Want to learn how to get into luxury real estate?
There’s this misconception that becoming a luxury real estate agent has to do with something other than skill, strategy, and ambition. Some agents think you either need to already need to be wealthy or have a ton of industry experience or just get extremely lucky. And sure, all those things help, but they’re not necessary.
All it actually takes to break into luxury real estate is a well executed plan, hard work, and patience. Of course, that’s easier said than done. But as you probably already know, it’s worth it.
In this blog, I’ll show you ten tactics you can use to break into high-end real estate and become known as the luxury realtor in your area.
Let’s dive in…
How to Get into Luxury Real Estate – The Tactics
Becoming a luxury real estate agent requires a mix of knowledge, resourcefulness, marketing, and personality.
You need to study other luxury agents, become an expert in the communities where luxury buyers will be looking, and have the right network, marketing strategy, and mindset.
Go After Expired Luxury Homes
Because luxury homes sell at a higher price point, they often take longer to sell. Even so, luxury homes often expire faster than traditional homes.
For you, that presents an opportunity to target expired luxury homes. But that also requires you to have the guts to contact the seller and make a case for why you are the better agent to sell their home.
Confidence will be crucial, but the plan you present to them will be even more important. Don’t go into this without some kind of pitch that will set you apart from their current agent.
Use this free case study on expired listings to start building your action plan.
Study Higher-End Agents
Seeking out a mentor to guide you is the No. 1 most proven path to success (trust me, it’s what I do). But if you can’t find another luxury agent willing to do that, then just study their luxury real estate marketing materials and the way they present themselves.
Pay attention to their marketing strategies, the way they handle negotiations, and their methods for winning listings and closing deals. By modeling your business practices after those of successful luxury agents, you can position yourself for exponential growth and make a name for yourself in the ultra-competitive world of luxury real estate.
Some traits and practices to look out for as you study luxury real estate agents include:
- How they present their brand
- How they market themselves
- Their websites
- Their business cards
- How they dress at events
While these may not seem important at first glance, luxury real estate agents have honed every aspect of their craft, from the way they dress to how they organize their websites – if you want to really build your brand to attract high-end clients, Luxury Presence is one of the most trusted names in the business for helping you do that.
If you’re ever offered the opportunity to shadow them, do so right away.
This plays directly into my next point…
Partnered Listings
Partnered listings are an awesome way to help you break into high-end real estate.
Here’s the deal… You don’t have the name recognition to go snagging million-dollar listings but you do have the work ethic. Leverage that.
Reach out to luxury agents in your area with a well-known brand and give them your pitch: You have a luxury listing that’s almost secure. You’ll do 90% of the work in getting the listing sold and take 50% of the commission if they’ll partner with you.
It doesn’t have to work exactly like that and you can negotiate your terms, but it sounds perfectly fair to me for something that will help you raise your price-point permanently.
To hear from someone who took this path to become a major luxury agent in New York City, check out this podcast episode with Randy Baruh. 50% on a $20 million listing doesn’t sound so bad, right?
The Luxury Listing Presentation
What makes a luxury listing presentation different from a standard one? Luxury, obviously!
Every aspect of a luxury listing presentation needs to be done with care, refinement, and style. You’ll want to have professionally designed and printed slides, books, and brochures. A manilla envelope will never cut it. Want to see what great luxury real estate marketing materials looks like? Watch this episode with Oriana Shea.
Utilize technology whenever you can with platforms like Highnote.io which provide for a more impressive and immersive experience that will allow them to simplify the process by providing action steps and easy uploads.
And during the presentation itself, be sure you demonstrate your knowledge of the local area, such as:
- Schools
- Country clubs
- Fitness clubs
- Golf courses
- Riding stables
And that’s just the start.
Knowing the local amenities in a client’s desired area will help you market your listings and close deals faster.
Dress for Success
To appeal to high-end real estate clients, you need to dress and act the part. While it may push you out of your comfort zone, upgrading yourself can help you earn the trust and respect of clients looking for homes in a higher price range.
Start by observing how your higher-end clients dress and act, then emulate them. This could take many forms, such as:
- Eliminating slang and inappropriate words from your speech patterns
- Attending events
- Eat at restaurants
- Going to hot spots where your ideal clients would be
Remember, people love to work with people who are just like them, which means you also need to live a luxurious lifestyle.
What are some hobbies and interests you share with luxury clientele: wine tasting, golf, personal fitness? Check out this episode where Ian Barta shows how he leveraged his interests into a successful luxury career.
Become a Luxury Real Estate Expert
As a luxury realtor, you get to work with high-end clients who demand the absolute best in every aspect of their lives, including their homes. But how do you build the trust necessary for these clients to put their copious amounts of capital in your hands? By becoming an expert in luxury real estate, of course.
That means not only knowing the ins and outs of luxury listings but also understanding the lifestyle and needs of your high-end clientele. Trust is the cornerstone of success in this field, and it all starts with your dedication to becoming the ultimate luxury real estate authority.
To sell luxury real estate, you need to be well-informed on every aspect of the properties you’re showing. This means being well-versed on:
- The number of listings, sales, pending, expired, FSBOs, etc. in your targeted market
- Information about the neighborhood
- Details about similar properties for sale in the area
- Amenities
Start by previewing properties and working as many Open Houses in your targeted price point as you can. By knowing what the people who are looking for homes at this price point want, you’ll be able to find properties that appeal to them. Seek out information about listings, property values, tax assessments, and everything else so that you become the knowledge broker for your market.
Market Appropriately
Make sure every marketing piece you produce is extraordinary. This doesn’t mean it has to be necessarily expensive; it just needs to be excellent quality.
Here are some tips to add to your luxury real estate marketing plan:
- Showcase the higher price point homes you’ve sold or helped buy
- Have a professional headshot that shows you in your best light
- Invest in quality business cards
- Run consistent email marketing campaigns
- Send out real estate prospecting letters
And of course, get active on social media. Social media is often times the cornerstone of a good luxury real estate marketing plan. It’s the fastest way for you to show people your expertise, and if your videos are beautiful and informative, people will want to watch them.
Download our free case studies on Instagram and YouTube to see how the pros do it.
Luxury Open Houses as Networking Opportunities
Now, let’s say you’ve gotten a partnered luxury listing with an established luxury agent. You’ll want to be sure you’ve established the rules around displaying your brand and sharing the credit for the work you provide, because this is where your creativity can really shine.
The marketing you do for your listing is the biggest selling point for getting the next one, and there’s nothing better for that than an Open House.
One of our coaching members Valen Lindner uses luxury Open Houses as massive networking events to attract the entire neighborhood and gain name recognition. She once threw a Open House that featured a bunch of Lamborghinis on display and attracted over 300 people. It was more than an Open House – it was a full-blown party that people remembered.
Check out my podcast episode with Valen, here.
And try out these luxury Open House ideas:
- Get a caterer or cook yourself, but be sure your menu would appeal to people who can spend millions on a home.
- Obtain sponsors from luxury brands who can display their merchandise at the Open House.
- Prepare gift bags with your branding. These don’t have to be expensive, but can feature things that people always use such as a corkscrew, chocolates, or a head massager.
Whatever you do, make it a part of your unique brand, and experiment with your own luxury Open House ideas.
Get Your Head Right
Lastly, you have to believe that you can do it! As your expertise in high-end properties increases, so will your confidence, but you have to be willing to hone your confidence from every angle.
You are a luxury real estate agent. Believe it. Act like it. Dress like it. Market yourself like it. Talk to yourself like it. Make it real.
How to Get into Luxury Real Estate, Simplified: Exhaust Every Resource
At the end of the day, the agent who moves up in price-point is just like the agent who sells more homes… They’re ones who attend the events to learn the best strategies and network their hearts out. They’re the ones who join a dedicated community and seek expert help.
And they’re the ones who commit to running the type of marketing that would normally require an entire marketing department of professionals. But how do you do this last one?.. By being a master of AI.
That’s why we’ve created the first ever total solution of teaching real estate professionals everything they need to know for using AI in their marketing and actually helping them set up their systems.
AI Marketing Academy with Jason Pantana is 4 weeks (8 live sessions – two a week) of learning directly from the best in the business. By the end, you’ll have all the right tools, know how to use them, and already be familiar with the process of creating stunning thumbnails and images, editing videos, and tracking your metrics.
Luxury real estate requires luxury marketing, and this is your greatest competitive advantage for achieving that, so sign up today!
