How To Break Into The High-End – Luxury Real Estate Market
So you’ve decided to go after higher price point homes, high-end, or even luxury homes–now what? Do you know what steps you need to take to make this happen? Learning how to become a luxury real estate agent is often easier said than done. However, tapping into the luxury real estate market is possible, especially when you have a firm grasp on the tips and tricks for selling high-end homes.
To help you get started, we’ve created a list of nine tips on how to break into the luxury real estate market and take your business to the next level.
9 Tips to Break Into The High-End Market
Wondering how to get into luxury real estate? While it may seem daunting at first, selling luxury homes comes with patience and practice. From becoming an expert to marketing appropriately, here are some of the best tips on how to become a luxury real estate agent:
1. Study Higher-End Agents
As a real estate agent, having someone to look up to as a mentor can help you grow exponentially. To start, look at what luxury agents are doing now. 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’re ever offered the opportunity to shadow them, do so right away. Having a mentor in the luxury real estate market is a great way to gain first-hand, real-world experience that you can mimic and put to practice.
2. Become An Expert
Luxury real estate agents work with high-end clients that have copious amounts of capital. With that said, these clients need to have trust in their real estate agent to ensure they’re getting their money’s worth with the property they buy. In order to build trust, you need to become an expert in luxury real estate.
If you want to know how 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
To become an expert, start by previewing properties and working as many open houses in your targeted price point. By knowing what the people who are looking for homes at this price point are looking for, 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.
3. Know the Community
When a high-end client is looking for a luxury home, they’re searching for a place to establish roots. If you want to know how to get into luxury real estate, you need to know about the communities in which your clients are looking. Aspects of the community you should be able to recite from memory include information about:
- Country clubs
- Fitness clubs
- Golf courses
- Riding stables
- And more
Having knowledge about the local amenities in a client’s desired area will help you market your listings and close deals faster.