How to Sell to the Rich
Compared to first-time home buyers, purchasers of high-priced homes tend to be more educated about the market, know exactly what they want, and demand high quality service, a group of luxury real estate executives panelists said at a Real Estate Connect conference last week, Inman News reports.
"The rich guy generally is a lot easier to sell to,” says Frederick Peters, president of Warburg Realty in Manhattan, which sells properties priced $3 million and up. “He's focused, he's concerned, but the level of anxiety is way lower.”
The luxury agents say that often times the clientele know what’s coming to the market before it does, which means you have to stay on your toes, Mauricio Umansky, The Agency co-founder and CEO in Beverly Hills, Calif. The clients often already have a property in mind when they come to a real estate agent.
"They are coming having been on their iPad, and they say, 'I want to see this,'" says Diane Ramirez, president of Halstead Property, with offices in New York, Connecticut, and New Jersey. "And sometimes they buy what they've already found. They're not starting off saying, 'What do you have?'"
Additionally, privacy tends to be very important to luxury clients. They don’t want a spotlight put on their real estate deals.
Comment
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Comment by Edith Karoline Jasser on January 18, 2012 at 5:56pm -
Surprisingly besides the first time home buyers, most buyers these days are better informed than every before, and often have seen much on the internet, and still need the agents expertise and feedback, just in case there is an area they did not think about etc. etc. and privacy and confidentiality always always always, no matter what price range, I agree though that once we get to the 2 M plus range of homes these luxury buyers have already bought properties before, they know what a good service by a Realtor is, they certainly do not want 24 or 48 hours for a call back or a response to their e-mail inquiry....
I feel good about treating each and everyone of my clients from first time home buyer to high end investor the same way, same privacy, same attention to detail, same quick responses, and always being well prepared about the market and the history of properties they are interested in....
More education and assistance is required for the first time home buyers, but then to see their
excitement when they find the right home is also very lovely and rewarding.
So Happy Selling to all who responded here, and I think we all agree we just love OUR clients, all of them. :)
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Comment by Rita Whaley, GLOZAL ADVISORY BRD on January 18, 2012 at 3:44pm -
Since we focus entirely on million and multi-million dollar properties across Maryland and especially on the eastern Shore where there is a high concentration of luxury waterfront properties, private compounds and estates, airstrip properties, and high-end enclaves, our client base are typically high net-worth individuals. We treat each client with extreme confidentiality.
As my colleagues commented above, our clients come well-informed with very specific requirements.
The best rule is to respect individuals' privacy, LISTEN to them, and respond to their needs/wants - not what you think would be a good property for them.
Rita Whaley
Executive Director
Eastern Shore Million Dollar Properties (.com)
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Comment by Christos Papanastasatos on January 18, 2012 at 12:46pm -
Very True. I deal with homes in the $1m plus range.
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Comment by Laura Hankins on January 18, 2012 at 10:53am -
Very true. I do see privacy to be a very important issue for luxury clients. I am a Fine Home and Estates Agent.
NAR News
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