Insights from the LPI 2019 Agent SUMMIT: Strategic Practices for Luxury Agents
At the 2019 Luxury Portfolio Agent SUMMIT, leaders from the Luxury Portfolio network shared strategic insights on how they grow their businesses, ensure the safety of clients and use unconventional selling methods to expand their clientele. Let’s take a look at some of the things they shared:
Cultivating New Business
Strategy and creativity often intersect when attempting to reach a new market or sell a unique listing. Ross Evangelista of Stribling & Associates emphasized this when discussing the tactics he implemented to expand his business abroad. Evangelista, located in New York, wanted to reach potential buyers in Singapore however he needed to prove why reaching out to the market would be valuable to his brokerage. To sell them on the idea, he outlined a strategy in a curated pitch book with detailed stats, demographics and buyer profiles within the market. Since his presentation on the idea he has worked with several clients in the Singaporean market and also utilizes the resources of his referral department to continue to build relationships abroad.
Securing Client Privacy
As we have seen in the research from past Luxury Portfolio whitepapers, privacy is among the top necessities for the affluent globally. LeadingRE executive director of operations, Jessica Edgerton, emphasized protecting the privacy of the client by advertising on protected websites, putting away family photos when staging and setting visitor requirements for potential buyers viewing the home. In our social media and digital obsessed world, privacy is the ultimate luxury and exercising discretion with affluent clients helps build relationships and cultivate sales or referrals in the future.
When discussing negotiation John Goode of Dickens Mitchener Residential Real Estate encouraged agents to set realistic expectations in the beginning by providing clear objectives to the client and the other broker involved in the sale. Jim Kinney, vice president of Baird & Warner in Chicago, Illinois also emphasized managing client expectations when pricing a listing. He noted that the right price can be the difference between selling a listing in a few weeks and selling the listing within a few years. Being honest with clients on the current state of the market can alleviate unnecessary time and marketing efforts for an agent.
Overall, having a strong and clear strategy in place when marketing a listing, being clear with clients and addressing privacy concerns helps agents develop a measurable and efficient plan for successfully selling a listing.
Take a look at the first entry in our conference concentrations series for information on creating a customized experience for clients.