Currency exchange specialists, outdoor kitchen installers, art appraisers… these are just some of the unsung heroes in the luxury real estate success stories you hear about. You may have heard the saying that “your network determines your net worth”, and that’s especially true when you’re a luxury real estate agent.
Becoming a successful real estate agent relies heavily on your ability to provide referral-worthy experiences for your clients, which means providing concierge-level service every time you represent a client—regardless of whether you’re in the luxury real estate space or not. Though typically, bigger budgets tend to mean bigger expectations as well.
Being able to anticipate and meet your wealthy clients’ needs often requires access to a number of high-quality specialty vendors who can help you meet those bigger expectations.
The importance of knowing specialty vendors
Becoming a successful real estate agent is about so much more than being great at sales or marketing: it’s about being an agent who can provide the most value to their clients.
Any agent (or any client, really) can do a quick Google search and find a house painter or handyman. But if your goal is becoming a successful real estate agent, you’ll want to surround yourself with highly-skilled specialty vendors who you feel comfortable staking your reputation on when you refer them to your clients.
Affluent clients may need help from specialists like private bankers, trust attorneys, or even international business brokers. Perhaps they’ll need someone to design a wine storage space or someone specifically qualified to move their wine collection from their current home into their new one.
While a simple Google search can point you in the right direction, you’ll want to get a bit more personal to ensure their level of service meets the standards you’re looking for. Ideally, you want to build a relationship with your vendors so that you can refer business to each other, but it’s not a requirement.
Where to find specialty vendors
To start building your network of specialty vendors, you first need to envision your ideal client. Are they in the upper-tier? Mass affluent? Are they busy tech professionals? What kinds of problems might come up for your ideal client during a sale or purchase? Once you have answers to those questions, you can start making a list of services that could make their lives easier.
Most industries have their own networking groups, either online or in person. A great way to find groups dedicated to things like landscaping building, hardwood specialists, or security services is to type the service into the search bar on Facebook or LinkedIn and narrow your search down by “groups”.
Beyond online searches, attending our Luxury Live Events puts you in touch with other luxury real estate agents who can give you ideas on how to expand your network.
Bonus tip: attending Luxury Live Events that are outside of your local market may help you with this even more since your local competitors may not want to share their secrets! Either way, beyond brainstorming with other agents, you’ll leave with plenty of new luxury home marketing insights to grow your business.
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Source: Luxury Insights