Most luxury home engagements come from word-of-mouth rather than print, online, or other forms of advertising. It's chicken-and-egg, you have to know luxury home buyers and sellers before you can be hired by luxury home buyers and sellers. Unless you "come from money" and already move in the same social circles (in which case you really shouldn't market to those whom you already know socially...), you have to find a way to meet these people in a PROFESSIONAL capacity, not social. The luxury client already has all the friends they want, they don't need or want agents coming on to them in social settings for professional purposes. So, here are my 3 recommendations:
1) Market yourself to service providers who already have a foot in the door with your target market, e.g. CPA's, attorneys, financial planners, interior designers, etc. Don't ask them just to refer you, explain that you will reciprocate.
2) Focus on the luxury market. When a luxury prospect asks you to describe your latest engagement, don't let it be a $50k condo sale in East Palo Alto (no offense intended, East Palo Alto). Work in the luxury market only, refer out the lesser engagements for a referral fee.
3) Be luxury. Dress appropriately and have impeccable manners. Never talk about yourself unless asked and don't pry into your client's private lives (this is an awful mistake often committed by residential agents trying to break into the luxury market who feel they have to be the client's "agent and new best friend for life"). Where their children go to college is none of your business. Just focus on getting them what they want, that's how you'll earn their loyalty and referrals.
