Do you ever struggle with feelings of self-doubt when you’re talking to a seriously high net-worth individual?
If you answered yes, you’re far from alone. Why is that? Well, it’s pretty simple. Many of us view them the same way we do celebrities, and that can make us feel like we’re not worthy (even though we absolutely are).
The reason we feel this way has a lot to do with the messages that are driven into our heads every time we turn on the TV or go online. Over the course of a lifetime, we spend more than 30 years consuming media. Does that affect our brains? You’d better believe it!
Advertisers are well aware of this, and they put a lot of money into targeting their ads to reach their desired clientele. However, we all end up being exposed to advertising that isn’t necessarily meant for us, and in the case of the luxury industry, it can stir up feelings of unworthiness. We can’t afford a Bentley or a private plane and we end up carrying those feelings of inadequacy into our interactions with high net-worth individuals.
Here’s the thing to remember, though:
Never bring your checkbook to their transaction.
In other words, just because you’re not in the position to spend $3 million on a home doesn’t mean that should influence how you sell to someone who can. Just the opposite, in fact. This is when it’s time to put your reality aside and focus on the needs and motivations of your client.
In this case, we’re talking about the high net-worth individual, also known as The Royal. So who are they? Here’s a quick snapshot.
How many are there? Royals make up only about 10 percent of our population, and the number is shrinking.
What’s their biggest fear: Being mistaken for a faker (check out my previous webinar on The Secrets of Buying Psychology to learn more about fakers and the other types of people you’re likely to encounter in a sales situation). In a nutshell, The Faker may drive the same fancy car as The Royal – only The Royal can actually afford it.
What motivates them? Validation.
On some level, we all crave validation, but for The Royal, it goes deeper. About 80 percent of high net-worth individuals earned their fortunes on their own. That means they were likely raised middle (or even lower) class and now they’re in a very different place. They can afford that multimillion home, and yet they might be feeling guilty about it. How do you convince them to take them next step? It’s by acknowledging and validating them.
So, how do you know when you’re dealing with a Royal? You ask the Power Question.
What’s most important to you about _________?
Then be quiet and listen for some key indicators and themes.
- They talk about fulfilling a dream or a goal. “I’d like to purchase a home that allows me to fulfill my childhood dream of owning a home on the water.”
- They mention the experience. “We’re looking for a home that gives us the experience of seclusion while still having access to the amenities of the city.”
- Their answers are internal or reflective. “At this point in our lives, we’d like to own a home with land where we can keep our horses.”
Ask some follow-up questions to confirm what you’re hearing and then you can position yourself as the person who can help them achieve their goals most efficiently. What you DON’T want to do is give them any reason to feel guilty about their purchase. This goes back to not bringing your checkbook to their transaction. Instead of focusing on what MIGHT be important to you, always shift your attention to what you KNOW is important to them. And don’t forget to validate validate validate!
“I think it’s wonderful you’ve arrived at a place in your life where you deserve to get exactly what you want.”
Now, here’s your homework.
- Practice and play
- Start asking the Power Question
- Ask it multiple ways
- Write your scripts – or steal mine
- Take ACTION
The difference between those who succeed and those who succeed at the highest levels is the speed of implementation, so don’t put this off. Try these strategies at your next appointment and be sure to leave a comment on how it goes. And while you’re at it, please join our Seriously Happy Facebook group. Good luck! I think you’ll be amazed at how quickly you can make the shift upmarket.