If you’re like most people looking to break into luxury real estate, you might be wondering what you should splurge on for your best chances of success when you’re just starting out — and what you can wait to invest in once you’re actually successful.
There’s a misconception that new luxury real estate agents already need to be driving luxury cars, living in the same neighborhoods as their clients, and investing tens of thousands of dollars into their marketing and branding right off the bat.
Fortunately, none of those steep investments are required to break into luxury real estate. Still, there are a few things a new luxury real estate agent should be ready to invest good money in.
Here are a few big purchases that matter when you’re just starting out:
1.) High-Quality Listing Photography
A majority of homebuyers in the luxury market start their search online these days, whether through popular online listing sites or social media. Naturally, they want to get an idea of what a home is like before they take the time out of their busy schedules to set up a viewing, so they look at photos. And if you don’t invest in high-quality photography? Your listing is likely going to get overlooked.
In other words, don’t take or post photos with your smartphone, and if you’re not a professional luxury real estate photographer yourself, then you need to invest in one who specializes in luxury homes.
Waiting to make this investment could seriously delay the success you’re after in this competitive market, so be sure to have some budget set aside for photography before you get your first few listings.
2.) Professional Marketing Materials
Brochures and mailers are some of the most effective marketing tools for luxury real estate professionals. First, they stand out more when they’re right in your prospects’ hands than blending into a sea of listings on real estate websites or on Facebook. And second, they show potential listing prospects what you’re capable of when it comes to creating marketing materials for their home.
Since these marketing materials are such a crucial part of your marketing strategy, it’s not a cost you want to skimp on when you’re a new luxury real estate agent. In fact, when it comes to your physical marketing materials, every detail matters — from the quality of the paper or card stock you’re printing on to the design, data, and personalization you include on every single piece.
Cutting corners here will end up costing you more in the long run, so plan to spend a little more upfront than you might be comfortable with at first. It will pay off!
3.) Education, Training, and Designations
Although the continuing education classes and training you need to keep your real estate license are helpful for brushing up on the basics, they won’t help you succeed as a new luxury real estate professional.
The luxury real estate market requires its own training and education, and earning specialized designations through the training you receive is one of the best ways to stand out.
That means setting aside some budget for training is essential if you want to fast-track your success in the luxury market, and you’ll want to continue investing in your education even as you grow.
The Institute offers a Certified Luxury Home Marketing Specialist™ designation (CLHMS™) that is recognized worldwide by affluent clientele and comes with cutting-edge luxury real estate marketing training that gets you and your clients results.
Plus, every CLHMS™ is also featured in the Institute’s popular Member Directory, making it easy for high-end clients to find expert luxury real estate professionals.
Want to learn more about earning your Certified Luxury Home Marketing Specialist™ designation?
You can find the most frequently asked questions about our Certified Luxury Home Marketing Specialist™ designation here.