When I first got into real estate, I loved the energy and enthusiasm first-time homebuyers brought to the equation, and this satisfaction factor was why I got my real estate license. As an experienced agent, I learned to manage first-time homebuyers and nurture those relationships. It was amazing to see how maintaining relationships turned into several transactions by simply staying in touch and providing valuable information from time to time. The difference between agents who kill themselves to make ends meet and those who make a lot of money isn’t usually the quality of the agent or their love for their clients. Oftentimes, the only difference is the activities they focus on during the day, and the clients they attract through their marketing efforts.
RISMedia CEO Exchange panelist and Workman Success Systems Coach Nate Martinez of Glendale, Ariz., went from being one of the nation’s largest REO agents to running one of the most successful real estate teams with a focus on high-end golf course properties. The transition wasn’t easy, but it’s worth a closer look. Today, Nate earns a great living working with fewer clients each year. The difference isn’t the quality of the agent, but rather, the activities he focuses on.
The median sales price for a home in Glendale is $222,000. Blackstone is a beautiful golf community that Nate decided to farm over the last 12 months. Farming consists of sending direct mail to the homes in the geographic area along with neighborhood and sales information, establishing oneself as an expert. Nate’s average sales price for the Blackstone area is $884,750, and he’s earned over $95,000 in commission selling just four homes in this single farm. What’s interesting is that in order to earn the same amount with a focus on the average sales price for his area, he’d have to sell 16 homes, work with 16 buyers and sellers, and manage 16 transactions instead of four. While luxury buyers and sellers may seem more demanding, we’ve found that they often know more about what they want, recognize the value and services high-quality agents and brokers provide, and are willing to pay for that service.
As you think about where you are in your business and you look at the opportunities that are available, ask yourself whether you’re doing all you can to attract higher-end buyers and sellers. If not, what can you be doing differently?
Here’s a short list of things you can do today to move into higher-end real estate:
- Start working FSBO and expired listings in a higher price point.
- Begin your geographic farm.
- Dress for success. When asked what you do, simply say, “I focus on high-end buyers and sellers by providing luxury listing services. Who do you know looking to buy or sell a luxury property?”
- Build a premium marketing and pre-listing plan that blows away your competition.
- Become an expert on all things luxury in your market. Know the homes, the sales and the properties. Put yourself in the middle of the action by going on tours and attending agent opens.
As you do this, you’ll begin to attract higher-end clients, and your life will simplify because you’ll have to sell fewer homes to earn more and enjoy a better lifestyle.
Verl Workman is the founder and CEO of Workman Success Systems (385-282-7112), an international speaking, consulting and coaching company that specializes in performance coaching and building successful power agents and teams. Sign up today for a free business consult with Verl by sending an email to coach@verlworkman.com. To hire Verl to speak at your next event, email events@verlworkman.com.
For more information, please visit www.workmansuccesssystems.com.
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