CALIFORNIA 5-15-23

CALIFORNIA EDITION

Tips on Breaking Into the

RECONSIDER REFERRAL-ONLY

LUXURY MARKET

WHEN PLANNING FOR THE FUTURE

HOW TO INCORPORATE CURRENT EVENTS TO YOUR EMAIL BLASTS AND STAY RELEVANT

Millennial Buyers: Where They Are & What to Know

COVER STORY

AREA SPECIALIST

KIM RICHMAN

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KIM RICHMAN

CONTENTS 4) TIPS ON BREAKING INTO 15) RECONSIDER REFERRALAREA SPECIALIST THE LUXURY MARKET ONLY WHEN PLANNING FOR KIM RICHMAN THE FUTURE 6) HOW TO INCORPORATE CURRENT EVENTS TO 20) MILLENNIAL BUYERS: YOUR EMAIL BLASTS AND WHERE THEY ARE & WHAT TO STAY RELEVANT KNOW

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Tips on Breaking Into the Luxury Market So, you’ve been doing residential real estate for a while and you’re looking to up your game. A lot of people consider going into the luxury market at that point. Or, maybe you started in the business always intending to specialize in luxury properties and were just learning the ropes before you tackled one of the industry’s most lucrative specialties.

No matter the reason, the luxury market is a whole new ballgame and you don’t want to go into it unprepared. First impressions are everything in this business, especially when you’re dealing with wealthy clients and investors. Here are few things to consider if you’re thinking of going from starter homes to estates.

LEARN HOW THE LUXURY MARKET AND CLIENTELE ARE DIFFERENT As experienced as you might be in traditional real estate, the luxury market is almost like starting at ground zero. Everything from the buyers, to the sellers, and obviously, the properties themselves, will take a new approach.

One of the key ways it is different is that the feeling of exclusivity truly matters. You will be doing more targeted marketing through high-end networking groups as wealthier clients tend to be more comfortable when 4

you come recommended by people they trust to have the highest standards. There are no mass-marketed open houses. It’s all about private showings. Although professional, one-on-one service is key in this business no matter what the price point, wealthier buyers are accustomed to concierge-style service, and the way to stand out from the rest is to provide service that goes above and beyond what even they expect.

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LOOK THE PART If you’re thinking of going the luxury route, creating high-end branding and marketing yourself properly is of the utmost importance.

That includes your own personal look. You and your business will need a total makeover, or at least a major upgrade. It might even be time to buy that new car you’ve always wanted. It is also key that all of your marketing materials are high end. So start gathering a stable of highly-trained professionals,

photographers, and stagers as every aspect of the service network you’ll be providing complements the brand that you’re selling.

It’s well worth the time to get all of this nailed down and seamless before you even think of entering the luxury market. Another good investment? You want to have an indepth knowledge of all the latest real estate technologies and innovations. Don’t just look the part, actually be on the cutting edge.

SELL THE LIFESTYLE Yes, you’re selling a home, but you’re also selling a lifestyle, which in luxury is almost more important. When someone is spending millions of dollars on a home, they want to see the fabulous life they will be living in their new digs. Really highlight amazing party spaces, unique one of kind features,

and amenities. As with anything of value, things that make a property rare, will automatically make it more appealing to people who can afford the best. It also helps people connect more emotionally with a home, giving it even more value than if you just try and sell it as a good investment.

NETWORKING, NETWORKING, NETWORKING Networking is an important aspect of this business at every level, but it a vital tool in the luxury market. Most of your referrals and targeted marketing will be done through luxury agent exclusive networking groups. In addition to that, it is even more important in this segment of the business to be actively Top Agent Magazine

involved in your community through volunteering and supporting local charitable events. You will not only build a stellar reputation, but you’ll also be giving back to the community you represent, and ultimately, integrity is what it’s all about in this business.

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How to Incorporate Current Events to Your Email Blasts and Stay Relevant Email marketing is a cost effective and straightforward method of getting your name and services in front of clients with just a few keystrokes. This tried-and-true approach to digital marketing is a favorite of many, and there are countless ways to customize (and maximize) your email blasts to reap superior results. Despite this, many real estate profes6

sionals are content to standardize their email advertising and take a broad, one-size-fits-all approach to capturing interest and leads. While an up-front sales pitch certainly has its uses and benefits, it doesn’t hurt to shake up your routine and refresh your email marketing approach by adding specifics that draw renewed interest from your audience.

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One way to accomplish this is by tying in current events and local happenings to your email blasts. After all, your sphere of influence likely receives countless marketing emails per day. To cut through the noise, sharpen your message with a few specifics that separate your communications from the pack. Not every email should be focused on closing a sale, or else your audience will learn to stop listening.

How do you build your brand, stay top of mind, and keep the lines of communication open with your clientele? Here are a few ideas to get you started.

against an old rival? Do they host themed fan days honoring veterans or catering to families? Tailoring your communications to a local sports franchise’s big news or next event can draw intrigue and provide added value for your clients. Remember, not every communication you send should be focused on pitching and closing a sale, otherwise your audience will tune out your emails altogether. Instead, incorporate fun, community-oriented content that lets readers know you’re a resource for much more than real estate.

Sports news makes a splash

Become a one-stop-shop for holiday fun and seasonal ideas.

People love to rally behind the home team.

Is a regional, local university, or professional sports team in your area headed to the playoffs or the championship? Are they facing off

From Mother’s Day to Thanksgiving, anyone can send an email wishing clients a happy holiday. While the sentiment is a good one, you’ll be one of dozens flooding inboxes with

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your well-wishes. Instead, go beyond the traditional greetings and good tidings and become a hyper-specific resource for clients. Create a gift guide for Mother’s Day, outline family-friendly local events occurring in your area around the holidays, or engage in a promotional partnership with a local business who’s offering a holiday special of their own. In other words, don’t settle for just saying hello during certain times of the year. Instead, up the value of your email blast by offering clients curated information that relates to their interests and area.

Doing so makes your emails a must-read, while demonstrating your ability to go the extra mile.

Pop culture serves as a fun and timely tie-in.

Is a new gaming app sweeping the nation? Have your social media feeds been flooded with the same viral video? Is everyone gossiping about the same TV show premiere? Pop culture tie-ins in your email marketing campaigns can be extremely effective, but in order to for

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them to work, you’ll need to move quickly and keep your focus on the phenomenon, rather than your service pitch. The goal behind pop culture marketing tie-ins is communicating the progressiveness and hip factor of your brand, while capturing timely, topical interest that’s at a fever pitch. Everyone wants to be in on a running joke or trend, and if you leverage trending pop culture moments in your email marketing, you’ll be able to draw views and clicks from a wide audience.

Plenty of services offer standardized email marketing templates and content for today’s real estate professionals, and while the motivation behind marketing is transactional, your communications don’t have to be. The surest way to make an impact in your clients’ inboxes is to add original value and break apart from the pack. Consider updating some of your routines with these current events oriented techniques and your email audience is sure to take a second look.

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AREA SPECIALIST

KIM RICHMAN

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K I M R ICH MAN

It’s experience that makes the difference.

Recently recognized as one of America’s Best Real Estate Agents by RealTrends, Kim is in the top 1.5% of all agents nationally and the top 1% of agents in Santa Clara County, California, where she is based.

REALTOR® Kim Richman has always had a knack for sales — before houses, she worked as a jeweler for 15 years.

She then moved over to the mortgage business for four years before becoming a full-time real estate agent. Recently 10

recognized as one of America’s Best Real Estate Agents by RealTrends, Kim is in the top 1.5% of all agents nationally and the top 1% of agents in Santa Clara County, California, where she is based. Leading her team at Compass, Kim Top Agent Magazine

focuses her efforts on helping homebuyers and sellers throughout Silicon Valley and Santa Clara County. After almost three decades of building her real estate business, her tagline, “It’s experience that makes the difference,” summarizes her reputation as a REALTOR® people can trust.

As a native of Silicon Valley, Kim is widely regarded as an expert on the local market. Almost all of her business comes from repeat and referral clients who are aware of her ability to make sales happen quickly and efficiently. Her background

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in lending and certification as a Master Negotiation Expert make her an invaluable player at the closing table. “I anticipate problems and needs before they happen and use strategic thinking to achieve the outcome we want,” explains Kim. Before the sale of her listings, Kim’s marketing efforts begin with property preparation. With a background in interior design and a keen eye for detail, she knows how to make homes look their best. Her team has a thorough system in place for getting properties ready for the market,

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including renovation if needed, staging, cleaning, and taking professional photos and videos. “We do anything needed to appeal to today’s marketplace,” she says.

“Knowing the market and pricing the home correctly is the final piece in the puzzle. It’s so important that you get that right from the start.”

Very involved in her community, Kim hosts many events throughout the year to raise funds for non-profit organizations and bring her clients together. Her signature annual event is a Red Shoe party for International Women’s Day in support of

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Dress for Success. She is also the partner agent for Life Services Alternative and the largest agent donor and sponsor of the local school system.

As Kim looks to the future, she plans to continue to build her team, adding carefully selected agents who will follow in her footsteps by providing a high level of care for clients. While her sales volume totals between $60-100 million per year, it’s the joy of seeing her client’s happy faces when they find the perfect home that motivates her every day. “It’s always worth the extra effort to get my clients to the right place where they’ll be happy for a very long time.”

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To learn more about Kim Richman, call 408-406-9533, email kim@kimrichmanteam.com, or visit kimrichmanteam.com www.

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Reconsider Referral-Only When Planning for the Future

A 100% referral rate is a testament of client happiness. But even a 30% referral rate is proof of client satisfaction. It’s all relative, say some agents. One number pays tribute to past success, which is certainly a story worth telling. But the other might better predict the future. Many agents plan for the idea that Top Agent Magazine

working only on referral may not be sufficient during slower times of the year, in a down market, or when an agent needs to expanding into a new sector.

Unless you are clairvoyant enough to flawlessly predict every market change or every

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Many agents plan for the idea that working only on referral may not be sufficient during slower times of the year, in a down market, or when an agent needs to expanding into a new sector. life change that your clients and referral partners may experience, it’s wise to maintain an active marketing presence. The reasons vary, however, depending on the goals and trajectory of each individual’s business.

If long-term success, a growing team, a legacy or expansion into new areas are not priorities, then working a sphere of influence may be enough for some agents, especially those who may be in the industry mostly for the love of the business. But for a majority of agents, no matter how much they love their work, their real estate and mortgage businesses are careers, first and foremost.

Let’s start with the team-builders and mentors. Agents and brokers who are building teams are wise to invest in business marketing, advertising and community outreach. Ty Hutchins, who owns and operates Ty & Company Real Estate in Colorado’s Front Range, says that, while she could personally live off referrals alone, her goal is to build up her agents. “I do the marketing piece for my team, so I can help them succeed,” she says. That marketing includes running commercials on TV and in movies theatres, as well as lead generation that identifies potential buyers, sellers and 16

investors between the Colorado Springs and Denver markets. Her team’s goal, she adds, is to promote their reputation of being honest, hardworking professionals with the reach of a major brand but the personalized approach of a boutique.

Then there are the growers. Khrista Jarvis and Nicole Jung of The Khrista Jarvis Team in the San Francisco Bay Area, are on a considerable growth track. “We’re the #1 team in our area and the top team in Compass Real Estate nationally,” explains Khrista. While high marks for service on behalf of their clients have led them to these heights, they know that they must continue to evolve and market their brand. “We do a good deal of social media marketing for our listings and for our business,” she says. Their names, therefore, are frequently linked to sentiments of trust, dependability and market knowledge, both in their marketing and in their reviews.

Next, there are those who weathered the worst of times. Susan Roche entered real estate sales in 2003, following several years of property management in North Carolina.

The key to her sustained triumphs through major market swings lies in her long-range planning. “If the market starts to dip or fall,

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I have safety nets in place,” says Susan Roche, team leader of Simply Real Estate, based in Charlotte. “When it’s a seller’s market, I still plan for a buyer’s market and when it’s a buyer’s market I plan for a seller’s market..” In other words, no matter how comfortable her existing work may feel, she networks consistently. She also employs a full-time marketing director who leads several projects including ongoing research, events and social media exposure in addition to listings marketing. By staying ahead of market changes, Susan knows she can unfailingly represent her clients’ best interests while still maintaining a safety net for her business.

Even professionals with more than three decades’ experience and deep referral networks know the importance of business

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marketing. Cathy Richards, co-owner with Nancy Dalaska of Epic-Wasatch Homes in Park City, UT, entered real estate in 1987 and still draws at least a fifth of her business from lead generation, social media marketing and community outreach. Her business partner, Nancy, adds that real estate is about much more than their own business. “We love collaborating and brainstorming with other agents to help them prosper,” says Nancy. “We believe the healthier the market, the better we all are.”

Regardless of market conditions, even the best reputation can’t guarantee long-term success. To sustain and grow, it’s wise to feed your business by increasing exposure, remaining flexible and maintaining systems for customer service, networking, research, marketing and lead-generation.

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Millennial Buyers: Where They Are & What to Know Homebuyers and sellers come from all walks of life. If you’ve been an agent for long, you’ve likely worked alongside a wide variety of folks—from first-timer homeowners and down-sizers, to second home searchers and those finally hunting for their dream home. While there is hardly a shortage of diversity in the housing market, there 20

is one generation that is making big strides in homeownership these days: Millennials.

Millennials can be loosely defined as those between the ages of twenty-two to thirtyseven. As you can see, this constitutes a wide swathe of the population. If you’re an agent who stands to learn a bit more about

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a demographic whose influence and homeownership goals are rapidly evolving, tune in below for a few pointers that can help you expand a segment of your clientele in the process.

Where do Millennials prefer to buy?

Many Millennials came of age during or immediately following the Great Recession, and as such, many of them relocated or returned to mid-size cities and smaller communities where the cost of living was most affordable. Of course, there are countless Millennials that call the U.S.’s major cities home—especially those in the

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tech industry. The good news is that you can court Millennial clientele no matter where you service area is located. That said, community amenities are of great importance to this generation. They value public transportation, green space, and entertainment—from coffee shops and topnotch restaurants to farmer’s markets and boutiques. Emphasizing those attributes will be key in selling to Millennials and locating neighborhoods they’re most interested in.

What sort of communication do Millennials prefer?

Most Millennials are digital natives, or close to. That means they grew up learning

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how to navigate digital spaces, and prefer to communicate through mediums like email, text, and social media. This isn’t to say that Millennials aren’t good communicators, but they’re often on the go, and have learned to research and shop online. To accommodate this, it’s best to build a presence across the most popular listing portals and social media platforms. Although, it’s not enough to establish a site and wait for the calls to come in. Responsiveness is a key factor for Millennials, who expect speedy response times. Make sure you’re checking your inbox frequently, responding accordingly, and engaging with your audience online. This will let Millennials know

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that you’re savvy, available, and understand the value of their preferred method of communication.

Are Millennials ready to buy?

It’s a common misconception that Millennials are uninterested in the rite of passage of purchasing a home. While Millennials maybe waiting a bit longer than their parents did to buy a home, there are good reasons to explain this phenomenon. For starters, Millennials entered the job market during the downturn, which means they are more conservative when making big purchases, and have to play catch-up to reach a sound

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financial position. Likewise, student loan debt has proved a major financial inhabitation for Millennials. Instead of socking away a few hundred a month to save for a home, they’re forking over that cash to pay down their educational loans. How does a Realtor compete with this reality? For starters, a bit of understanding goes a long way. Work with your mortgage partners to find financing possibilities that cater to this younger demographic. Recognize that Millennials—like most buyers—have some trepidations when buying a home.

Also consider fielding Millennial clientele with the long view in mind. You might be Top Agent Magazine

courting them for months or more until they’re ready to take the plunge, but they’re also famous for their reviews. When a job is done well, Millennials shout it from the rooftops—or at least share it a dozen time from their phone.

As time passes, Millennials will continue to dominate the marketplace when it comes to buying and selling homes. A little self-education on this powerful demographic can go a long way. If you know your clients and your audience, you’ll be in a far better position to serve their interests and make a customer for life.

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