A Marketing Plan That Will Rev Up Your Income

Possibly the most important part of your business plan is how you will market yourself to potential clients. If you are unable to demonstrate to buyers and sellers why you are the right agent to represent them, the rest of your business plan means nothing. Watch our video below to learn how to successfully market yourself to potential clients and grow your income.



For more on marketing your business, sign up for our selection of marketing-focused courses.

This Week in Real Estate | AgentEDU.com

This Week In Real Estate: New NAR Vice President Named, A Revised MLS Policy And More

The National Association of Realtors was busy this week naming its 2016-2017 vice president and approving revisions to its Handbook on Multiple Listings Policy. Stay current on industry news with our weekly news roundup:

  • Single-family homebuilding is showing encouraging strength in 2016, according to new numbers from the U.S. Census Bureau. According to analysis from Ralph McLaughlin, Trulia’s chief economist, single-family starts are up 13.1 percent in the last 12 months, compared to the same time period in April 2015.
  • The U.S. Chamber of Commerce Foundation, 1776 and Free Enterprise recently released a joint analysis of the best cities in the country for startup companies. Find out if your city made the list here.
  • Illinois Realtor Mabèl Guzmàn will be a 2016-2017 NAR vice president, according to a new release from the Illinois Association of Realtors. Guzmàn, a broker for @properties in Chicago, will focus on association affairs, and will be part of NAR 2017 President Bill Brown’s cabinet. She will be joined by 2016 NAR President Elizabeth Mendenhall, and another vice president, Kevin Sears of Springfield, Mass.
  • The National Association of Realtors board of directors approved revisions to its Handbook on Multiple Listing Policy that will henceforth require all members have the rights to any listing content entered into the MLS. Learn more about the policy update here.

This Week In Real Estate: REAL Trends 500, Best States For Working Moms and more

Do you work for one of the leading brokerages in the country or live in one of the most accommodating states for working moms? Learn this and more in our weekly news roundup:

  • Every year, REAL Trends, a leading source for industry analysis and information, publishes its 500 lists, which rank the country’s top residential brokerages by transaction sides and total sales volume. Did your residential brokerages make the REAL Trends 500? Find out here.
  • A recent study from WalletHub identified the states that are most accommodating to working moms. The study looked at cost, quality and availability of child care; the professional environment as it pertains to women (i.e. gender pay gap, ratio of female to male executives, median salary, female unemployment rate, etc.); and average afforded work-life balance, which weighed policies on parental leave, as well as the length of the average work week and commute.
  • RealtyTrac recently reported that 1.4 million loans were originated on U.S. residential properties in the first quarter of 2016 in its Q1 2016 U.S. Residential Property Loan Origination Report. Daren Blomquist, the senior vice president at RealtyTrac, commented on the 12 percent nationwide decline, “After a surprisingly strong 2015, the mortgage refinancing market started running out of steam in the first quarter of 2016, despite lower mortgage interest rates.” Learn more about RealtyTrac’s recent report here.
  • According to a new analysis from Zillow, more Millennials now live with their parents than at anytime in the last decade, as wages for Millennials have fallen across all industries since 2007, home prices have risen, student debt has skyrocketed and savings rates have plunged. Find out what percentage of your city’s Millennials have moved back in with their parents here.
A luxury home sitting room with chandelier, brocade sofa and marble floors.

The 4 things all successful luxury agents do

All agents strive to reach high levels of production, so we’ve put together four tips for making your way in luxury real estate.

 

 

1. Capitalize on a Unique Skill Set – Many luxury agents did not start their professional careers in real estate. Some worked in investment banking; others were appraisers; and some worked in the corporate business world. But regardless of one’s background, there is one constant – they all bring something unique to their business. So even if you did not work in corporate America for 10 years, you should still consider what distinguished skill set you can bring to your luxury business and advertise to differentiate yourself. Failing to advertise your unique skill sets means you’ll get lost in the crowd of agents and lose potential clients who might look elsewhere for their home-buying and selling needs.

 

 

2. Complement the Lifestyle – Sure, luxury homebuyers want premium finishes and top-notch appliances, but more importantly, they want a home that complements their lifestyle. For instance, if your buyer is a fitness freak, look into luxury new construction developments in your area with state-of-the-art fitness centers and amenities like yoga rooms and juice bars. Perhaps the buyer is a gourmand, and loves sampling different cuisines? Target homes with top-notch custom kitchens or areas known for their culinary offerings. You’ll need to understand your clients’ lifestyle standards as well as you know your local market to find the perfect home for them, so make sure your market research is up to date and you know what to ask in your initial meetings with prospective clients.

 

 

3. Know the Financing Pitfalls – Most lenders set $3 million as their maximum loan amount, and jumbo loans require multiple appraisals. As a luxury agent, you’ll need to be well-versed in the particulars of financing high-end home purchases, especially for international clients who may not have the same access to conventional financing as American consumers. Clients turn to you as the expert – don’t fall short of their expectations or guide them in the wrong direction because your knowledge of the financing process is incomplete.

 

 

4. Market Outside the Box – Remember what we said earlier about a luxury home complementing the lifestyle of the client? That is similarly true for the buying and selling process. Your typical listing photos and open houses won’t cut it with luxury properties. If you want to impress your clients and draw in potential buyer, you’ll need to use marketing materials that are similarly consistent with the luxury brand and lifestyle. Whether it be high-quality glossy pamphlets, drone video or an elegant, professionally designed website featuring high-definition photography, you should be prepared to think big, invest and meet high standards with your marketing efforts.