What the best agents DON'T do...

There is, of course, no one 'right answer', for a successful formula to increase your market share in the premium market, or any 'one-size-fits-all' approach to satisfy customer needs.

It is much easier instead to focus on what these superb agents and agencies DON'T do in the premium market, to show which strategies result in success and which do not…

Here are three common traps or pitfalls the best premium agents avoid:

1) They differentiate their proposition.

‘Professional Photos’, or ‘Featured Listings’ on property portals, etc. isn’t enough to properly differentiate a premium estate agency service from a standard one… vendors of these homes want recognition that their home is of national significance, and so it is important to offer them a national proposition for the marketing and advertising of their home alongside the ‘expected’ tactics, like the portals.

Regular advertising in national publications, P.R. opportunities in these newspapers, a national network of agents working alongside them, a national database of high net worth clients and even international advertising outlets are all proven examples of to differentiate your service and impress these vendors.

2) They differentiate their brand

If I had a penny for every time I have seen an agency add ‘prestige’ or ‘platinum’ or similar to their brand in an effort to ‘go upmarket’, and it not work…I’d have a lot of pennies! You cant wrap the same chocolate bar in a different wrapper and expect people to pay more for it, and vendors see through this…rightly or wrongly, they negatively perceive it as the same service but at a higher fee level, and it is not attractive enough (assuming of course your 'core brand' is strongest in the typical, residential market).

For the same reason, there isn’t a ‘Volkswagen Prestige’, yet there is Audi, or even Lamborghini (even though these are all cars from the same company), you need a differentiated brand, not just distinct from your ‘core brand’, your residential business, but one that has all the facets, content, context and emotion of a premium offering.

In fact, Christopher Watkin completed a market analysis in 31 towns last year (no doubt more by now!) across the country, and only in 1 of those 31 towns was the market leading brand for the residential market, also leading the pack in the premium market. Differentiation is key!

3) They differentiate their service

Arguably this is more controversial, but the best agents I have worked with have a personal one-to-one relationship with their client, right the way from Market Appraisal through to completion. Sometimes, even limiting the number of instructions or clients they take on to facilitate this level of service - the lowest number I have heard is 'no more than three families'. The vendor is not handed off from valuer to a negotiator back in the office... and this is not to mention a tailored and careful launch to market.

What do you think, do you agree or disagree?

If you disagree, let me know why, I am always keen to learn.

If you agree, and you are eager to expand your market share of premium homes, then at By Design, we can help you with all of these: a differentiated, national, proposition - unbeatable by your competitors. This is delivered in a differentiated brand, which is supercharged by a national advertising campaign and your colleagues around the country promoting the same brand. And we deliver ongoing training and development, to help you deliver the best possible service to your clients.

To find out more, or for a detailed market report of the premium market in your area - what its worth, and who is taking that market from you (for now!) then just click to book a zoom call with us, on the Join Us page of our website, ByDesignhomes.com

David Lindley

CEO at By Design