10 Tips To Success As a Luxury Agent
August 11, 2021
So you just received your real estate license, and you have aspirations of hitting it big as a luxury real estate agent. First of all, congratulations! You worked hard for your license, and now get ready to work even harder.
This is not the typical advice you will receive on how to achieve success as a luxury agent. However, to truly find success, this is a good list to keep in your desk drawer.
- Hard Work: There is no substitute for hard work. You will need to work hard to obtain each client’s trust. You will need to give 150%, because every buyer and every seller knows at least 10 agents. You can only stick out from the rest of the agents with hard work and going the extra mile for all your clients.
- Ethics: You are required to take a Code of Ethics class every two years for a reason. Make sure you act ethically and truly know the Code Of Ethics. Your reputation is everything. If you stray from ethical behavior, you will not be successful.
- Agency Law: You are also required to take agency law classes. Make sure you truly understand agency law. You must represent your client to the fullest as long as it is legal and ethical. You do not represent yourself.
- Contracts: You need to know every line of the Purchase Contract and related documents. Contracts will help you find success. There is so much more to the purchase contract than price. When you first start, find a mentor that can help you by giving you fictitious clients, so you can practice writing contracts. The more practice you can get with fictitious clients, the better. Ask for some difficult scenarios.
- Humility: Forget the fancy car that you are tempted to buy after closing the first deal. Stay humble. Do not believe your own press clippings. Go back and read number 3. Focus on your clients, not yourself.
Instead of running out to spend your commission check, save at least 20% of that commission check to put back into your business. After you have put money back into the business, then you can splurge every once in a while on something nice for yourself or your loved ones.
- Save: Sales and appreciation are the highest we have ever experienced. However, this will not last forever. Make sure to put as much money as you can into an individual retirement account. Go back to number 5. Twenty percent of each check goes back into your business. Then, work to put at least 20% into your retirement account and into investments. In addition, do not forget to save another 40% to pay your income taxes as well as that will not be taken out of your commission check.
- Colleagues: Other agents are your colleagues regardless if they are working for another brokerage. Do not look at them as competition. You are not competing against them. You are only competing against your past achievements. Instead, build relationships with other agents. In the end, these colleagues will be on the opposite side of each deal. You need to be able to work together to achieve your clients’ goals.
- Structure: You are now your own boss. You essentially own your own business. You will need some structure and systems to keep focused and on task. You are the only one that can create the structure and systems.
- Network: You are probably asking yourself “How do I get buyers and sellers to contact me?” Should you pay a small fortune for internet ads or magazine ads? No, you should not. Instead, join different networking groups whether it be your local Chamber of Commerce, Alumni Group, or sports club.
- Market Knowledge: You need to be an expert on the market in which you work. You need to know the inventory. You need to understand the value of each property. You can look at photos on the MLS, but the only true way to understand the market is to go view the homes. The best way to do so is to attend the Tours in your area and to attend Broker Opens and regular Open Houses.
Allison Cahill, Esq.
Allison Cahill & Partners Luxury Properties
Walt Danley Christie’s International Real Estate