It’s easy to overanalyze a slow-moving listing. Is it the photography? The ad copy? The price? Your skills as a luxury real estate agent?
Recently, some of the highest-performing agents in the luxury home market participated in a call to discuss what it takes to sell the properties that are tough to sell. On that call, Ernie Carswell, Debbie De Grote, Lorie Bartron and Boris Kholodov each shared valuable selling tactics that they personally include in their luxury home marketing strategy when they come across a slow-moving listing—and yes, even these top performers have all had them.
Whether you’ve closed one luxury home contract or 50, you may still run into a listing that just won’t budge. However, the luxury home market is changing, and your luxury home marketing strategy must change along with it. Staying open to new ideas and surrounding yourself with other luxury real estate agents, such as other CLHMS members, can help you grow your skills and your business.
Exchange Opportunities With Other Agents (Including Your Competitors)
It may seem counterintuitive to include your competitors in your luxury home marketing strategy, but doing so can open you up to opportunities that you didn’t otherwise know existed.
Creating a small network of local agents who you can negotiate with when times are slow can be the missing piece to your luxury home marketing strategy, especially if you’re in a small market. Having a weekly or biweekly meeting, phone call or online group chat to discuss clients and properties can lead to exchanges of business that you wouldn’t necessarily have access to without that local agent network.
For example, you may have a listing that won’t sell, but another agent might have a client looking to buy at exactly the price at which you can reasonably reduce it to, or someone who may take a lease option. At the very least, you may pick up new luxury home marketing strategies from other agents. Our CLHMS membership is a great way to meet other elite agents, but many areas will have local Facebook groups where you can easily find other agents to network with in your area.
Create a Top 5 List of Prospects
Another way to speed up a slow-moving listing is to reach out to clients or other individuals who you have an established relationship with to see if they, or anyone they know, might be interested in the property. These contacts don’t necessarily need to be currently looking to relocate, but they might be interested in upgrading their living situation or they might know someone that would be the perfect fit.
Maximize Your Showings
Your showings present a great opportunity to speed up slow-moving listings. Rather than giving guests a rehearsed speech or a tedious tour, take cues from your guests to gauge what parts of the home to highlight. Not everyone wants to see every closet, cabinet and window.
Another interesting showing tip? Let the guests have the prime parking spot. Park your car away from the property that you’re showing to let your guests get a true feel for what it would be like to make this property their own right from the moment they arrive.
Our CLHMS students say our training gives them the confidence to grow their business and provide referral-worthy experiences for their clients. Find out more about our live and online trainings!
Diane Hartley is the president of The Institute for Luxury Home Marketing, a premier independent authority in training and designation for real estate agents working in the upper-tier residential market. Hartley brings her passion for luxury marketing and more than 20 years of experience growing and leading businesses to her role as president of The Institute.
Great advice, especially marketing to your competition. A lot of people are too centered on themselves to see the holistic view which opens more opportunities if you focus on more than yourself. Grant Inaba #GoodAgent