How I Broke Into the Luxury Real Estate Market! (And How You Can Too)
As a real estate agent, breaking into the luxury real estate market can be seen as the Holy Grail of sales—and for good reason! The high price points and high-profile clients, however, can be quite intimidating, and it can be easy to feel like this market is simply out of reach. As someone who did break into the luxury real estate market, though, I’m here to tell you to get that doubt out of your head!
There are some key differences when it comes to luxury real estate versus “regular” real estate, and we’ll talk about that in a bit, but the truth of the matter is: you’re one car ride and one phone call away from the luxury market. The trick is simply in taking opportunities when you have them, and creating opportunities when you don’t.
Understanding luxury
What makes luxury so different? That’s an important question with no easy answer, but exclusivity is a good start. In order to break into the luxury market, first, you need to identify what luxury means for your area. Luxury in Atlanta, California, and Colorado is going to mean different things, from location to price points. A good rule of thumb, however, is to look where the high-income and high-profile individuals are. If luxury means exclusivity, then luxury will surround itself with luxury.
Identifying luxury is only the first step. Next, it’ll be important to learn how to navigate this market and this profile. Having a strong knowledgeable base in your own real estate practice is crucial, and then building on that base with luxury-specific training is incredibly important. Once you know what luxury looks like, it’s time to learn how luxury thinks.
Taking opportunities and finding more
Now you’ve found out what luxury means, that doesn’t mean an opportunity is just going to fall into your lap…unless it does. If you’ve already put time and effort into building your network and building your brand, chances are an opportunity to handle a luxury listing is already well within your reach. Keep a close eye on your contacts and, if you spot an opportunity, take it!
Otherwise, it’s up to you to create these opportunities. Luckily, this shouldn’t be a terribly difficult task. You’ve done your research, you know where the luxury homes are. Get in your car and drive around the neighborhood! It might be an unexpected win, but spotting a for sale by owner sign on a luxury property can be a golden ticket. For whatever the reason may be, many sellers in the luxury market don’t think to reach out to a brokerage to handle the process. If you’re able to contact the owner and get on good terms, that can be your golden ticket into the market.
Know what you know
A common theme throughout this is that the tools and the information that you need are already just a few steps away. Importantly, though, nobody knows your community quite like you. Classes tailored to the luxury market are important, but the most important research about your community comes from you. You know your town, you know your people. It can take a creative mind to translate all of that information you already have in your social and professional networks, but take a good look and, chances are, you already know a lot more than you think.
Know what you know, and trust what you know!
