We have all seen the real estate tv shows that put agents against the agent, vying for listings in the high-end real estate markets. These shows are extremely popular, and for a good reason, we all love to get a peak into the luxury lifestyle. For someone wanting to be a real estate agent, buying and selling luxury homes is usually the goal they want to achieve.
How can you reach this target? Lots of hard work for a start, but there are strategic steps you can take to attain it. You need a game plan to be an elite agent that attracts wealthy clients looking for million-dollar homes.
Here is the path to being a luxury real estate agent.
1. Get Your Real Estate License
If you are not already an agent, start the process. This involves:
- Completing a pre-licensing real estate course
- Joining a brokerage agency to sponsor your license application
- Applying for your license
- Taking the licensing exam
- Obtaining an errors and omissions license
- Receiving supervised training through a mentor
This first step starts your real estate career, and hitting the ground running is important.
2. Gain Some Experience
Now it’s time to learn the trade, which means obtaining clients. Start with your family and friends and branch out from there. Once you get a few successful transactions, expand your reach into your local community and partner with other industry professionals like lawyers, lenders, home inspectors and home repair contractors. They all have contacts that can lead to becoming your clients, so keep these relationships strong. Continue working with buyers and sellers and gain lots of experience.
3. Immerse Yourself In the World Of Luxury
I’m not talking about buying a sports car and renting a yacht. To attract high-end clients, you must understand their world, which means you must play your part.
Make your brand high-end with upscale marketing material like your website, advertising and business cards, and how you interact on social media. Educate yourself on the posh places in your city so you can post and talk about:
- Luxury restaurants
- Golf tournaments
- Art gallery openings
- High fashion
If you want to rub shoulders with these top buyers and sellers, you must understand their world.
You can also get involved in charity events, fundraisers, auctions and other causes because this is where you will mingle with affluent people. Make sure you are authentic in your desire to help out and offer support to these causes because it’s easy to spot a fake. Be sincere and build relationships.
4. Research All High-End Homes In The Market
To add rich people to your client list, you must know the high-end market and what is available. When you talk to people, research listings and memorize them to know the upscale neighbourhoods and what is currently for sale. Learn about luxury home builders and what they have coming on the market as well.
If you want to be known as a luxury real estate agent, you need this information.
5. Find High-End Buyers
Beyond functions that rich people attend, meet them in the real world so interaction can be more casual. Research where high-end individuals go for coffee or hit the gym and make that your new spot. This can also be on vacations like at a ski lodge or a holiday resort. Start as many casual conversations as possible; never lead with a sales pitch. Once you are talking, you can guide it toward where they live and what they do for a living. Then introduce yourself as an agent who deals with luxury homes.
High-end buyers need solutions for various problems, including:
- Banking
- Real estate taxes
- Asset preservation
- Legacy planning
- Prenups
- Appraisals
You may get a new client if you can solve these issues.
6. Grind
Like most things in life, the reward is often based on effort. High-end clients obtain and keep their wealth because of their hard work and expect the same from those they work with. When you land a wealthy client, you must put in extra effort to provide what they need. This could mean long hours searching for homes or networking with colleagues to attract buyers to your listings.
All it takes to succeed in whatever it takes is to exceed your luxury client’s needs. This grind won’t go unnoticed, and they may recommend you to their friends or get you in on other upcoming deals. Remember, success is no accident.
This is the path to take if you want to be a luxury real estate agent. Use this as a roadmap to reach high-end clients, and then once you have them, deliver exactly what they want. Then you will build a brand that keeps you busy in luxury real estate.
