Introduction: Where is the best place in the world to live? Is it in your house with all your stuff around you? Or maybe, somewhere else. Wherever it may be, the secret is out: Luxury homes make life better.
Luxury homes are houses or condos that cost more than most other houses in the area because they’re bigger, nicer, newer… It’s all very subjective. Everyone has his own idea of what constitutes “luxury real estate.”
And deciding whether a particular home qualifies as such or not will inevitably keep people divided until there is nothing left but pieces of an ever-growing puzzle.
So if you really want to sell luxury homes for a living, what can you do to stand apart from the crowd and find success? What can you do if you’re going to market yourself as an ultimate luxury real estate agent?
This article looks at what you need to do to become a luxury real estate agent.
Get a License
The first thing you have to do is secure a real estate license – it sounds obvious, but you’d be surprised how many people don’t know this. In order to sell the property as an agent, you need a broker’s license.
It can take from six months to a year for the process to complete depending upon the state where you live and whether or not your college degree is in Real Estate or Business Administration, etc.
Take the Luxury Homes Certification From NAR
Another way you can stand out is to take the National Association of Realtors (NAR) course in luxury homes. This will help you better understand the luxury market and acquaint yourself with what it takes to sell such real estate.
You can also take a course in social media marketing that will teach you how to use the various online platforms to your advantage.
You have to keep in mind here that the luxury real estate market doesn’t run by the same rules as other markets. So if you want to be successful in real estate, it’s essential to familiarize yourself with those differences and take full advantage of them.
Join a Luxury Real Estate Agency
Many agents prefer working with larger agencies because they have more manpower and therefore offer a wider selection of things their clients might be interested in.
If you want to become a luxury real estate agent, then joining one of those gives you a great advantage over starting your own business.
By working for someone else, you get to benefit from their experience and expertise. Also, they’ll provide you with the tools you need to succeed more often than not.
Build Your Portfolio
Having a deep portfolio is essential for any luxury real estate agent because it speaks directly about one’s previous work experience and ability to generate sales.
A good way of building your portfolio is by asking your current agency if you can list some of their properties on their behalf until people start calling you on your initiative (people never believe in brand new businesses).
Showing potential clients at least several listings under your belt will make them trust you, especially if they are used to working with larger agencies that have been around for a long time.
Become an Expert
To become a luxury real estate agent, you should know how to convey trust and credibility and the intrinsic value of what you’re selling – this includes knowing about location, amenities, etc.
This can be achieved by simply asking your clients what they like or don’t like about the properties you list for them. In general, people appreciate honesty and frankness more than anything else.
If you do this adequately enough, at some point in time, your clients will start calling you first before buying anything because they know that they can count on you for sound advice. This means eventually generating referrals from happy customers.
Learn What High-End Clients Need
Once you’ve gotten a sufficient portfolio, it is time to start working on your skills. You cannot become a luxury real estate agent unless you truly understand what high-end clients need from their agents.
They are looking for people who will listen to their concerns and offer them unbiased advice based on facts, not emotions.
In other words, if they want the best property in the area that fits their budget and needs, then that’s what you should be trying to find for them – regardless of whether or not it means going against your interests.
Learn How to Negotiate
One of the essential skills that you will need is the ability to negotiate well. Luxury homes are often bought and sold through negotiations because high-end buyers are usually willing to pay a premium to get what they want.
At the same time, this shouldn’t mean that you abandon your principles or that you continue negotiating until someone gets hurt financially.
All it means is that you listen carefully to all concerns, be fair about pricing and amenities, etc. You should also make sure you don’t come across as pushy or aggressive at any point during these negotiations.
Luxury real estate agents have something different about them – it’s not just their knowledge of the market, the properties they offer, or even their people skills; it’s also about their ability to negotiate.
If you want to become a luxury real estate agent yourself, you should study this skill first before anything else because there is no point in selling expensive homes if you have no idea how to get them out of the door afterward.
Take Care of Your Online Presence
An essential part of becoming a luxury real estate agent is to make sure that you have an online presence. If people can never find out about you, it automatically lowers your chances of success by quite a bit, especially if you’re new to the game.
Fortunately, you can easily achieve this by creating an excellent website and social media accounts (especially on Twitter).
You can also create a blog where you can post articles related to your field. This will make people find out more about you and increase their trust in you because it shows that you’re worth investing time in, which is extremely important when selling luxury homes.
If possible, try getting some recommendations on your website too by including testimonials from satisfied customers.
Remember That It Doesn't End With One Sale
The thing about becoming a luxury real estate agent is that it doesn’t end with the sale itself – unless, of course, you don’t get any subsequent sales, which will prevent you from making more money for yourself and the agency employing you.
Once they become familiar with what services or listings they like best, they will be more likely to contact you again for similar transactions in the future.
Learn How to Control Your Emotions
Another important thing to remember when selling luxury homes is that it can get very emotional, especially when dealing with wealthy clients whose emotions are running high because they’ve had a bad day or whatever else.
This is where your ability to control your own emotions becomes important because if you show fear, anxiety, indifference, etc., this may impact how the client deals with things too.
Instead of being stressed out about everything that could go wrong, just focus on impressing them instead so that they see you as someone worthy of dealing with in the future.
Selling luxury homes means that you will have to deal with many different kinds of people – from those who are extremely casual about their needs to others who will be very demanding and even rude at times. You have to learn how to manage this, or you’ll never succeed as a luxury real estate agent.
You can also work on your time management skills because sometimes you will be given a very tight deadline to work with, which means that you should never compromise on quality either.
If it’s not ideal for you right now, then perhaps try looking for ways to improve your skills in this regard without sacrificing the amount of money you make.
You Should Never Ever Compromise on Quality
A luxury real estate agent is someone who knows what they are doing when it comes to selling high-end homes.
While this may seem like an obvious thing to say, there are quite a few people out there who don’t think much about their job performance and only end up gaining mediocre results as a result.
Since you want to be one of the best, you should put in your best effort whenever it’s time to pull out all the stops.
Keep Your Communication Skills Sharp
Another thing that should never be neglected when becoming a luxury real estate agent is your interpersonal skills, which means how well you interact with your clients.
After all, even the most experienced agents still need to communicate their ideas effectively so that people can understand what they are trying to say.
Prospect Luxury Expireds For Bigger Deals
Finally, think about looking for high-end homes that have been on the market for a long time without being bought. This may seem counterintuitive at first because it would mean competing against other luxury real estate agents interested in these homes.
But it’s a good idea because there is a huge probability of you maximizing your profits through better negotiation skills and even discounts from clients who desperately want to sell their house as soon as possible.
Becoming a luxury real estate agent is not an easy thing. But if you think you have what it takes, go ahead and start working towards your goal immediately.