Get Strategic About Raising Your Price Point

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Although Pinellas County, Florida agent Heidi Joy has been a real estate agent for 25 years, it’s only over the past five years that she’s become purposeful about increasing her price point. Five years ago, she split from both her former business partner and her spouse, moved 30 minutes away, and experienced one of the toughest years of her life. For Heidi, this meant starting over from scratch. With this in mind, she made the strategic decision to jump head-first into the luxury market.

Heidi made several key decisions that enabled her to succeed in raising her price point, all of which help her to develop the relationships that positively impact her business. As she shares, her top lead source is relationships, which she builds by paying attention and taking care of people, one at a time. Heidi also got purposeful around concentrating on the following 4 activities to help her increase her price point.

When things get hard, we can choose to withdraw or move forward.

Heidi is the first to admit that she did a little of both at first – retreating and then moving forward. Like the early days of her career, she focused on learning the luxury market. Whether it was attending luxury educational events and getting designated as a luxury agent, finding mentors to learn from, or jumping into architecture and design classes, Heidi did it all. She became knowledgeable about the terminology used in this segment of the market, learned what differentiated luxury home products from standard products, and got familiar with the selling points and traits of higher priced homes she was previously unfamiliar with.

Every relationship is important, so take the time to pour into each and every one.

It’s important, Heidi explains, to recognize that every relationship is important. Her relationship with the landlord of the small rental property she moved into during her self-proclaimed terrible year exemplifies this. This landlord knew that she was an agent and over time, became one of her best clients, to the tune of approximately $40 million in sales.

The emphasis on relationships is also apparent in the close attention she pays to the contacts she makes. Heidi recognizes that, given the opportunity, people love to talk about themselves. So she’d lean into this trait. Heidi would ask questions about how they built their businesses, where they were from, what they liked, and about their successes and failures. Then, she’d go home and take notes based on these conversations. Based on the information she’d learn, she then would have a warm reason to reach out to these contacts when she came across something she thought they’d like.

Get purposeful about your approach to business.

When Heidi Joy made the decision to increase her price point, she made several business decisions. First, she started networking with other high-level producers on a national basis. She

made a point to invest in flying to various events to see other luxury agents speak. This investment became the start of important business relationships with other luxury agents who became a great help to her when she had questions.

Heidi also rebranded her business around her last name, “Joy,” and leaned into the meaning of the word and its relationship to real estate. She re-evaluated her color palate to ensure it fit the image she was looking to project. She also split into two brands so that luxury was a separate “division” from traditional real estate within her business

Study other luxury brands.

As part of her love of education, Heidi made it a point to study other luxury brands that her eye was drawn to. This included brands both inside and outside of the real estate industry. She would evaluate the things that others who succeeded in luxury real estate used in their businesses and see if she could apply it to her own business.

If you’re looking to raise your price point, Heidi says the first step is to make the decision to commit to the journey, which requires learning everything you need to know to complete at that level. If you put in the work and exceed the expectations of your clients, you’re well on your way to creating a luxury experience for your clients. What have you done to help raise the price point of your business?

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