How did you break into the luxury market? Jeannette: Anyone can break into luxury if they have the intentionality. I was a student of that demographic and examined what a luxury consumer would want. This is before Google, so I went to a bookstore. I would buy a $2 coffee and grab everything I could find to read about where they liked to go on vacation, what they liked to wear, their lifestyle, their interests, their needs, and their wants. I did consumer research first and market research next. And within six months, I landed a very sought-after neighborhood of home-sites that every luxury agent in the city was going after. From that one neighborhood deal, I’ve been able to track $280 million in sales and referrals. What important foundations did you use to build your luxury business that continue to be important? Jeannette: At every price point, customer experience matters. The ideas are the same, but the service becomes more detailed and more expensive to execute as your price points go up. I find you must examine what works in your market and then bring it up several notches for a luxury clientele. For example, I may bring a bottle of wine to some clients, but for luxury clients, I will bring the food, drinks, and entertainment, and host a departure or welcome party. A concierge mindset is important. If it’s not illegal, immoral, or unethical, my team will do it. I want to be the person the client calls for everything, real estate or otherwise. What is important for an agent trying to break into the luxury market to know? Jeannette: I believe that you shouldn’t even try to sell a house unless you really know your stuff. And as you move to a high-end price point, you become the piece of the puzzle for that particular person alongside their estate planner, their stockbroker, their insurance agent, and their estate planning attorney. Your job is to earn a seat at that table of decision- makers. Because that’s what wealthy, high- net-worth individuals expect.
POWERED BY PLACE Succeeding in Luxury A Conversation with Jeannette Spinelli, Owner/ Operator, Spinelli Residential Group When Jeannette Spinelli began her career in real estate, she was a far step from the top luxury agent she is today. As a part-time agent whose average price point was around $99,000, she was content. Then tragedy struck. Her fiancé was killed in a car accident mere weeks before their wedding day, leaving bills and debt that compelled her to change how she approached her business. It was time to increase her price point. Although she wasn’t from a luxury background, didn’t have the luxury contacts, and lacked the country club membership, Jeannette studied the demographic, hit the pavement, and cold-called her way into the luxury price point. Now in her 24th year as a successful real estate broker with an average price point of $2.2 million, it’s clear Jeannette has a lot of insight to share and help others achieve her success. PLACE Magazine recently sat down with Jeannette from her office in Austin, Texas to learn about how she established and maintains her position as a top luxury agent, as well as ask her what sets the luxury space apart from the traditional real estate market.
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