If you’ve been trying to break into the luxury real estate industry without success, you’re probably wondering what you’re doing wrong. The reality, though, is that breaking into the luxury real estate market is challenging. Not only is the market already oversaturated with competitive real estate professionals—but the bar for representing a luxury client is also set incredibly high.
Of course, even the most successful luxury real estate professionals had to start somewhere; there’s no reason you can’t find success helping affluent clients buy and sell beautiful homes. We’ve even got some proven tips to help you get started as a luxury real estate professional.
Assimilate Into the Luxury Lifestyle
Breaking into the luxury real estate market is about expanding your sphere of influence. At the end of the day, affluent clients prefer to work with professionals who can understand and relate to their high-end lifestyles.
So, how can you assimilate into the luxury lifestyle—even if you may not have the same earnings or net worth as your target clients? It can be as simple as attending some community celebrations, galas, and charity events. These happenings can provide an excellent opportunity to network and get your name out there among the affluent.
Likewise, if you’ve wanted to try out a new hobby, consider something like golf or tennis at a local country club. Not only will you have fun, but you’ll likely be playing alongside some of your potential clients. What an opportunity!
Make Personal and Business Connections in the Luxury Market
The luxury market is unique—and you’ll do well to build relationships with builders, contractors, and other real estate professionals in the field. Did you know, for example, that a luxury home usually takes two to three times longer to sell than a non-luxury home? Not only is there a smaller market for these homes, but those who can afford them tend to be more particular with their search.
With this in mind, many real estate professionals find success mining expired luxury listings, FSBO luxury listings, and even new construction listings when they start. By working with other luxury real estate professionals to market an expired listing, you can get your name out there and gain some valuable experience in the market. Likewise, establishing and building relationships with luxury real estate developers and construction businesses can pay off many times. Some real estate professionals may even work exclusively with a specific builder or construction company—though this decision involves nuances you’ll need to consider.
Elevate Your Brand to Look Luxurious
Surely you’ve heard the phrase “dress for the job you want—not the job you have.” This also applies to the world of luxury real estate. If you’re looking to break into the luxury market, you’ll need to take measures to elevate your brand and set yourself apart. After all, you can’t expect to draw in affluent clients if your website, social media, and marketing materials look the same as every other real estate professional.
What changes can you make to elevate your brand and give off a luxurious vibe? Start with your website, social media, and advertising (print and digital). Make sure you post about things your target audience will be interested in on your social media accounts. This doesn’t just have to be related to luxury real estate; you might post about a recent gala or charity event, for example. The more your content relates to your prospective clients, the more likely they will consider you when they need to buy or sell a home.
Finally, make sure your digital and print marketing aligns with your brand. Opt for high-quality cardstock and other premium printing options if you send out print mailers (such as flyers and postcards). These small details can make all the difference when establishing yourself as a name in luxury real estate.
The Bottom Line on Breaking Into Luxury Real Estate
In addition to the tips outlined above, now is a great time to add some designations to your real estate resume (if you haven’t done so already). Specifically, the Certified Luxury Home Marketing Specialist™ (CLHMS) designation offered by the Institute for Luxury Home Marketing can help you stand out from the rest while providing the tools and training you need to serve your affluent clients best. Meanwhile, you’ll join an elite team while gaining access to our network of influential luxury real estate professionals. Find out more and get started today!