Is Now A Good Time To Enter The Luxury Market? #330
Hello, welcome to Debbie’s Daily Tips. People are asking me lately, is the shifting market a good or a bad time to get into the luxury market? It’s a great question.
When you think about it, in a red-hot market, everybody’s chasing those higher end listings because they sell easily and they pay well. The reality is, when the market starts to shift and it takes longer for the listing to sell, that can be a fantastic opportunity, a fantastic time to go after some of those higher end listings.
There’s the old saying that you’re better off to be the first born, the second wife or the second and third agent on an expired listing. Why? Because sometimes when those higher end listings come out of the gate, the seller wants too much. They’re unreasonable, they’re asking too much, and that first agent, wastes a lot of time and energy. What a great strategy, to break into the luxury market by going after those higher end expireds. Remember, it only takes a few to make a significant difference in your volume.
How do you prepare for luxury? First, know the market. Know the market segment you’re going after, be the expert. Next you upgrade. Upgrade your presentation, upgrade yourself, for example how you dress for the appointments. Prepare for the question, how many luxury homes have you sold? Because if you haven’t sold any or many, you may need to partner with a luxury agent on the first few or have your answer ready. “You know Mr. Seller, that’s a great question. I haven’t personally sold many in this area and that’s exactly why you should choose me because I am determined to break into this market, and I am going to work harder for you than anyone else will.” So you can really own it with enthusiasm.
You are going to need to stay in touch, you will need to work your price reductions, and you will need to provide five star service. But is now a great time to break into the luxury market? Absolutely.