with sellers, it's often a reflection of the financial status of your SOI.... 

buyers can be secured by hosting an open house in a listing of the price point you want to work.... 

I really can't offer much besides suggesting that they begin farming those higher price point levels. Of course, all new agents believe this is the key to success... I often suggest they first build their expertise in the lower price points before. That's when they develop a data base which could also be supportive via referrals.

Ask another agent in your office who has a high priced listing if you can host an open house... I got buyers that way..  I also went door knocking in a higher priced neighourhood and got two listings.  One lsiting evolved into 7 deals from other family members.  But, any listing in any price point is gold.

Art, confidence, and knowing the upscale market, and seller/buyer behavior.

Learn them all. Become knowledgeable. Think and act like the higher price point clients. Operate in the circles. Be and act like higher price point clients.

Package yourself accordingly. How you act, talk, walk, dress, look, smell, and what you drive. Look the part, be the part. Invest in yourself. Be of common minds.

The obvious realtor mentality - I'll farm 1M homes so I only have to sell 2 to get that new couch I want.

They often forget that it's a step up system. Little guy moves into middle range. Middle goes up to Lower Upper, etc. 

I would just find the mid-range in your market & start farming that area. If your median price is 260K your 500K listing isn't going to be bought until those 260 folks decide to move.

Bread and butter listings are the lower priced ones. The higher priced the property, the thinner the buyers. And expertise kicks in. Cut your teeth on more sales, more listings, the down to Earth priced properties more people can afford. Inventory is king and having more than one niche to fill works best. 

  What Nina Hollander said:

     Start farming in the price range you are aiming for.   

   What Barbara Todaro said.   Associate with a higher-income SOI:

      Hold upscale open houses, become a regular at high-end restaurants and clubs.  Dress for success.  Reach out to your new SOI.   It can be done!

I always found it easier to work my peer group; it is a natural, comfortable fit. And fortunately, since I came into this career after a career in corporate America, I had a natural SOI in not only a decent price point but also one in which I was most comfortable.  

Be SUPER GOOD at what you do in the lower price point.
Word gets around.
AND! Many folks own properties at different price points. Do a great job on those, and they'll trust you with their bigger deals.

Matthew,

Both Barbara Todaro and Nina Hollander gave you great suggestions.  Study who these people are, where they go and how they live. Find a way to move into their circles.  One the oldest clients we have ever worked with was a teacher near one of the higher points areas.  She was a stellar educator and all the parents really liked her.  When she moved into real estate, she knew all the parens whose kids were in those schools. It was a natural to start working that neighborhood.  She also bought the least expensive house there...and to this day in her 80's she still reigns in that neighborhood.  A

I say focus on one neighborhood in the higher price range and familiarize yourself with all the properties that come on the market. Write a blog post about that subdivision. Offer to hold the listings open and door knock the neighborhood. 

Barbara Todaro has the answer I would provide. 

Honestly, why would you want to move up in price?  Give me three or four lower priced listings rather than one luxury home.  You can generate more buyer leads and they are easier to sell.

The answer, though, is networking.  You have to get in with the crowd that owns homes in the price range you want to list.

It an entirely different market often originated thru the Agent’s SOI . The Agents working this market are usually tougher competitors also !

Starting with your sphere, you'll work your way up as they sell and upsize down the road. This can take time but, is worth the wait though.

You can also farm that market - but, BE CONSISTENT. Any success you have in that market, market the Dickens out of it online and with evidence of success post cards.

So many good answers. Nina Hollander and Barbara Todaro have it summed up quite well!

Prospect!

Get to know that market and work it.

• Blog about better homes
• Host open houses in better homes
• Network with richer people.

Learn the market and actively network with the people in the higher price ranges. Social status does matter.

I moved up my price point over the years by having my first time buyers become second time buyers (stay in touch).

I also marketed only in neighborhoods I wanted more listings. (pick your Farm wisely).

I network with affluent business owners and out of area Realtors and they refer affluent buyers and seller, (network and be referable & reciprocal).

Also, Joy Bender has written a few posts on this topic earlier this summer:

Start working the higher price neighborhoods, also holding open houses (for other agents if necessary) that are in the higher price brackets you are wishing to move up too...

Willing to start below the market such it drives the traffic. In Silicon Valley which sets the trend often for the entire North America or globally, those who list at market price do not drive the traffic. Multiple offers and force a reviewing date after the OH will precipitate higher offering price. It was 117% for the entire South Bay, now it is 114%(sold/asked) with one day longer for marketing(13->14 days).  If I was in South Dekota I will still list it right to get a quicker offer.

Great comments here.  We need to master how to transact a real estate sale first!. We must know our craft and know our markets!

I could not say it any better than Sir Richard Bazinet /MBA, CRS, ABR 

Lots of good suggestions! Farming your area of focus gets my vote.

Interesting question and great answers. 

Thank you! 

Work in an area of higher value homes

My database has evolved into a higher price point.

Offer good service to first time buyers. Their parents will probably list with you and buy. This business is based on repeat and referral business

Don't focus on price levels is what i would suggest. A sellable listing is a sellable listing that generates a paycheck. People with all levels of home values will call. Farm what you're comfortable with in an area with high turnover.

Just keep selling and your client influence will increase

slow and steady wins the race

Matthew Klinowski, PA - great suggestions from Barbara Todaro. 

It is like mama said, it is who you hang with and what you know. Get busy meeting people and educating yourself on that next wrung up the ladder.

Connections and farming. 

Oh, the #1. Will be LUCK!

"....especially new one...."

I would ask to see their business plan. Make the 'demograhpic' adjustment as needed. Execute just like they did the original plan.

However, it is highly likely the 'especially new' agent received inadequate mentoring and has NO PLAN,

My advise, come back when you have a plan. There are many ways to 'optimize' income through price point efforts. But none of it will prove real if the agent has not learned enough at a lower price point to generate transactions TODAY.

I think number one be the expert in whatever community you looking at selling in.  Farm and market on the line to that market and be consistent and know the inventory. Working on that myself, I am waiting for $20,000,000 sale why not.

staying in touch with first time home buyers who will in turn sell and buy bigger homes in 3 to 8 years is my advice.  

First work on you core competence.

Market towards them.  Doorknock their neighborhoods (just don't drive up in a 72 Pinto to do it), send mailers, cold call.  Basically, farm it and believe you are worthy of the listing and can do it justice.

Offer to hold open houses in those price points too.

Most often becoming familiar with those areas, neihgborhoods, price ranges etc. Then doing such a great job with existing clients, they refer you to everyone.