- The demographics of wealth in the U.S. have changed. The wealthy are no longer just family money benefactors and rich retirees.
- Think the most valuable asset of the wealthy is money? Think again. It’s time. Don't waste it.
- The focus of luxury real estate agents has to center on their clients' needs and desires.
The name of the game in luxury real estate used to focus on old money. The wealthy in the U.S. once centered on people who came from rich families or spent their lifetime building their fortunes. But all of that has changed, and that change has forced luxury real estate agents to adapt their sales tactics and focus on the new affluent consumers.
This means you have to find ways to protect their time. If you waste their time, you become a liability. For instance, one agent made the mistake of telling his client too many personal stories when the client had other things he needed to do.
The client was clearly irritated, but remained respectful and said, “You’ve already told me far more about this than I care to know.” The agent got the not-so-subtle hint and stayed focused on the business at hand.
One of the best ways you can optimize your time with your clients is to find out who they are as people. Ask them important questions to find out exactly what they like and what they want.
This will reduce wasted time and make them feel like their desires are front and center. For clients buying a home, don’t waste their time showing them homes that obviously won’t fit their needs and desires.
Remember, your clients’ time is extremely valuable. It’s their most valuable asset. Time is money, and they want to experience life like a 5-star resort. So be prepared to make the most of their time when you have their attention.
The new wealthy are younger — usually between 45 and 60. This age change has dramatically changed the priorities of the affluent. Although the old guard and blue bloods were more leisurely, the new wealth is typically still very busy and active in their business.
They love to be on the move. They’re movers and shakers. That means luxury real estate agents have to know how to cater to these clients.
There’s a fine line between telling a few things about yourself to build a relationship and staying too focused on yourself. If your clients want to know more about your personal life, they will ask.
Remember, your focus should be on your clients. You have to do everything you can to make them feel like the most important person in your world.