Episode #114 Breaking Into the Luxury Market with Michael LaFido


During this episode of the HyperFast Agent Podcast, host Keri Shull speaks with Michael LaFido about how to dominate the luxury space. Michael shares tips about how to gain the knowledge and confidence you’ll need to impress sellers with high-end and luxury listings. He also provides insight into marketing strategies that can set you apart when you enter a higher price point.

Episode Highlights: 

  • Like many realtors, Michael was selling average-priced properties, and then started focusing on high-end homes and luxury.
  • There are four price point buckets: entry-level, average priced, high-end, and luxury. This is true in any market.
  • Just because your area doesn’t have million dollar homes doesn’t mean there’s not a luxury market in your area. These terms are relative.
  • Diversify your portfolio of listings.
  • If agents don’t have the knowledge, they don’t have the confidence. If they don’t have the confidence they’re not going to step out of their comfort zone to win a listing at a new price point.
  • Listing agents for high-end properties may want to get in front of your audience and it could be mutually beneficial to do a video with them.
  • Go live, talk to the listing agent about the home and why it’s unique.
  • Many agents need to let go of limiting beliefs to step out of their comfort zones.
  • Michael’s systems work at price points all over the country.
  • Growing your knowledge, growing your database, growing your sphere of high net-worth individuals, are all ways that you can increase your average sale price.
  • As a mother of three, Keri will take her minivan to any listing and feel confident.
  • Knowledge will make you more confident. Know your market. Know your unique value proposition.
  • Be yourself. Be likable. Try to figure out if people have similarities to you.
  • Being yourself is half the battle.
  • How does Michael differentiate himself when he’s in high-end appointments?
  • He does amazing lifestyle videos and holds amazing events at their properties.
  • You have to be creative. You’ve got to be hungry. You can’t do the same things as everybody else.
  • Michael’s team has created longer narrative videos as well as short videos for social media.
  • Michael created a certification that will help you to become a Luxury Listing Specialist.
  • They don’t have a sales requirement for their certification program.
  • If agents are interested, there are many ways Michael can help them land a luxury listing.
  • Call Michael and he can provide services that will help you craft the story you need to tell at your listing appointment.
  • Think like a marketer.

 
3 Key Points: 

  1. Knowledge and confidence will prepare you to take luxury listings.
  2. Think creatively about how to market high-end homes. You can’t do what everyone else is doing at a certain price point.
  3. Every market has a high-end and luxury market that is relative to the average cost of homes in that area.

 
Tweetable Quotes:

  • We teach agents to diversify their portfolio just like a financial advisor would.” – Michael LaFido
  • “Growing your knowledge, growing your database, growing your sphere of high net-worth individuals, are all ways that you can increase your average sale price.” – Michael LaFido
  • “Go in and be yourself. That’s half the battle.” – Keri Shull
  • “You have to be creative. You’ve got to be hungry. You can’t do the same things as everybody else.” – Michael LaFido
  • “Once you have the story, then you put the marketing plan in place to tell that story.” – Michael LaFido

 
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