So you want to get into luxury real estate, huh?
Bigger rewards come with bigger pressures… higher standards, less margin for error, and an even greater commitment to yourself and your clients.
And if you want to succeed in luxury, you’re going to need to bring some new or enhanced skills to the table.
So let’s dive into seven skills I see that make for successful luxury agents…
Luxury Agent Skill No. 1: Insane Levels of Market Knowledge
Pure and simple, you gotta know your stuff if you’re going to excel in luxury real estate.
It requires dedication and discipline to always be dialed into what’s happening in your market – who bought what, when, for how much, etc.
You’re going to have to block out time for studying your market on a daily basis and dedicate yourself to learning what you don’t know.
High-end clients want you to be a knowledgeable consultant with all the answers. Are you up to that challenge?
Luxury Agent Skill No. 2: Incredible Relationships with Fellow Luxury Brokers in Your Market
At the luxury level, everything is heightened, including the competition. But that doesn’t mean you can’t have strong working relationships with some of your competitors.
The stronger relationships you can build with other luxury brokers in your market, the better off you’ll be…
- You will be “in the know” more
- You’ll learn best practices from each other
- You’ll be able to collaborate when necessary (more on that in number 5)
These relationships won’t happen immediately. If you’re first breaking into the luxury sector, see who you can gain access to and invite them out to lunch or dinner. Ask if you can “shadow” them for a day to see how they operate. You might be surprised at the spirit of collaboration you’ll find.
Luxury Agent Skill No. 3: Proximity is Power
Do you run in the same social circles as the high-end clientele you seek?
Because to truly succeed in luxury real estate, you need to. And you can’t fake it.
Join the clubs. Get involved in the community. Contribute to charities. Attend as many events as you possibly can…
And even then, be patient. Play it cool. Don’t start handing out your business card to everyone in sight. Don’t walk around telling everyone you’re in real estate.
Foster the relationships and the business will come. But don’t force it.
Luxury Agent Skill No. 4: Always Deliver
When the stakes are so high, reliability is more important than ever.
If you tell a client “I got this,” you better really mean it.
If people can’t rely on your word or trust you to solve problems and get the job done, you’re not going to succeed with high-end clientele.
Don’t make excuses. Do the work and deliver every time.
Luxury Agent Skill No. 5: Market to Expireds
Homeowners with properties that haven’t sold may be more open to seeing what “new blood” can bring to their sale. So market yourself to Expireds and don’t be afraid to show how much the listing would mean to you and your business.
Also, don’t shy away from collaborating with another agent with more clout in your market. Sharing a commission is a small price to pay for getting yourself in the game.
Luxury Agent Skill No. 6: Leverage Your Wins
A quick aside… If you’re a luxury agent or trying to break into the high-end market, I certainly hope you’ve been following along with my new show, Luxury Code. Which brings me to skill number six…
On today’s episode of Luxury Code, NYC broker Michael Franco talks about the major mistake he made after completing his first multi-million-dollar sale. He thought he’d broken through and as a result, more business would naturally follow. But he now admits he failed to take enough action to leverage this major milestone sale. He soon recognized that people aren’t aware of your wins unless you publicize them far and wide.
So the point here is this – when you break through and make that first sale in the luxury realm, promote it! Send “Just Sold” cards out explaining how you did it, create a video about it, get the necessary press coverage if warranted, etc.
If you don’t make the case for yourself, no one will ever know.
Luxury Agent Skill No. 7: Video!
You didn’t think I was going to write an entire blog without stressing the importance of video, did you?
Although high-quality video production requires a significant investment, I also see it as one of the fastest and most effective ways to establish yourself as a luxury resource in your market. Look at what agents like Christophe Choo, Tim Smith, and Brad McCallum are doing with neighborhood tours and listing videos, and you’ll soon see why they’re the “go-to resource” in their markets.
Ordinary videos won’t establish you as a standout luxury broker, but put in the effort and expense to do something extraordinary, and you’ll reap the rewards.