Many agents make the mistake of trying to appeal to as many sellers as possible. Then, when they promote a listing, they repeat the same mistake with buyers. How does appealing to everyone kill differentiation? Why should videos for luxury listings tease the viewer instead of giving them a full tour of the property? And why shouldn’t we try to be a jack-of-all-trades? In this episode, Patrick Lilly, a top broker, shares the lessons he learned during his three decades in real estate.
When you are selling luxury properties, you are selling aspirational living— not kitchens, bedrooms, and bathrooms. -Patrick Lilly
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3 Things We Learned From This Episode
Personal development comes first
If we’re unhappy with the world, we shouldn’t try to change others but rather change ourselves. If we want to become better real estate agents, we have to work on our personal development first.
Videos for luxury listings should tease the viewer, not give them a tour
In the luxury market, the videos used online should work as a tease. Instead of showing every corner of the property, we should focus on the elements that showcase the kind of lifestyle the potential owner will have and create a story around the property.
We shouldn't aim to be a jack-of-all-trades
Many agents make the mistake of trying to represent as many properties a possible and try to sell properties to as many people as possible. Instead of focusing on numbers, we should focus on the quality of the properties and on promoting the properties in a way that we attract clients who like us the way we are.
The best way to find people who are willing to pay the most for a listing is to have the ideal buyer in mind and market only to that type of buyer. We don’t want to be flooded with bidders or waste too much money on marketing to everyone. Instead, we should niche down and find the value proposition of the home. If targeted, the people who are the ideal buyers will pay more because they value the property more than the rest of the buyers on the market.
Guest Bio
Patrick Lily is a real estate broker, coach, and speaker with over 30 years of experience in real estate and more than 1,000 homes and 1.35 billion worth of property sold. He was featured in the Wall Street Top 250 and was given the Keller Williams’ Pinnacle Award. You can find out more about Patrick and his educational programs along with speaking and seminars here.