Billy Nash doesn’t disagree that cutting-edge tools can help any luxury practice, but at the end of the day, good, old-fashioned, personal relationships are what make agents irreplaceable.

How do you thrive in today’s luxury market? Don’t miss Inman’s Luxury Connect, October 15-17, 2019, in Beverly Hills, California. Walk away with the marketing, technology and luxury intelligence to grow your business while expanding your referral network with built-in networking sessions. Join 500 of the most notable names in luxury real estate. Reserve your spot here.

Call me old school but having a trailing gross commission income of $75 million, I haven’t heard a word from my luxury real estate clientele about this wave of disruption, nor has it effected my business.

In fact, I think it’s helped my business tremendously easily dismantling this notion of robots taking over.

It’s seems that every day I read more and more headlines about the new era of real estate technology disrupting the way real estate agents do business. Some even claim that we will someday be replaced by AI, robots spitting out algorithms to facilitate the transaction.

I even keep reading about real estate brokerages claiming to now be technology companies. What? I’m confused.

Who wouldn’t be with headlines like these:

I don’t disagree that cutting-edge tools can help your luxury practice, but at the end of the day, it comes down to good old-fashion relationships that will continue to be irreplaceable.

Bulletproofing your luxury practice is critical to differentiate yourself.

Be the adviser

Be the adviser to your clients with knowledge expertise of your markets.

You must be the one-stop shop for solutions not just the facilitator of a luxury transaction.

Refering tax planners, title companies or private banks for lending solutions is a must.

Be sure to have relationships with established vendors. Vetting though is critical. Your reputation is on the line at all times when introducing trusted advisers. Meet each and every person you might refer personally, so that you can introduce him or her to clients. Vendors, in turn, might also be a vehicle for earning referrals and business as well.

In the luxury sphere, wealth advising is critical as well. Take a look at what David Friedman, creator of the world’s leading database of ultra-high-net-worth consumers, had to say at Luxury Connect on becoming a real estate wealth adviser below.

Solve the problems

The luxury real estate adviser is irreplaceable. I think one of the biggest issues luxury agents face is working through what a property is actually worth versus what your client thinks it’s worth.

Before hitting the market, put a plan in place, so that if there’s a lack of activity in the first 30 days, which probably means the home is overpriced, you have room to adjust and reduce the price.

Technology isn’t going to sit with your clients to work through this issue. It’s you, the trusted adviser. I also walk clients through absorption analysis prior to listing. It will help your pricing strategy.

Add value

Luxury advisers add value in different ways. For more seasoned professionals that come from other industries draw from your former careers expertise.

For me, I spent 20 years as a licensed private banker, advising ultra-high-net-worth individuals. I like to add value by discussing the economy, interest rate trends, the stock market, global travel experiences and current events.

Adding value by negotiating deals and having the confidence to close them will always dominate over the so called virtual agent of the future.

Technological tools to enhance your capabilities are here to stay, and of course, add value to the overall process. As consolidation in the brokerage industry continues to pick up momentum and real estate technology is being pitched as the new normal, I just don’t see the relationship-driven luxury agent being replaced.

Whether five, 10 or 20 years in the future, it’s the human touch that will always win the business and make the difference.

Billy Nash is the founder of Nash Luxury at The Keyes Company. Follow him on Facebook or Instagram.

Reserve your spot at Luxury Connect here. Thinking of bringing your team? There are special onsite perks and discounts for team who register together. Just contact us to find out more.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×