Selling high end and real estate is one thing, but how do you break into the luxury market? We asked Manhattan broker Patrick Lilly to share the secrets of making the transition and becoming known as a luxury agent in your market. Patrick breaks down the steps of obtaining your first luxury listing through Expired prospecting and how to maintain a listing without repeating mistakes made by a prior listing agent. Discretion must be used and trust must be earned to run in this circle.
Go for the long-term relationship once you get in a high-end circle. -Patrick Lilly
Takeaways + Tactics
- Consider the seller’s emotions when taking an Expired listing, but don’t make the same mistakes as the prior listing agent just to have a listing.
- Be “over the top” and set yourself apart from other agents you’re competing against.
- Find an area of expertise and capitalize on that with a flawless track record.
- The psychology of high-end sellers is much different than other sellers. Be knowledgeable of the personality you are working for.
Patrick shared stories of how his tactics have proven effective, from his decision to prospect Expired listings and his minimum home value for a luxury Expired, to the simple (but classy) gift he sends to set himself apart from other agents.
Patrick also shared insight on:
- How to work the press to publicize your listings
- How to increase profit and decrease the number of hours worked
- How to raise your average sales price point
- Specific steps to take to become a respected luxury agent
- How to market specifically for luxury real estate using emotionally driven video
- Using discretion and tactics for selling homes of well-known public figures
If you want to work less and make the same amount of commission (or even more), you must raise your average sales price. Luxury and high-end real estate is the answer. Don’t be afraid to bring in a co-listing agent to break into the market and gain trust. Sellers want agents who have experience in their price range. And high-end buyers aren’t sold on a home’s pictures, address, or stats. Instead, focus on enticing through emotional connection using the press as much as possible for marketing.
Patrick Lilly works with CORE Brokerage out of Manhattan and Brooklyn. Over his 32 years in real estate he has sold over 1000 homes and over $1 billion in real estate. He has branded himself as “the townhouse specialist.” Patrick's team is consistently ranked as one of the Wall Street Journal's top 250 teams in the nation. Visit http://www.patricklillyteam.com for more information on Patrick’s real estate team. His blog and personal site is http://www.patricklilly.com and for more information about his upcoming conference appearance visit http://realestatesuccess.rocks.
Become a Certified Luxury Listing Specialist and learn how to break in and dominate high end homes in your market. Learn more about the LUXE Luxury Listing Specialist Certification at luxurylistingspecialist.com.