Friday Business Talk
How To Break Into The Market Of Luxury Real Estate Sales from Low ticket Sales
Written By Dr Laide Okubena
Are you thinking about getting into real estate? Luxury real estate definitely is very lucrative.
Probably all you have been selling is epe , Ibeju-Lekki and mowe ofada cheap landed Property or apartments only.
An average real estate agent would earn about $45,737 per year about 25, 155,359 Million Naira. If you focus on luxury real estate, you could get this with just one sale. But how do you actually break into the market of luxury real estate sales?
Especially when you are still struggling to even sell normal properties.
Luxury real estate offers bigger commissions. You could sell 200 Million Naira home/ 1Billion Naira Home or 25 average priced homes or property.
One sale versus 25 sales – that’s a lot. And even if you earn ten times more, it often doesn’t take ten times more work – if you know how to do it. This market niche is also more stable and less affected by market swings.
What Are Luxury Real Estate Sales?
What’s the difference between luxury real estate and simple real estate? Simple real estate is considered a low-ticket item. When you sell such a regular piece of real estate, you will have to focus on money. This means that your prospects likely have smaller budgets and want to find cheap deals. In this case, you’re negotiating with their wallets. That’s very thought to do because you can’t change the amount of money that is in their wallet. Even if you are a genius at selling real estate, you can’t talk them into having more money.
But luxury real estate is different. Luxury real estate is a high-ticket offer. People who buy have their budget already figured out. Money isn’t that big of an issue for them. For prospects like this, you as the seller have to focus on their emotions. They want to feel good about their decisions. And they want the whole process to be a special experience.
Oldschool Sales Methods Don’t Work
You can’t make a high-ticket real estate sale by using sales methods that are pushy. It’s also no good to be slimy or unethical. Today’s prospects are immune against those old-school sales methods. It will only turn them off.
You cannot sell high ticket Products like you sell a land of 800k in Epe.
Selling Apartments or Houses in Banana Island or Ikate is not the same as selling land of 1 M or 2.5 M in Ibeju-Lekki.
Be The Closer You Know You Could Be
To break into the market of luxury real estate sales, you want to sell Dubai luxury apartments or Even Banana Island or Parkview Houses and Lekki Phase 1 and Ikate Properties, Ikota , ologolo and Chevron Houses.
you have to perform. You have to be comfortable with money, luxuries and affluent people. If you didn’t have that in your life before, it might be a bit uncomfortable.
Dan lok experienced the same when he visited his mentor Dan Pena at his castle for the first time. Back then Dan Lok didn’t have a lot of money. But Dan Pena was so rich. They were sitting at the table having dinner together and on the table sat a bell to ring for the waiter. At first, Dan Lok was very uncomfortable with this kind of wealth.
The good news is, you can get used to it. And you actually want to do that. Get yourself familiar with luxury. Work in the lobby of a fancy hotel in Ikoyi.
Get an abo of Robb Report or other magazines that wealthy people would read. Get an understanding of the world they are living in.
You would want to avoid bend select or cheap or old clothes to do luxury real estate sales or taking okada to a business meeting with an Affluent Client or Prospect in Ikoyi.
You also want to dress the part. Not just during the close, but anytime. You never know where or when you meet your next client. So you always want to show up as the best version of yourself. No matter what you are doing. Being a luxury real estate closer should be part of your identity.
I would be sharing on this weekly to get realtors familiar to the high end properties especially those used to just selling epe or Ibeju-Lekki of the cheapest prices only since they began their career.
Question of the day
How prepared are you to start selling high ticket or high end properties especially if you have been selling only cheap properties previously?
Thanks for your attention and please enjoy your day
© Dr Laide Okubena
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