Updated: Feb 19
In the spirit of "Oktoberfest", I thought this would be a great story to share.
I get emails and calls quite often from Platinum Members asking for help to increase their average selling price; this in hopes of increasing profits. They may say something like, my average price is $200K, I really need to get up to around $500K. So I ask them, are the $500K to $700K homes selling in your market (where the member would need to be in order to get an average of $500K)? Their answer most of the time is ‘NO’. Properties in that extra higher (3 to 4 times higher) price range do not sell as well.
My answer back: then why would you want more listings that don’t sell?
The above examples are just that, examples, even hypothetical examples. But... there is a sweet spot in every market place.
These blog posts are to make you aware of the Slack Adjuster in your area and understand that it's by Position and Influence, even Expert Status that you obtain more of that kind of business. Not the next price range up – BUT the truly top end, affluent price range.
Could be that is what your market place is all about. We do have members that have average prices close to $2 Mil. So whether these home owners are clumped to together in one town or area or scattered about in your market – the same principles apply.
The affluent are that way because most of them treat money differently. They see it differently. It works differently for them – rather they put it to work differently for them than the masses do. So – YOU must be different. An expert, viewed as an expert who can be trusted because OTHERS of affluence trust you.
Craig Proctor and I teach POSITIONING as part of making a quantum leap. You do that simply by demonstrating your value. Most affluent marketing agents I know state they can be trusted, are seen at events associating with affluent prospects, working to get inside of the circle and end up getting business via referrals. Then leverage the referrals for further gain, i.e. more referrals and direct mail to these prospects with simple, newsletters, nicely done but clearly demonstrating their uniqueness and exclusivity, making offers of discreetness, protecting of interests.
I remember this little beer shop I would drive by on way to a part of town where I was getting some listings. I never noticed the beer shop, or at least it never registered with me until one day they put up a big sign out front...
COLDEST BEER IN TOWN... Guaranteed!
It was one day just another little shop that sold beer, the next day it was the one EVERYONE went to for Cold Beer.
This is a great lesson in positioning. Just tell your unique story or just make a statement, USP, that your prospects can find attractive.
The beer shop story does not stop there. Every one that went in to buy beer got their photo taken with big smile on their face and pinned to the wall. Soon the entire interior was covered with photo’s. My suggestion would have been to use a Polaroid camera and have people sign the pics along with their occupation – for added influence. Message? These other people trust us, these important people trust us, they all say YES... our beer is the coldest in town.
Bet you didn’t thing I could make beer buying tie into marketing to the Affluent Real Estate Prospect... or give you demonstration of POSITIONING.
You can not beat third party endorsement when it comes to acquiring affluent clients (or positioning yourself as THE AUTHORITY). I remember getting a referral from a buddy of mine in politics, he referred me to the Governors Chief of Staff who needed to sell; Semi affluent in terms of wealth, but connected to many in the affluent world. All I had to do was ask questions show up at some fundraisers and get to know a few more people and I was on my way to being well connected. All that needed to happen was the Governors Chief of Staff say I was a good real estate agent and I was on my way to being in a good Position.
You will want to work hard at getting the first BIG deal, then harder at leveraging it. Once you do that, you will be on your way too.
But make no mistake about any of this – all of your Quantum Leap strategies apply. You are in the marketing business.
Find out what makes the affluent prospect tick, what their problems are and then you step in with the solution. That is essentially the definition of marketing: you identify a need, expose the problem to the prospect, offering up your solution to that problem, revealing how your solution benefits the prospect... That plus third party endorsement/social proof for the affluent and you are in.
Now GO SERVE BIG!
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