Even if you’re transitioning from the traditional real estate market, breaking into the luxury market can make you feel like a brand new real estate agent again. You have to deal with the “experience paradox” (needing experience to get experience), you have to grow a new client base, and you even need new referral partners.
At the same time, there’s no requirement to have sold in the traditional market first, which means you may actually be a new real estate agent who just wants to jump straight into luxury.
Either way, one thing is true. You need a budget to fund your real estate marketing strategies and manage your start-up costs. New real estate agent or not, it can be difficult to know what to spend on during your first year or two in the luxury market. And to make things more complicated, there are plenty of books, seminars, and courses competing for your attention and giving you different opinions on where you should spend your business and marketing dollars.
To make things a little easier, we’ve put together a quick list of the three most important things to invest in when you’re just starting out in luxury real estate. Focusing on these top three costs can help steer you away from “Shiny Object Syndrome” and protect your budget.
Social Media for a New Real Estate Agent
Social media can be a great top of funnel channel to get more awareness. In other words, it can be a great resource for bringing in new clients, which is exactly what you’ll need when you’re starting out.
The thing is, building a solid following is likely going to take more time than you physically have to manage. That means one of the more useful investments you’ll make as a new real estate agent in the luxury market is either a social media automation tool, a virtual assistant, or a freelance social media manager who can help you grow your online presence.
Don’t feel comfortable automating or having someone else manage your social media? While it may take a few tries to find the right tool or even the right help, be patient. Remember, as long as the content is good, it doesn’t matter that you’re automating. Just be sure to educate yourself on what professional, valuable, real estate social media content looks like before you hire someone or start spending money on tools. At all times, you want to know that your money is being well spent, and research will help you achieve that.
Email Marketing for a New Real Estate Agent
So many real estate agents fail to keep the relationship with their client after the transaction. The truth is, it’s easy to do this at scale if you take advantage of email marketing. You can use email marketing to keep yourself top of mind with your previous clients at least one to two times per quarter.
Just keep in mind that email marketing is a bit different from just sending a plain old email. Also keep in mind that good-quality CRM (Customer Relationship Management) tools aren’t free. Most require a monthly fee, but the value you’ll get in return is well worth the money spent.
Plus, with email automation, you don’t have to remember to send a postcard or do anything. As long as your content is useful, helpful, or funny, you don’t have to worry about coming across as spammy.
Training and Designations for a New Real Estate Agent
There’s a reason why people say, “The more you learn, the more you earn.” Investing in training and luxury real estate designations often yield a direct payoff, either from the network you become part of or the skills you pick up from regular training — or both!
The Institute offers world class training for luxury real estate professionals, and offers one of the most sought-after designations among affluent clients — the Certified Luxury Home Marketing Specialist™ designation. Earning your designation shows successful clients you’re up to date with the latest luxury real estate marketing strategies, which makes you an obvious choice for listing their home.
Membership and designation with the Institute come with a variety of other benefits, including done-for-you marketing tools, connections to top producers in the industry, and ongoing training.
Even if your career in luxury real estate hasn’t begun yet, you’ll still find helpful resources through the Institute. Invest in yourself at any stage in your luxury real estate career — even if it hasn’t begun yet.
Resources to Get a New Real Estate Agent Started
Visit your Membership Portal for brand new training sessions, as well as our book, Rich Buyer Rich Seller: The Real Estate Agents’ Guide to Marketing Luxury Homes, which is available for free to all Institute Members and also available on Amazon.