If you’re looking for your big opportunity to break into the exciting luxury real estate market, you’re not alone. For real estate professionals, this is an extremely competitive market due to the higher earnings potential and opportunity to work directly with affluent clients.
With so many real estate professionals striving to get their foot in the door, you’ll need to work hard to stand out. Not sure where to begin? Consider these tried-and-true strategies for getting into luxury real estate.
1. Build a Strong Network
In the world of luxury real estate, it’s all about who you know. Building a strong professional network will drastically increase your chances of finding a referral or landing that first affluent client. The best way to establish and grow your network as a real estate professional is to attend industry events (both in your area and on a larger level) where you can network with other professionals.
Likewise, building relationships with high-net-worth individuals in your community can create exciting opportunities when you make a genuine effort.
2. Research Your Market
No matter how strong your professional network is, you’re not going to be able to provide excellent service as a luxury real estate professional without a solid understanding of your local market. Take the time to research the luxury side of your local real estate market, looking specifically at recent sales data, reports, and projected market trends.
This will improve your prospects by giving you a better feel for what luxury buyers are looking for and which properties are currently available.
3. Develop Your Brand
One of the biggest challenges of breaking into the luxury real estate market is demonstrating to your potential clients that you have something to offer that other real estate professionals don’t. This means establishing yourself in the industry with a strong and consistent personal brand.
If you haven’t done so already, invest in professional photography and high-end marketing materials to truly showcase your expertise and the luxury properties you represent (or will represent). A professional-looking website and robust (but not overbearing) social media presence are also key to developing your brand and differentiating yourself from others offering the same real estate services.
4. Leverage Social Media
Speaking of social media, ensure that you’re making the most of your presence as you strive to enter the luxury real estate market. Specifically, this means using the right social media platforms to engage with your potential client base (including Facebook, Instagram, and LinkedIn). When used properly, these platforms can serve as powerful tools for reaching affluent clientele.
When using social media, be sure to post regular updates not just about your listings, but about relevant industry news and market insights that will be truly useful to your potential clients. Remember that there’s a fine line between posting useful information and being overbearing, so you’ll need to tread lightly here.
5. Be Prepared to Provide High Quality Service
When you begin to land your first luxury clients, this is where you must be prepared to really go above and beyond. Luxury buyers expect a high level of service, so you’ll need to anticipate the needs of your client and then find ways to exceed their expectations. This might mean going out of your way to arrange a private showing, providing detailed property information, or even offering concierge services.
Ultimately, being successful as a luxury real estate professional boils down to knowing your clients’ needs and providing the best service every time.
6. Consider Getting Certified
Professional certifications and designations can be a great way to set yourself apart from others working in luxury real estate. There are all kinds of great certification options available, but if you want to maximize your earnings potential and differentiate yourself in a competitive market, you can’t go wrong with pursuing the Institute for Luxury Home Marketing’s “Certified Luxury Home Marketing Specialist™ (CLHMS™) designation.
Specifically, this designation is available to those who have closed three transactions within a 24-month period that meet or exceed the luxury threshold in their market areas.
This, in addition to completing dedicated CLHMS training, provides luxury real estate agents with the insights they need to dominate their markets. Plus, according to 2021 research, CLHMS Designees earn up to $172,000 more in commission income each year than those with other designations.
Ready to Break Into Luxury Real Estate?
Finding your footing in the competitive luxury real estate market will undoubtedly take some time, dedication, and resilience. However, with these best practices in mind, you’ll be well on your way to breaking into this lucrative and rewarding segment of the industry.
For more information on the CHLMS designation or the many benefits of becoming a member of the Institute for Luxury Home Marketing, get in touch with our team today. This is an excellent resource for emerging professionals who want to stay on top of the latest industry insights, market reports, and so much more.