Maintaining a successful luxury real estate career isn’t always easy. If you’re like most people, the last year may have stirred up uncertainty surrounding career, income, and what you want for your future.
It makes sense — many industries were hit with big changes, both good and bad. Now, as the dust starts to settle a bit, you might be wondering how the luxury real estate industry is faring as we reach the one-year “anniversary” of COVID-19.
You might be wondering things like…
Are big, luxury homes still selling?
Is it crazy to start a luxury real estate career in the middle of a pandemic?
Are real estate success stories in this industry becoming the exception rather than the norm?
And those are all valid questions.
Especially if you’ve considered a luxury real estate career before, or you were just getting ready to dive into before the pandemic hit. Or, maybe the last year has led you to explore a career in luxury real estate as a new part-time option before making the full transition.
Whichever it is, you may be surprised to hear that now is one of the best times to consider a career in luxury real estate.
Here’s why:
The Pandemic Influenced Lots of Movement in the Luxury Market
When affluent, high-net-worth, and ultra-high-net-worth clients lost their ability to travel freely, many decided to make it easier by purchasing secondary homes and pied-à-terres to move safely from place to place.
Because many of these clients have the ability to work remotely and also have the funds to support a drastic relocation, they’ve opted to do so.
This created more opportunities for luxury real estate professionals in areas that don’t normally see so much movement, like ski resort towns in both the United States and Canada, and more rural areas throughout North America’s midwest.
Think there’s no more business left for anyone breaking into a luxury real estate career this late in the game? The opposite is true.
There are still plenty of luxury clients who are ready to buy and sell, and many who will inevitably want to try on new locations for size as they and their families continue to adapt to the “new world” that’s still slowly emerging. These folks will need (and actively seek) guidance from luxury real estate professionals to help them navigate the market as it continues to evolve.
A Major Shift Towards Digital Marketing Strategies Is Leveling the Playing Field
While many luxury real estate professionals are expert marketers, few have had to rely on digital marketing as heavily as they’ve had to over the last twelve months.
Of course, well-established luxury real estate professionals have the advantage of connecting with their warmed-up database and likely already great relationships with their current clients. But, generating new business online has become a new and almost unavoidable learning curve for luxury real estate professionals at all levels of experience.
In other words, starting your luxury real estate career now may feel a bit intimidating, but even experienced luxury real estate professionals are feeling a bit more pressure these days as they learn the ropes of a mostly virtual playing field.
The truth is, there is still enough business to go around, and those who are willing to sharpen their digital marketing skills will have an advantage — even if they’re brand new to luxury real estate.
Plus, there are plenty of resources to help.
The Institute’s Luxury Marketing Blueprint that students receive from our Luxury Livestream training and self-paced online learning course is full of luxury real estate marketing strategies that translate to online lead generation and online relationship-building.
In fact, our training is fully updated to support luxury real estate agents through this unprecedented time and is still a great way to connect with an elite network who can help you get started in the right direction.
So whether you’ve been wondering if a luxury real estate career is right for you for years, or if it’s only recently become clear that luxury real estate is a more lucrative path than other entrepreneurial options, the Institute can help you get started.
Start Your Luxury Real Estate Career with The Institute
We know there’s a lot to learn, even if you’re coming from a career in the traditional real estate market. Here are a few great resources that will help you experience what the Institute and our community have to offer:
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Subscribe to our Estate of Mind podcast and/or Estate of Mind video series on YouTube for monthly deep-dives into specialized luxury real estate topics with industry experts;
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Take our Luxury Livestream or Luxury Online training to qualify for Institute Membership and its many Member Benefits;
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Visit your Membership Portal for brand new training sessions, as well as our book, Rich Buyer Rich Seller: The Real Estate Agents’ Guide to Marketing Luxury Homes, which is available for free to all Institute Members and also available on Amazon.