The luxury market is not much different from lower-end markets. What do all property owners, regardless of the value of the home, look for in an agent? What are the main motivations of buyers in the luxury market? What role does storytelling play in selling a home? In this episode, Michael LaFido talks about the latest trends in the luxury market.
Success leaves clues. Go figure out how someone else got successful at something and emulate it. -Michael LaFido
Three Things We Learned
Negotiations should be done on both sides
In a market that’s showing signs of slowing down, agents have to build a bridge between sellers and buyers. Negotiations shouldn’t just be on the buyer’s side. If sellers are determined to sell their homes as soon as possible, recommend a small discount on the property price. It’s usually quite convincing for buyers who tend to change their mind when they can save some money.
Sellers in the luxury market aren’t much different
Many agents assume that working with sellers in the luxury market requires a different skill set. However, the same problems are solved. Owners of luxury properties are just as nervous about the investment they made as any any other seller.
Storytelling in the luxury market is heavily focused on emotions and status
Many buyers looking for luxury properties don’t need a bigger house, and in some cases, it’s not even a wise financial decision. What they need is a new lifestyle and a way to feel better about themselves and their accomplishments. Your photos, videos, and all of the storytelling should focus on promoting a certain lifestyle, not just a home.
Luxury listings should tell a story about the lifestyle the home offers. In this market, most decisions aren’t made based on price but on the status and location the home offers. Emotions play a big part as well, because buyers have a bigger budget and they want to walk into a home that makes them feel good. However, this shouldn’t prevent you from trying to negotiate the price point with the seller if selling the property as soon as possible is one of their main priorities.
Michael LaFido is a top-producing luxury Realtor, podcast host, author, and national trainer. He is the CEO of Luxury Listing Specialist and Marketing Luxury Group. Michael is also the creator of a Marketing Luxury Expert Certification program (LUXE) and has over 1 million listing and sales in his portfolio. If you want to get in touch with Michael, you can do so on his social media account.