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Often considered the gold standard in real estate, the luxury real estate market promises commissions rivalling some agents’ entire yearly take. Buyers and sellers of high-end, luxury properties seek tailored services from a professional who knows his or her market inside and out. But, even with these skills, how do you break into this lucrative market?
Defining Luxury Clients and Luxury Real Estate
Luxury means different things to different people. Whether luxury real estate values begin in your market at $1 million or several million dollars depends on a variety of factors, including median incomes, average property values, and area development. Luxury Defined, a digital publication for haute architecture, sets the threshold for luxury real estate: property valued between just over $1 million to $3.6 million, depending on the property’s location. Luxury Defined also points out that while luxury property values may start at $750,000 in some markets like Durban, South Africa, they top out at $8 million in places like Beverly Hills. Given this wide range, how do you target your efforts toward this market?
Learn From Those Already There
What are successful luxury market agents doing? How do they market their brand? Check out their social media, their web copy, and their business cards. How do they introduce themselves at events? How do they explain what they do? Is there an opportunity to join a brokerage with agents who know their luxury markets and are already established there?
Know the Market
Study the listings, sales, and pending offers in your market. Visit open houses. Preview properties. What are buyers seeking at the price points you list? What can’t they live without? Learn about the houses, the neighborhoods, the schools, country clubs, and nearby services.
Offer dynamic marketing materials to display your properties. In the end, to draw the right clientele, you need to create the right experience. Potential luxury clients are not just evaluating your listings, they are evaluating your overall presentation. And, let’s face it, they are evaluating you … which brings us to:
Become One With Your Luxury Clients
People of a feather flock together. If you want to break into the luxury real estate market, dress the part – not just on the job, but anywhere you might meet or run into clients. Frequent the restaurants or social events where they are. Learn what drives them. Network.
Upgrade Your Real Estate Marketing
First impressions count. Invest money into marketing your business and produce designs and copy that resonates with your target market. Get a professional head shot. Show what you’ve done in the luxury market.
It’s About Who You Know
Who you know and who trusts you count for a lot in this business. Network with the CPAs, lawyers, property inspectors, and bankers who know high net worth individuals. Offer them your knowledge and expertise in the real estate market. They might just start referring luxury clients to you.
Whether you’re moving into luxury real estate after some time in the residential market, or starting out specializing in luxury real estate, preparation and strategy go far in the luxury game. You’ll never get a second chance to make a first impression, and reputation, referrals, and networking matter more here than anywhere else. In the end, your potential luxury clients are expecting top service for their top dollar. The luxury real estate market offers you just that chance to showcase your superior customer service skills, local market knowledge, and professional polish that you’ve worked hard to perfect.
Learn more about our integrated marketing advertising packages for real estate agents which include luxury syndication.
