So, you’re a new luxury real estate professional in the area, and you’re wondering how to go about building your luxury sphere of influence from the ground up. Without a real list of buyers and sellers, how on earth can you expect to do your job? Well, good news is that luxury real estate professionals like Liz Heinkel have shared their stories of how they started afresh in communities with absolutely nothing, and what it took to successfully build a robust, profitable, and even record-setting brokerage influence on a community that beforehand never knew she existed.
How to Build a Sphere of Influence in Luxury Real Estate
These are a few foundational luxury networking tips that will surely foster grass-roots growth for your luxury home marketing and buyer/seller network that have been proven true time and time again by the success of some of the most successful luxury real estate professionals to date.
Seek Out Mentorship
If you’re a new real estate professional lacking knowledge, it would be in your best interest to go with a larger company/brokerage that has daily training and mentorship opportunities. Some companies even offer business coaching in-office on a daily basis, but you can’t expect that everywhere. Unfortunately, many brokerages don’t have one-on-one sessions or training, leaving you to fend for yourself.
So, don’t be afraid to ask for help! Confidence in yourself is important, even in the way you carry yourself before your clients. If not, clients won’t be confident in your abilities as their trusted luxury real estate professional. Knowledge is power — of the neighborhoods you’re selling in, for instance. People will trust you to guide their decision-making.
Get Involved In Your Community
The real work involved in building your network of friends is getting involved in your ideal farming location. If you’re gonna live and broker in a community, find something you’re passionate about giving back to the community. This is the only way you’ll win the trust as an outsider coming in.
Join different groups, like political organizations, yacht clubs, rotary clubs, etc. Develop your network of friendships/relationships with those you rub shoulders with and get to know during meetings or group activities. But make sure not to over join, and don’t join solely with the intention of drumming up new business (this should never be your primary focus as a community member). Join a group or organization you are passionate about giving back to and make genuine connections with those around you—without a business-focus-first approach. If you can find your way around like-minded people, you’re likely to get some new clients out of it as a result.
Heinkel mentioned her own experience in her downtown community’s rotary club she had joined, and even became president of, recalling “a couple of Rotarians that reached out to me to sell their house.”
It happens over time. Remember, it’s all about the long game when forming relationships.
Leave a Personal Touch
Write your “thank you” notes with personal touches, especially to those who send you referrals. Make sure you’re also making personal phone calls, keeping in touch, and staying top of mind, or else your client might feel neglected and start looking elsewhere.
Personal touch is really the most important element of ongoing contact with your referrers, buyers, and sellers. Hundreds of dollars of postcards amount to nothing without actively engaging with your sphere of influence.
Block Your Time for Relationship Building
Taking people to lunch or having coffee is a great way to really humanize your relationship with your clients, but it can also take quite a lot of your time — too much if you’re not careful. Make sure to be selective, and don’t overwork yourself. What does your week look like for time blocked for personal connections? Keep up with your list of buyers and sellers, noting those you haven’t connected with in awhile. When it comes down to it, especially if you’ve got a long list and a busy schedule, some of your contacts are likely to fall off the radar regardless.
But don’t beat yourself up!
You will find your niche clientele so long as you remain genuine in your network building in your target area of interest.
Define Your Intention/Passion
Set your intention. Know exactly where you want to farm, and simply participate and be as involved as you can in the area. Attend local events, visit the beach, frequent local businesses like cafes, popular brunch spots, or the hottest local restaurants. Check out any social groups that meet in the area of your niche interest.
Focusing very clearly on your intention will only support your quest to find those quality client connections waiting for you. Don’t waste your energy or focus on competing real estate professionals and brokers. Always focus on the object of your passion instead.
Implement these foundational principles in your network growth strategy, and before you know it, you’ll find yourself on your way to establishing a stronghold in your niche location.
Become an Institute member today and get access to some of the top producers in the industry and ready-to-use marketing tools giving you the competency and competitive edge no matter your niche real estate market.
The Institute also offers a wide range of resources for you to invest in yourself at any stage in your luxury real estate career—even if you’ve just begun!
Diane Hartley is the president of the Institute for Luxury Home Marketing, a premier independent authority in training and designation for real estate agents working in the upper-tier residential market. Hartley brings her passion for luxury marketing and more than 20 years of experience growing and leading businesses to her role as president of the Institute.