Have you ever asked yourself why it seems that just a few elite agents ever have the opportunity to represent the most expensive properties? The answer is simple, but the process isn’t.  Just like every other form of advertising, your brand recognition is of utmost importance. If you’ve grown up in an affluent community, you’re already well-connected. But, that doesn’t mean that you’ll be in the running to represent buyers and sellers in the high-end of the market. If you haven’t already had success representing high-end homes, you may have a problem. Most affluent buyers and sellers are looking for an agent that has as track record representing high-end properties.

Let’s say you’re not a member of the country club and that you grew up in a normal white or blue collar neighborhood. What does it take for you to break into the multi-million dollar market without an existing network of affluent prospects?  How do you gain the confidence of this group’s lucrative prospects? The general rule for a new business is that it takes 3 years before people are comfortable that you’re going to be around long-term. The same rule applies to multi-million dollar buyers and sellers. This means that you may have to develop a 24-touch program with this clientele for several years before you’re accepted as a viable option to represent them. The less success you have had with high-end properties, the longer it will take to become established in the affluent community. You may get lucky and find immediate success, but don’t be disappointed if it takes a long time. The results are well worth it.

The following steps offer a guideline for beginning an “Elephant Hunting Prospecting Campaign“;

1. Identify the most expensive properties available in your area by researching assessed values in the desired neighborhoods over a certain dollar amount. Remember, you want to keep your list to around 500 residences. If you have more than that, when you do your research on the property appraisers website, up the assessed valuation. Conversely, if you don’t have enough properties, lower the assessed valuation.
2. Cross reference your list of properties against the number of active listings now and the number of properties sold in the past year in this price category. You do this for a couple of reasons. First, you want to be sure there has already been success in this price point. And second, some of those sellers may become discouraged with their existing agents and choose to “change horses” if their properties don’t sell.
3. Mail to everyone in the category you’ve identified at least once a month or ideally, twice per month. If you don’t have success stories to share with the residents on your list, be sure to send something that is simple and that benefits them, but that has your powerful branding message. Remember that it only takes one multi-million dollar listing or buyer to make the entire effort well worth it, so continue to mail material at least once a month, year-after-year.

It makes sense to give the campaign described above a chance to work for you. Consider that a closing involving a multi-million dollar property could easily pay 10-20 times more in commissions than one that sells for a few hundred thousand dollars. Many agents find that it can actually be easier representing high-end properties because in most cases, you’re a member of their team of top professionals that typically includes: attorneys, CPA’s, insurance agents, and financial advisors, who handle important parts of their sales and purchases. Given that the high-end of the market is beginning to recover and that many agents have been carrying these listings for some time with limited activity, the timing to begin your Elephant Hunting Campaign couldn’t be better!