What Luxury Real Estate Really Means

What comes to mind when you think of luxury real estate? The common assumption is a multi-million dollar home, high-rise, or vacation property on an exclusive island. However, even though the actual property price must fall into their respective market’s top 10% price range, the price tag does not define luxury real estate. Home values vary from market to market, and their prices could fluctuate based on economic conditions. In that case, what does luxury real estate really mean?

In a recent episode of the Estate of Mind podcast, Ricardo Rodriguez, an award-winning real estate professional with Coldwell Banker Realty, defines luxury as an experience curated and delivered to each client with the highest quality of service, regardless of the price of their homes!

He stressed whether it’s their first time buying a home or their next big investment property, it’s best to deliver consistent outstanding services to each client. That said, luxury real estate professionals who want to succeed in this niche market must have proper training and experience working with and attracting affluent clients. Let’s take a closer look at what options are available from the Institute.

Become a Leader in Your Market Area

One of the best ways to stand out as a luxury real estate professional in this niche market is to earn the Certified Luxury Home Marketing Specialist (CLHMS™) designation. You must close three separate residential transactions with a sold price of or above $1M within 24 months to qualify for this designation. These three transactions do not have to be in the same market.

After earning the designation, you can apply for the GUILD™ recognition by closing two additional transactions in the million-dollar and above residential markets. Upon completion, you’ll be able to download the CLHMS™ and GUILD™ logo to brand your marketing materials, letting your potential clients know that you’re the go-to luxury expert in your area!

Since market prices and home values vary from state to state, county to county, use our nifty Luxury Threshold Lookup Tool to determine the qualifying amount by your zip code. Click here to view the tool and get more information on how to apply for these designations.

If you’re not qualified for the CLHMS™ designation yet, don’t worry! We encourage you to register for our Luxury Live (or Livestream) training. These training are designed to help you break into the luxury real estate market and help you win higher-priced properties. Click here for a complete list of class schedules.

Marketing Resources and Data to Support You

Another valuable resource that The Institute offers its Members is the monthly Luxury Market Report on the top residential markets throughout the U.S. and Canada. This comprehensive report presents several metrics — including sales prices, volumes, number of sales, sales-price-to-list ratios, days on the market, and price-per-square-foot — to help you stay informed and current with the ever-changing industry. Access to this data during your listing appointments will help build your credibility as a trusted luxury advisor and potentially win more clients.

The Institute also provides its Members with marketing materials to increase their brand awareness, monthly blogs and podcasts to expand their knowledge and skill set, and an online community to meet and mingle with like-minded individuals. Click here for a preview of the materials available to you.

Join Our Growing Community

For more opportunities to elevate your career and grow your network, join our online community of over 6,000 members throughout the U.S. and Canada! Members of the Institute for Luxury Home Marketing gain access to benefits such as premier market reports, marketing content, and training to earn your designations and elevate your career. Reach out to our team today to get started.