Breaking Into Luxury Real Estate

If you want to succeed in luxury, you’re going to need to bring enhanced skills to the table. Bigger rewards come with bigger pressures… higher standards, less margin for error, and an even greater commitment to yourself and your clients. So what are the most valuable skill sets a luxury agent needs?

Market Knowledge

You need to know your stuff if you’re going to excel in luxury real estate. It requires dedication and discipline to always be dialed into what’s happening in your market, who bought what, when, for how much, etc. You’re going to have to block out time for studying your market on a daily basis and dedicate yourself to learning what you don’t know. High-end clients want you to be a knowledgeable consultant with all the answers.

Relationships

At the luxury level, everything is heightened, including the competition. That doesn’t mean you can’t have strong working relationships with some of your competitors.

The stronger relationships you can build with other luxury brokers in your market, the better.

1. You will be “in the know” more
2. You’ll learn best practices from each other
3. You’ll be able to collaborate when necessary

Always Deliver

"When the stakes are so high, reliability is more important than ever. If people can’t rely on your word or trust you to solve problems and get the job done, you’re not going to succeed with high-end clientele. Don’t make excuses. Do the work and deliver every time." Tip by West Bloomfield Realtor®

Leverage Your Wins

If you’re a luxury agent or trying to break into the high-end market. When you break through and make that first sale in the luxury realm, promote it! Send “Just Sold” cards out explaining how you did it, create a video about it, get the necessary press coverage if warranted, etc.

Market to Expireds

Homeowners with properties that haven’t sold may be more open to seeing what “new blood” can bring to their sale. So market yourself to Expireds and don’t be afraid to show how much the listing would mean to you and your business. Also, don’t shy away from collaborating with another agent with more clout in your market. Sharing a commission is a small price to pay for getting yourself in the game.

If you are looking into luxury real estate and want an experienced agent who possesses these skill sets, look no further than your local luxury real estate agent.