There are many, many challenges when it comes to selling high end real estate.
To the uninitiated, this may not be immediately apparent. One might see a listing filled with beautiful pictures of a house in a perfect location filled with luxurious touches, and then assume that, surely, somewhere out there, someone is going to scoop that beautiful thing right up off the market, despite the price tag.
That might be true in some cases, but the reality is a bit more stark.
“According to the 2015 NAR Profile of Home Buyers & Sellers,” Srivatsaa writes, “only 8 percent of first-time and repeat buyers earn $200,000 or more annually, 10 percent bought homes priced at $500,000 or more, and 9 percent purchased 3,501 square feet or more.”
“Due to the limited quantity of higher-end properties and the relatively small number of prospective buyers who can afford them, selling luxury real estate comes with inherent challenges.”
Fortunately, Srivatsaa is Teles’ President for a reason, and in the piece he outlines three ways agents can get the edge they need to make the sale in a very competitive market.
First and foremost, Srivatsaa touts the Teles use of data and research to find out which of their practices are producing the best results. “With our in-house marketing studio, we have created a crowdsourced system of the best marketing campaigns across our five-county footprint,” Srivatsaa says. “Additionally, because of our firm’s proprietary cross-marketing software, each listing can potentially reach the personal database of every single agent at the firm, allowing for incredibly deep exposure.”
He also puts forward social media as a great way to connect with clients, with each platform serving a different function. Facebook is great at keeping an eye on user data – who’s clicking through, and to what – while Instagram snags the eyeballs of strangers and Snapchat keeps relationships authentic and strong.
Finally, Srivatsaa recommends robots. Well, not technically. But the use of automated tools and reminders that organize links, share appointments, and even send little messages help free up time to focus even more on building crucial client/agent friendships.
Read the entire piece in RealtorMag here.