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Yes! Farming Works in the Luxury Price Range

Apr 20, 2014

Posted by

Laurie Moore-Moore

Laurie Moore-Moore is the founder and CEO of The Institute for Luxury Home Marketing, an international training and membership organization for agents who work in the upper tier. The Institute offers Read more

You can do traditional farming in the luxury market.  In fact, many successful luxury professionals used traditional farming techniques to get started.  Just be sure the luxury market farming pieces (printed or digital) you use are consistent (quality-wise) with the luxury price range of homes.  Think quality, quality, quality.

Here is a brief checklist of a few ideas to spark your thinking about farming, particularly in the entry to mid-level luxury home market.

1.)  Forget recipe cards and mass market farming newsletters; instead send frequent Market Update reports with statistical information about the local upper-tier real estate market.  Use charts and graphs.  Lifestyle marketing pieces are also appropriate in this segment.  Make sure your pieces have a quality look.  The more personal your mail looks the better.  Hand addressed envelopes with stamps are a plus.  Mail that looks like greeting cards or invitations, or comes in an unusually sized or colored envelope has a high probability of being opened.  Mail can be expensive, so your goal is to be able to shift to digital delivery of this information as you establish its value and create relationships which allow e-mail delivery.

2.)  You can also begin to drive prospects online to find your information.  Set up a special luxury market section on your website.  Post your statistical market updates and other information relevant to the luxury buyer and seller online.  Feature your upper-priced listings in this section of your website and include everything a buyer might need to know to make a decision to purchase.

3.)  Send your luxury Market Updates to the editors of community association newsletters (or websites) for luxury home communities.

4.)  Just breaking in to the upper-tier?  Volunteer to sit on other agents’ higher priced open houses in return for the chance to meet prospects -- this will help you break into the entry level luxury home market or help you recover if your business slides into a slump.  Still have some new home inventory in your market?  Even if they won’t list with you, some custom builders may allow you to do this as well.  Advertising a builder’s custom home (with permission) may also generate some prospect emails or phone calls for you.

5.)  Use your leftover luxury home property information sheets and printed brochures.  Mail them out with stickers that say, “Another Sally Salespro listing SOLD!”

6.)  Take your own or your office successes and turn them into story postcards that present a real estate challenge and explain how your expertise or firm’s approach created the solution.  These “case studies” are great blog or website content as well.

7.)  Network, network, network.  Trust and estate attorneys, private bankers, stock brokers, divorce lawyers, golf pros, luxury car dealers, CPAs, and country club membership directors are examples of those who are in a position to refer business to you.  Remember networking with other agents who work the upper-priced market is also very important.

8.)  Look for ways to interact with the affluent.  If you want to get involved in your community you can contribute while creating relationships that may result in referrals.  Volunteer at local museums, get involved with the arts, and participate in charity events.  Establish the relationships first, and then farm the resulting contacts that you’ve made.  Don’t be pushy.  Get involved, contribute, take time to get to know people, and business will generally follow.

9.)  If you specialize in a segment or segments of the luxury market, such as golf course properties, equestrian properties, or yacht club residences, take time to learn about the related lifestyle.  Search out related lifestyle websites and identify the services and other resources people enjoying this lifestyle might also need.  In short, work to make yourself an expert in the lifestyle these properties represent.  Reflect this expertise on your website with relevant links, participate in key events (boat shows, golf tournaments, and the like) and become a lifestyle resource as well as a real estate expert.  This level of service will

set you apart.

10.)  Create a relevant blog or make comments on the blogs of others.  Social networking on sites like Active Rain, Linked In, Facebook and Twitter can also build your visibility in the business and with consumers.  Just remember that what you put online, stays online.  Be on your best behavior!

11.)  Establish websites for the communities you farm.  Creating a website for a neighborhood   is both a community service and a powerful promotional tool for you.  The site can include community photos, statistical information on real estate, a community events calendar, homeowner association information, school calendar, and, of course, information about your services and listings.  Be sure to keep the website current.

In summary, these are techniques you may already be implementing in the average price market, but with a bit of fine-tuning, these approaches can work to help jump start your luxury business, as well.