Luxury Experts are Always in High Demand
April 1, 2022
Global Real Estate Representation Private Client Group
Arizona real estate is robust, for sure. We are one of the strongest states for residential building and resales, across all levels: starter homes to move-ups through luxury estates. In part because our beautiful state is still El Dorado in the national psyche, everyone wants to build or buy a home here; residential builders are thriving. For retirees, new families and transplants from Wisconsin to California, AZ is the place to be.
But what we need is not more Arizonans selling real estate; we need better-trained Arizona professionals who understand the skills required to do this at the highest level. We need excellence. Offering this key service should require more extensive training and experience, and this should begin with the concept of product knowledge. How can you be a good advisor if you haven’t learned all the features and values about the product you’re representing?
Consider Chanel, Hermés, Rolex, Tiffany, Bentley, and BMW. These luxury manufacturers extensively educate both new and veteran salespeople on how their distinguished products are designed, built and valued. In this way, they can sell their unique features anywhere in the world as long as they speak the local language. One lingo, for sure, they’re fluent in everywhere is the brand: They’re eloquent on why they believe their products are best in value.
That’s why everyone selling real estate should thoroughly understand all aspects of the entire process: from the raw land through the community development stage; affordable housing; multi-family; and, of course, custom homes. And, to obtain these skills to be competitive in the marketplace, new licensees should be required to take additional courses covering basics in land topography (civil); usages (zoning/setbacks); utilities (engineering); roads; access; footings and foundations; architectural designs; materials differences; built grades; and the benefits of real estate ownership.
Recent licensees should also receive experience working with a master real estate professional who can train them about VALUE: value by location, condition, style, material grade and build quality. An experienced professional can mentor them before they are licensed to work on their own.
Luxury Details Make Value
Only seasoned agents can inform their clients of true market value and point out that value, giving credit where it is due and withholding it when it is not so appropriate.
If you help people sell their homes, do so with extensive knowledge of the area, product and the supporting comprehensive market analysis. If you’re helping a buyer, know what’s available on-and-off market coupled with what constitutes the real value of an asset. Earning their future resell business is paramount.
An experienced real estate advisor should be able to demonstrate his or her in-depth knowledge –– not just the advertised square footage or the labeled appliance brands in the home. That’s easy.
A knowledgeable advisor, for instance, can differentiate levels of workmanship in the finishes, the casework, flooring, lighting, built-ins, technology, craftsmanship and installation: how it is all put together. An informed agent will probably know the architect or his or her work and what distinguishes it in siting, style, and level of design detail. So, too, with the builder and interior designer. The distinguished agent/advisor should be able to point out those details to the client.
A market expert should know the local trades, builders, designers and architects because he or she has listed and shown homes designed and built by them, and has called on this knowledge to facilitate selling the properties at the best value. Not every agent can do this, and these elements differentiate homes, adding distinction and value.
Similarly, a knowing advisor is aware of what distinguishes different parts of the Valley. A $6-million home in one area may not have the value of a similarly priced one in a community that attracts more distinguished design and construction professionals because of its panache. Not everyone knows this; an advisor expert in the local market should know the premier addresses clients could call home.
Working Every Day at Excellence
Striving to offer clients exalted service and to differentiate your services from others in an increasingly competitive market is key.
Become an honest advisor, ask a slate of questions to arrive with best solutions for them and their family. For Buyers purchasing a home or a lot to build their families dream home, the process is never alike. For clients selling, a pro must completely educate him or herself on their properties, including frequent visits to ensure that you know their home well; perhaps connect with everyone who has been involved in the home’s design, build and maintaining it.
A number of books have recently focused on excellence (Latin: “to raise, to surpass”). Our computer-based culture is mesmerized by speed, volume and getting on to the next buck. We want results quickly but don’t want to dedicate the time to generate the best results for ourselves and for others who depend on our performance. As real estate professionals, we need to expect this excellence of ourselves and new licensees who are joining us in the industry.
For example, Dana LaMon’s The Excellence Book offers 101 principles for better living. The first one exemplifies the standard we should set for ourselves in the real estate business: “To excel is to do better today than you did yesterday.” That’s a high order; think what you have to accomplish in just one week to satisfy that goal. But what a difference that will make for your clients –– and your bottom line.