Published by Kartik Subramaniam
It's nice to get a piece of a pie, whatever the size. But let's be honest: Would you prefer 3 percent of a $300,000 listing or of an $18 million mansion? The luxury real estate market is where you can earn the big bucks — but breaking into it isn't easy.
Fortunately, one of my former students Jason Peteler recently sat down with me and discussed how he got into this lucrative market. Newer real estate agents can successfully transition into the luxury business by embracing these four points:
1. Master the Art of Marketing:
Your image is everything in the high-end market. That's why marketing is the key to putting your best foot forward and spreading awareness about your brand.
You need to be where your potential clients are looking. The current trends are overwhelmingly in mobile and social media. If you're not on Facebook and Instagram yet, you need to create accounts today. If your website isn't mobile optimized, get some help to update it ASAP.
Every time you post, you should present yourself in a way your clients want to see you. Do you want to look negative and unmotivated? Of course not! Instead, post about your current successes and create the image of a confident and competent professional.
Get creative and post infographics, pictures and videos. You can even go "live" for a behind-the-scenes tour of a new listing!
2. Remember It's All About People!
Peteler briefly touched on being a "therapist" in his interview, and he's spot on. Imagine the stress buyers experience when buying or selling average-priced homes. Now multiply the commitment and risk by 10, and you have a client who's parting with or purchasing a high-end property.
Great real estate agents can help their clients cope with the stress and pressure involved with one of the biggest financial moves of their life. This interpersonal skill can make or break a transaction, because maintaining a good agent-client relationship keeps the ball rolling.
3. Know Your Area!
Who wants to work with an agent who doesn't know anything about the local area? When high-end clients approach an agent, they're looking for expertise. When you know the area well, you can sell the listing well.
Acquaint yourself with the area by spending time there: Eat at the local restaurants, talk to residents, walk around and soak in the sights and mood of the district. The more you know about the area, the more your clients will trust you.
4. Don't Start Out Alone!
Real estate agents who have successfully broken into the luxury market virtually agree on one point: Don't try to do it alone. You'll need to learn the ropes from agents who have real experience in the high-end market.
This can mean co-listing with another agent, being part of a team or even becoming someone's "apprentice." In fact, Peteler says that you should first follow a template: Copy what you see has worked for someone, and later you can expand upon it and innovate.
5. Get in Touch!
Another indispensable quality a luxury real estate agent needs is a solid education. To find out more about our real estate courses, contact me today. You can call the office at 888-768-5285 and we would be happy to help get you enrolled in California real estate license courses!
Are you ready to get your real estate license?
What is amortization in a real estate loan?
Is a career in real estate “hard”?
What is a lien in real estate?