Leah Azizian is sharing with us her tips for working with luxury buyers. Buyers of high end homes can be a completely different ballgame. However, if agents have confidence and knowledge, they can expand their portfolio to working with buyers of all types, in all real estate spaces.
The Regular "Rules" Probably Don't Exist
Azizian points out a key difference with luxury buyers:
Meaning that the timeline that agents are typically focusing on - is out the window. Luxury buyers sometimes want a deal closed yesterday and sometimes they're willing to wait it out until it's absolutely perfect. Why? Because they can afford to. Some even say that luxury buyers pull out of escrow the most or turn around and sell a home they just bought - again, because they can. This lack of "needing" to buy, or sell for that matter, creates a different set of guidelines for agents.
Agents must focus on what the client wants, having clear expectations, and being as efficient and communicative as possible. Catering to a client's needs is more important than ever now. As is ensuring that time is of the essence. Agents will learn more about this, the more they work with luxury buyers.
If an agent is feeling stuck with a buyer, be sure to open up communication to ensure that all needs are being met.
It's Also About What's NOT Being Said
Azizian also recommends that agents "be in tune with non-verbal communication. Understand that the majority of your communication with luxury buyers and their brokers will be through body language and/or tonality." There's a lot that's not being said and agents need to pick it all up.
Another great tip is to use the property story to highlight the rarity and uniqueness of the property. This can also build demand, and set the stage. Pay close attention to the buyer's non-verbal responses to understand which features of the home and lifestyle, are getting a reaction. This way agents can keep showing buyers what they like and no one feels as if their time is being wasted. This is where agent strategy is paramount.
The main takeaway when it comes to working with this niche: Luxury buyers are comfortable with their current assets, lifestyle, and situation and are purchasing for pleasure. This is important to understand as it sets the stage for everything else, especially in building rapport.
Leah Azizian's Linked In and Instagram are accessible here!
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