Whether you are a real estate professional testing out the luxury market, or you are already a successful luxury real estate professional, it is essential, no matter the stage, to understand the milestones that are essential to achieving your career aspirations in this field.
While there are many incentives to joining the luxury real estate market, it can seem daunting to find the time to both scale your business and work with the full plate of tasks you already have.
Luckily, there is a myriad of opportunities for professionals to both break into the luxury market and set themselves up for long term successful growth. Below, we’ve given you a few suggested milestones to consider as you make your way towards your career aspirations.
Milestone 1: Co-listing
If this isn’t part of your strategy already, consider searching for ways to break into the luxury market with a co-listing agenda.
Luxury real estate professionals, like you, are open to expanding their network and opportunities. Build relationships or leverage existing relationships by connecting with an established luxury professional outside of your market that is looking to list a house in one that you may have more connections with.
Luxury professionals can either start from scratch, networking and marketing to a group of people they have yet to meet, or they can co-list with a realtor already working in this market. In this case, the profit is split, but they’ve also expanded their network.
This is a great strategy, as a growing network insures that they are seen as someone with whom other realtors would want to co-list.
Don’t be afraid to co-list;it doesn’t pay to be greedy in the luxury market.
“Half of a lot is more than a lot of nothing” -Andrew Greenwell, Million Dollar Listing San Francisco
Milestone 2: Get to know private lenders and bankers
Do you have relationships with private lenders and bankers that cater to the luxury market? “Working the room” on this front can greatly increase your chances at finding the right buyers, as private lenders and bankers can funnel those looking for a luxury home in your direction. This will save you an immense amount of time in the long run. Rather than just solely relying on direct contact with potential buyers themselves, go to the source and establish a good relationship with a private lender or banker.
Milestone 3: Establish your new brand and communicate it often
House Hunters Kristi Anderson said that when she’s selling a luxury home, buyers are not as interested in buying the home as they are about buying into the agent selling the home. Establish yourself as someone recognizable in the neighborhood in which you’re trying to sell; consider leaving the office and spending a few days working out of a neighborhood coffee shop.
Don’t underestimate the ability of good marketing to draw in the clients you want to work with. Try to see marketing decisions from the perspective of both a marketing professional and a potential buyer. What experience do your clients want to have? Knowing whether your clients want exclusivity or inclusivity can make all the difference in a sale. Once you’ve determined the experience you want to give your clients, it is important to have well designed promotional tools that resonate with that specific audience.
This goes without saying, but is a great reminder: be knowledgeable of the product you’re selling, and do not underestimate the importance of online reviews and referrals. Buyers want to know that they can trust you; seeing positive reviews from peers can break down walls that impede trust. If you are someone who can answer questions and take care of your clients, you will see the rewards. What is true about normal consumers on this front is just as applicable in the luxury space.
The luxury client will expect you to be knowledgeable of what you’re selling, what they want, and where these two overlap. Know what elements of a home will add the most value to your client’s experience, and be caught up on upper-tier developers and builders in your area. At the end of the day, a luxury client will choose a competent realtor over a friend. It is amazing to build your network and meet new people, but it will mean nothing if clients don’t see you as the best luxury realtor they could work with.
Milestone 4: Become recognized in your industry
You may find yourself with some good advice for how to scale your business once you’re in the luxury real estate market, but if you haven’t already broken into the luxury real estate you may be wondering where to begin. In this case, the benefits of having a professional certification from The Institute cannot be understated. The Institute provides the resources and knowledge necessary to be in the top tier of real estate agents and is an effective program for both new and experienced realtors alike. Having the CLHMS designation assures affluent buyers that you have the necessary skills and expertise to provide the service they are looking for. Real estate professionals with the CLHMS designation from The Institute have documented performance in the top 10% of their residential markets, and have proven their expertise in the luxury home and estate market.
No matter where you are on the journey, see these milestones as guides to help you on your path to becoming a top performing luxury real estate professional. Put in the work necessary to break into the luxury market, and you are sure to see the rewards.