Michael LaFido on how to remove limiting beliefs and build your luxury real estate business
Feb 5, 2024
auto_awesome
Luxury property specialist Michael LaFido discusses trends in the luxury market, tips for finding hidden inventory, personal branding, and opportunities for growth in the sector. He shares his journey into luxury real estate, overcoming limiting beliefs, and the importance of authenticity. LaFido also highlights the significance of thinking like a marketer and provides insights on breaking into luxury as a new agent.
Breaking into the luxury real estate market is possible for agents at any stage of their career.
Being prepared for the luxury market involves positioning oneself as a local expert and staying informed about new listings and market updates.
Deep dives
Breaking into Luxury Real Estate
One of the main insights from the podcast episode is that breaking into the luxury real estate market is possible for agents at any stage of their career. The speaker shares his personal journey, explaining that he started in entry-level properties, but then realized there was a need for luxury agents who think like marketers rather than typical real estate agents. He highlights that agents should not limit themselves based on years of experience, brokerage affiliation, or personal background. By immersing themselves in the luxury market and offering unique marketing strategies, agents can successfully break into luxury real estate.
Trends Shaping the Luxury Market
The podcast episode discusses the trends that are expected to shape the luxury real estate market in the coming year. The speaker mentions that consumer confidence and interest rates have an impact on all price points, including ultra-high net worth individuals. They predict that more inventory will come into the market due to pent-up demand and sellers wanting to capitalize on historically increasing home prices. Additionally, the speaker emphasizes the importance of being prepared for the market by positioning oneself as a local expert, providing valuable content, and staying informed about new listings and market updates.
Building Relationships in Luxury Real Estate
The speaker emphasizes the significance of building relationships with high net worth clients in the luxury real estate sector. They highlight that relationships are not only formed directly with the clients but also with their representatives, such as attorneys, accountants, and business owners. The speaker advises agents to join relevant organizations, such as chambers of commerce, and provide value to other businesses that cater to high net worth individuals. They stress the importance of authenticity, relatability, and consistently delivering on promises when building relationships in the luxury market.
Personal Branding and Marketing in Luxury Real Estate
Another key point discussed in the podcast episode is the importance of personal branding and marketing in the luxury real estate sector. The speaker emphasizes that potential clients will research and judge agents based on their online presence and branding consistency. They recommend optimizing LinkedIn profiles, updating professional headshots, and showcasing valuable content through platforms like YouTube. The speaker emphasizes the need to think like a marketer rather than just a real estate agent and position oneself as a knowledgeable and reliable resource for luxury real estate clients.
In this episode of the Real Trending podcast, luxury property specialist Michael LaFido provides insights into the trends shaping the luxury market. He emphasizes the importance of preparing for the market and offers tips for finding hidden inventory. LaFido also gives a sneak preview of his upcoming book, 'Secrets of Top Luxury Agents,' and discusses the significance of personal branding. He shares his most impactful aha moments and highlights the opportunities for growth in the luxury real estate sector, including breaking into luxury as a new agent.
The RealTrending podcast features the brightest minds in real estate. Every week, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.