by the brand and the connection they feel to the remainder of the client base.

The Next Generation of Homeowners:

Because of the prevalence of social media, millennials are a generation raised on tribal identity. Growing up, they were able to utilize a variety of social media sites and quickly find their niche tribe in the process.

When it comes to doing business, millennials are seemingly less price-conscious (despite struggling slightly more financially), and more connected to the values they associate with different brands. Chapman & Co. Leadership Institute ran a study on whether the values espoused by a business actually influence purchasing behavior, and 55% of respondents agreed that those values did in fact influence their purchasing behavior. Among those who identify themselves as brand loyal, it’s significantly more likely that the values of a particular business or professional drive their purchasing decisions as a result.

Topics Covered and Questions You’ll Uncover During this Episode:

• What does retention mean in luxury real estate?
• What is client engagement in the upper tier?
• What are the four types of loyalty and how do these apply to real estate?
• Who are the next generation of homeowners?

Resources Mentioned Within Episode:

• How to Reach Barry Kirk
• Official Website - Chapman & Co. Leadership Institute
• Connect with Barry on LinkedIn
• The Institute for Luxury Home Marketing

Being Authentic is the Best Approach When It Comes to Working with the Upper Tier:

Authenticity builds trust in luxury real estate. In order to start building a strong foundation of trust amongst clients, you have to ensure that they recognize it is your intention to help them every step of the way. Helping them is your top priority, and that doesn’t necessarily mean making a sale in order to do so.

While building relationships is important, maintaining trust is key for a healthy referral pipeline. If your clients trust you, chances are high that they’ll come back to you for future luxury real estate needs. If your clients trust you, chances are good that they’ll refer you to their own contacts for the same type of high-quality service you provided them with. When it comes to working in the upper tier, authenticity is the most important aspect of the relationship, and it’s critical that you never lose sight of it.

Making the Most Out of Opportunities in Luxury Real Estate:

You miss 100% of the shots you don’t take. While there may be some debate over where the quote originated, the idea behind it is 100% spot on. Every opportunity to go above and beyond on behalf of your client is important. If you have an opportunity to help someone, even if you don’t directly benefit from doing so, the best strategy is to assist them in whatever way possible — within reason, of course.

Also important is remaining positive throughout the relationship. This idea might seem fairly obvious, but it’s imperative that it be stressed over and over again. Regardless of market conditions, you have to remember that your client is counting on you to effectively guide them along their path to purchase or sale. Presenting information in a less-than-promising manner won’t help you in the long run, but it may hurt you and the relationship you have with the client. Remember to package less positive news in such a way that your client remains at ease, doesn’t question whether or not you’re going to effectively be able to assist them, and maintains confidence in you that you’re the right luxury real estate professional to have partnered with in the first place.

Topics and Questions You’ll Uncover During this Episode:

• How has consumer behavior recently shifted in luxury real estate?
• Why building your referral network has never been more important than in today’s luxury real estate market
• How expanding your sphere of influence can help weather any market conditions
• Some do’s and don’ts clients should keep in mind when purchasing a new home
• The importance of luxury real estate professionals transitioning into trusted real estate advisors

Resources Mentioned within Episode:

• Official Website - The Simms Team
• Connect with Tami Simms on LinkedIn
• The Institute for Luxury Home Marketing

How Different Generations Use Technology:

When it comes to pointing out the differences between Millennials and Gen Z versus Gen X and Baby Boomers, technology is usually one of the biggest differentiators. Younger generations grew up with the technology we use today, or at least comparable, earlier versions of it. While it might take older generations a bit more time and effort to find and learn their way around new online communities, maneuverability is more or less second nature for Millennials and Gen Z.

While it’s safe to argue that this younger generation is more adept at adapting to new technologies, it’s also very true that this generation has become very reliant on what they hear from fellow members of the tribes they subscribe to. As a result, these younger generations are a little less trusting of institutions (and marketing messaging from said institutions), and are in fact very good at tuning out advertisements that clutter their news feeds and inboxes.

So what does this mean when it comes to real estate? Creating loyalty amongst the younger generation will naturally lend itself to expanding your reach as a real estate professional, simply because those who are loyal to you will potentially be more likely to refer you to their fellow tribe members. Building your own loyal base of clients and potential clients is key to sustainable growth, a healthy referral pipeline, and establishing yourself as a sought after professional in the luxury real estate space.

Prosocial Rewards and the Peak-End Rule:

One of the most effective strategies at capturing new referrals is by offering what’s known in psychology terms as a prosocial reward. These specific types of rewards refer to benefits that you as a professional don’t necessarily offer to potential clients, but, instead, your existing client base offers on your behalf instead. Consequently, these benefits aren’t being framed as having come from the professional, but rather having been given to a potential referral directly from an existing client (as a gift, so to speak).

With prosocial rewards, the person delivering the benefit, an already trusted source of information for the potential client, gets to play the role of insider as they give their friend something of value, all on the behalf of a brand or professional without the brand or professional having to really get closely involved in the process. This is a great strategy for securing new referrals from typically already qualified leads.

Another helpful tip when asking for referrals centers around the concept of the peak-end rule, a psychological term that refers to the highlight and culmination of one’s experiences as the lasting memories most easily recalled. Generally speaking, the peak and end are the two aspects of an experience that a potential client will remember most vividly. When asking for referrals of any kind, the best time to do so is as close to the peak of satisfaction as possible, namely because your client will never be as satisfied with your services as they are at that very point. By always keeping the peak-end rule in mind, you greatly increase the likelihood of filling your pipeline with qualified leads.

Topics and Questions You’ll Uncover During this Episode:

• Who are the next generation of homeowners?
• What is a niche tribe in marketing terms and how can you appeal to these groups to build out your pipeline?
• How can a real estate professional create a network among fellow real estate professionals?
• How and when is the best time for a real estate professional to ask their clients to refer them out to their network?

Resources Mentioned within Episode:

• How to Reach Barry Kirk
• Official Website - Chapman & Co. Leadership Institute
• Connect with Barry on LinkedIn
• The Institute for Luxury Home Marketing

The Art of Storytelling in Luxury Real Estate:

As price points increase and properties become more unique, the marketing process becomes more sophisticated and typically requires a higher degree of skill and more thorough planning. One of the overarching skills involved at this level centers around the concept of storytelling.

Before you even begin to craft your property’s story, you need to make sure that the property is prepared for potential buyers. This involves hiring the right staging team to help declutter, rearrange, and transform the space to ensure the best presentation possible. Remember, spending additional resources to make sure the property is ready to go to market will not only allow you to more clearly begin formulating your marketing strategy, but will also fix problems that could potentially hold the sale up down the line.

Once the property is ready for buyers, the next (and most critical) step is crafting the story behind the property. To do this, you need to first identify your ideal buyer. Next, you need to determine the specific features of the property that will speak more directly to that ideal buyer, and then build your story around those features. Remember, when it comes to luxury properties, selling a lifestyle is a critical component that many buyers are particularly interested in.

Topics and Questions You’ll Uncover During this Episode:

• What steps should be taken when preparing a listing to go to market?
• Best practices for reaching your target luxury real estate buyer
• The importance of high-quality print materials
• Why individual property websites are so important
• How do you tell your property’s story in the most effective way possible?

Resources Mentioned within Episode:

• Official Website - Avenue Stone Real Estate
• Connect with Tanya Starkel on LinkedIn
• REAL Marketing
• The Institute for Luxury Home Marketing

Always Take Advantage of the Resources Around You:

To help you advance your career in luxury real estate, it’s imperative that you never stop learning and adapting to market conditions. When it comes to business planning and marketing strategy, particularly in an industry like real estate where market conditions are always shifting, being able to quickly pivot is the key to continued success. Recognizing that change is a good thing is important, particularly for luxury real estate professionals.

One thing that most successful luxury real estate professionals have in common? Planning and goal setting. Coming up with smart, measurable, achievable goals is the first step in fully utilizing the resources around you. If you employ backwards planning principles, and start with your goals and work your way backwards in order to determine the most effective way to reach those goals, then you can more easily determine the resources that you’re going to need in order to get where you need to be. Whether that involves specific professional development and training, attending in-person events both in and outside of your target market, or simply listening to podcasts or reading books, utilizing the resources around you to help you achieve your goals is the best way to stay on track and make advancements in your real estate career.

Topics and Questions You’ll Uncover During this Episode:

• Adapting to changes in your real estate market
• The importance of planning and goal setting as a real estate professional
• How often you should reassess business and marketing plans
• Why is attending industry events outside of your target market important?
• The importance of utilizing the resources around you

Resources Mentioned within Episode:

• Official Website - Jamie Huggins
• Connect with Jamie Huggins on LinkedIn
• Start with Why: How Great Leaders Inspire Everyone to Take Action
• REAL Marketing
• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• Being obsessed with opting people in
• Dealing with a discerning consumer
• Creating a “5 star hotel” experience
• How to network correctly
• Leveraging your passions to selling opportunities
• How to transition your conversations to opportunities
• Setting purposeful goals
• Playing the long game
• Customized coaching
• Going back to the basics
• Mastering your current strengths
• Key sources of opportunity
• Curating and presenting data as a professional
• The 5, 5, 5, & 5 strategy
• Foundational pillars of real estate

Resources from this episode: 

• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• Why it pays to take your time bringing a home to market versus rushing to get it listed and sold
• How to overcome the “have you sold anything in this neighborhood?” question — even if you haven’t
• The importance of giving prospects branded, data-driven market information
• The reason you should stick with your branding, even if you’re ready for a change
• Why postcards aren’t helping your marketing strategy and what to use instead

Resources mentioned within the episode:

• Supreme Auctions
• REAL Marketing
• The Institute for Luxury Home Marketing
• Luxury Market Report

Topics covered and questions you’ll uncover during this episode:

• An overview of how the luxury market has changed since the beginning of the pandemic
• Creative ways luxury real estate professionals and their buyers are managing low inventory levels
• What affluent clientele want now versus when the pandemic started
• How attached homes are becoming popular with younger clientele who want to get their foot in the door while others are looking at larger homes
• The importance of becoming a data authority in your market and how to use the Luxury Market Report to better connect with clients and prospects

Resources mentioned within the episode:

• REAL Marketing
• The Luxury Market Report
• The Institute for Luxury Home Marketing

Topics covered and questions you’ll uncover during this episode:

• Buyers versus sellers 
• Why does the Supreme Auctions model favor the seller, rather than the buyer?
• Why are buyers in control in the traditional luxury real estate market?
• How does the “sellers-in-control” model work?
• What’s the marketing strategy that gets potential clients to pick up the phone and be interested in learning more in a market where so much information is already available? 
• What’s the process or criteria a luxury real estate agent needs to go through when contacting Supreme Auctions? 
• How can you determine which sellers are motivated to sell?
• Why are sellers willing to give up their information to Supreme Auctions as opposed to a listing agent? What are the key differentiators? 
• Intentionality of “no reserve”
• What’s the process of a luxury auction? 
• What’s the agent’s role in the auction process? 
• What’s the last piece of the bidding process look like? 
• What’s included in a due diligence packet?
• Supreme Auctions certification course 
• Benefits of becoming a preferred luxury agent with Supreme Auctions

Resources mentioned within episode:

• Maverick’s LinkedIn
• Jennie’s LinkedIn
• Supreme Auctions