It is not what you might think it is..
Luxury Home buyers are very typical buyers in that they look for a lot of the same characteristics in a real estate agent that everyone else does. I believe they value some characteristics more than others and put much more of an emphasis or those.
After years of working with all types of Luxury Home Buyers such as Celebrities, CEO's, Politicians, Doctors and Lawyers, this is what my experiences taught me that they value the most.
In my opinion what Luxury Home buyers value the most is four things. Your knowledge of the market, how much you value their time, your rapid response when communicating with them, and your ability to negotiate and close the escrow for them smoothly.
1- Knowledge of the market can mean many things but to me in this instance it would be "seriously" knowing one neighborhood from another and property values in those neighborhoods. You should clearly know why homes have been selling and why did they get the value that they got. Specifically, is it because of the view, the amenities that come with that neighborhood, the prestige of the neighborhood, and anything else that might pertain to value. Being close to their "busy" professional life is usually key to them so knowing about accessability is important. Because Luxury Home values can be "all over the board" the question is, why should they spend that amount of money on that specific house. I personally answered this by every day researching exactly what was going on in the market I knew when every new Luxury Home came to the market. I also knew what just went pending or sold and exactly why that was. What really deep down caused the home to sell. I separated them into price range such as 1- 1.5MM, 1.5-2MM, 2MM-3MM, and 3MM and above. Again I knew what was going on in each price range as to be able to communicate that to the buyer.
2- In most cases a Luxury Home buyer is extremely busy with their own business or with their own life. Very successful people work hard, so absolutely valuing their time is maybe on top of the list. To me this means a "No B.S." approach to helping them find a home. Answer their questions with facts and be extremely efficient with them when showing homes. To me it meant getting straight to the point all the time. Be as prepared as you can and you will be fine.
3- Rapid response to me goes back to the to the time element, which to them is extremely valuable. Let me give you an example example of somebody I worked with. He was a surgeon. Think about that. He was either in surgery or not. Their was no communicating with him when he was performing his job. So that block of time that he was not in surgery was extremely valuable. So you better be ready make a Luxury Home buyer an extreme priority in your business. If you do again you will be fine.
4- in most cases the Luxury Home buyer is a successful business person or has a successful practice of some sort. They are used to negotiating and for keeping their entire business intact. They will expect exactly the same behavior from you. Most of all I would say that they need to feel strongly that you're on their side and not working for the other party. I found this extremely important when working with Lawyers.
As you can see these are some of the same characteristics that you should have as a real estate agent on a daily basis with all buyers. In this case the Luxury Home buyer will just put "way more" emphasis on these characteristics.
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To your success,