Are You Ready to Sell Luxury Real Estate?
July 9, 2019
Designated Broker, HomeSmart LLC
As a real estate agent, you know the competition is fierce no matter your specialty, but you love every minute of it. Good real estate agents are always looking to take their careers to the next level. If you’re a go-getter who has been in the field for a few years steadily building your contacts and a name for yourself, it might be time to consider stepping up to the big leagues of selling luxury real estate. It’s a high-risk, high-reward market to take on, so it’s crucial to be prepared ahead of making the jump.
Before you begin updating your marketing materials and branding yourself as a luxury real estate agent, take some quality time to learn from those who have experience in this particular field. Read up on your competition by taking a look at how others sell luxury real estate in your area – how is the marketing different for luxury vs. non-luxury homes? What does their website and social media look like? Do you notice any differences in their approach? Is there anything you feel you could do differently or better? Speak with your contacts who might have experience in selling, or even buying, luxury real estate and learn their pain points. Is the risk worth the reward, in your opinion? Get as much real-time information as you can from those who are already in the trenches.
As you might guess, understanding the clientele of the luxury real estate market is one of the biggest keys to success. This starts with networking. Many new agents fail in their early attempts at selling luxury real estate because they aren’t prepared for how connected that market is. Traditional marketing can work for some properties, but many luxury homes are sold on tips from other agents or brokers. Also, keep in mind that the landscape of who is buying luxury real estate is changing with the entrance of new younger buyers and more creative types. Nearly all luxury buyers are looking for an experience when they view a new potential home-sweet-home. Whether it’s a ‘party’ to highlight the home’s entertainment factor, a pre-market showing or a broker’s showing, an agent in this field will need to step up their game to make the sale. A simple open house with flyers and fresh-baked cookies won’t cut it for this group. The key selling features of the home will help determine what that experience looks like and who might be the best target audience for the sale. Just remember that taking quality time at the onset of the relationship to understand your client and their desires will make you more successful in the long run.
The process of selling luxury real estate is no different than any other type of property, however, it’s on a much larger, high-stakes scale. Take a moment to consider everything you do on a daily basis for your clients. You’re required to be an expert on the market and extremely familiar with the community, from the best schools in the area to the nightlife scene. Working with luxury real estate, this will be magnified. The way you present yourself and your approach will be under a microscope with little room for error. There will be more expected of you because the payoff is much bigger. All staging, photography, videography and marketing materials must be high-end and geared toward this niche, exclusive audience.
Knowing what’s expected of an agent in the world of luxury real estate is half the battle. If you thrive under pressure and live for challenging tasks, this might be the market for you.