Setting a resolution to make 2023 your year for breaking into luxury real estate? As a real estate professional, the luxury market offers greater opportunities for earning higher commissions. Plus, it’s rewarding to work with affluent clientele and help them find their dream properties.
If you follow these tips, you’ll see how it’s possible to find success in the luxury market—even if you have limited or no prior experience.
1) Breaking Into Luxury Real Estate: Make Luxury Part of Your Personal Brand
Start by reworking your existing brand. If you’ve been working in a traditional real estate market, your website and other marketing materials will probably need an upgrade before you throw your hat into the luxury ring.
Make sure that you have a professional website that’s easy to navigate, and that your business social media platforms and professional headshots are updated to reflect a luxury brand. This will help you attract the kind of buyers and sellers with whom you’d like to work with.
2) Breaking Into Luxury Real Estate: Attend More Charity Events and Galas
Take some time to research local charity events and galas — then select a handful to attend and make your presence known. These events serve multiple purposes as a luxury real estate professional. First and most importantly, they offer an opportunity for you to help give back to the community.
Likewise, charity events and galas are great places to meet potential clients in-person, giving you the chance to strike up conversations with them and begin building professional relationships. Attending these kinds of events regularly is a surefire way to build your sphere of influence as an up-and-coming luxury real estate professional.
3) Breaking Into Luxury Real Estate: Co-List With Another Real Estate Professional
Another option to consider is to co-list a luxury property with another experienced real estate professional. For many just looking to break into the luxury market, this is a great stepping stone to get your foot in the door.
Along the way, you’ll also have the unique opportunity to learn how to market and sell a luxury home with somebody who has been through the process a few times. The more experience you get under your own belt, the better you’ll be able to serve your own clients down the road.
4) Breaking Into Luxury Real Estate: Look For Expired Luxury Listings
For new luxury real estate professionals, expired luxury listings can be a gold mine. When these listings expire, it’s typically because another real estate professional was unable to sell the property. If you can get into contact with the owner and encourage them to re-list with you, this can be an excellent way to generate some new business and get experience with your first listings.
5) Breaking Into Luxury Real Estate: Earn Designations
Last but certainly not least, find unique ways to set yourself apart from the competition. You’ll learn right away that the luxury real estate market is extremely competitive. With this in mind, designations are a great way to stand out in the crowded real estate market and help set you apart from your competition. Meanwhile, you’ll pick up some valuable new skills along the way as you work to earn your designations.
One such designation that you may want to explore early in your career is the Institute for Luxury Home Marketing’s Certified Luxury Home Marketing Specialist™ (CLHMS™) designation. With this prestigious designation under your belt, you’ll set yourself apart from other luxury real estate professionals while earning a higher average commission. There are a few different ways to earn this designation, so explore your options today to see what will work best for your needs and lifestyle.
Likewise, The Institute’s GUILD™ recognition is available to luxury real estate professionals who have closed a minimum of two transactions of at least one million dollars in the residential market and previously received the CLHMS™ designation. These sales must be made within a 24-month period. Learn more about the GUILD™ recognition and how to apply here!
There are plenty of ways to break into the luxury market and find success in this rewarding career path. Ultimately, it’s all about adapting to the luxury mindset of your clientele, networking, and finding ways to set yourself apart from your competitors. By keeping these tips at the forefront of your mind, you’ll be on your way to making 2023 your most successful year yet!