Tips for Breaking Into the Luxury Real Estate Market

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Luxury real estate deals with high-end properties and wealthy buyers and sellers. This competitive market is somewhat more delicate than general real estate and requires even more attention to detail.

The central point of luxury real estate is the people – the agent, the clients, and others who participate in the market. Knowing how to brand yourself, build a relationship with clients, and cooperate with other brokers will make all the difference.

Continue reading to find out what experts had to say about breaking into the luxury real estate market.

Patience Wins the Dayjennifer

Jennifer Okhovat, a luxury real estate agent for Compass in West Hollywood, says taking your time is essential. People in the luxury real estate market deal with massive amounts of money and extremely valuable assets. For that reason, they need to trust their agent entirely and make sure their best interests are represented. Building this kind of trust doesn’t happen overnight, and it will require a lot of patience on the agent’s part.

On the same note, the luxury market is already full of experienced, highly successful agents. It’s a competitive environment that doesn’t make it easy for newcomers. Creating a reputation as a dependable, capable agent can take a long time. Making a breakthrough will require constant motivation and hard work, but crucially – patience.

ryanAdding More Value to Your Business

Ryan Waller from Beth & Ryan emphasizes the importance of going that extra mile, both in marketing and the relationship with the client. His brokerage, Home Group Realty in Guelph, ON, believes the most successful marketing strategy is always trying to do what others aren’t doing. Investing more effort and funds into property marketing and advertising through harder to reach channels will differentiate a great agent from an average one.

Knowing the market inside-out is vital when dealing with high-profile real estate. You’ll earn the client’s trust more easily if you can present them with more than basic stats. Provide details about how a neighborhood’s performing on the market, unlisted properties, market trends, and potential deals the client isn’t aware of. Being a real estate expert means, among other things, giving your client information others don’t have or fail to share with buyers and sellers.

The luxury real estate market’s very nature demands a thoroughly developed relationship between the agent and the client. This means paying attention to every aspect of the interaction, from your self-presentation to how you communicate with the client. Be presentable, always on time and on schedule. Consider when your client’s available and plan your contact with them accordingly. In other words, respect your client and their time.

Most often, people who deal in luxury real estate are successful in their own right. The agent’s attitude towards them should reflect that. Acknowledge the client’s success with measure – don’t disregard it or take it for granted. But avoid pandering to them. In the same vein, ensure your client’s privacy is maintained to the maximum, and make them aware of your efforts to that end. Finally, get to know your client’s tastes and preferences in smaller matters. Present them with a small gift of something they enjoy. The deal you might be closing is worth the extra effort, and a closer relationship with a luxury client can prove invaluable for future business.

Breaking into the luxury real estate market isn’t easy, and self-marketing is the most important part of the process. Advertise in the higher-end areas with zip code-specific postcards and ads. Make the market aware of your existence. Visit locations and venues that potential luxury clients frequent. Those are museums and art shows, charity events, golf and tennis clubs, and similar locations.

From the outset, start working on your branding and image. When you make a noticeable sale, always get a testimonial from the client and make sure everyone learns about your latest deal. Know where your business stands on the market concerning prices, client satisfaction, and the overall quality of your service. Find out where your points of excellence are and talk about them on appropriate occasions. Word-of-mouth marketing is a powerful factor for businesses on the rise, so don’t underestimate it.

Know the People on the Marketkristi

Kristi Ambrosetti, a senior global real estate advisor and associate broker for Sotheby’s International Realty – East Side Manhattan Brokerage, underlines how vital it is to have detailed knowledge of the market. However, this doesn’t refer to the technical intricacies but rather to the agent’s relationship with clients and other brokers alike.

You should have a friendly and helpful attitude towards other brokers since future deals could require cooperation. While luxury real estate is a competitive business, everyone will profit from healthy competition, and a good reputation means everything on the market.

Be an honest advisor to clients and always represent their best interests. Make them feel like they’re the top priority, stay focused on them, and be present. This means, for example, staying off the phone during a meeting with a client. If they want to schedule a time that doesn’t work for you, don’t mention other obligations. Rather, offer a different time and reassure them you’re looking forward to the meeting. Be positive, calm, and aware of the market situation. That way, you’ll build trust with the client and become their valued advisor.

JonathanHettinger (1)Be Dedicated to Every Client

Jonathan Hettinger, a luxury agent for Sotheby’s International Realty – Downtown Manhattan Brokerage, suggests giving every client the same amount of attention, regardless of the transaction value.

The real estate business, and the luxury market in particular, is centered around the clients, not the brokers. A real estate agent provides a service, and that service needs to be of the same quality for all. While not all deals are equal, your reputation can be affected by every review and shared impressions.

Jonathan also says it’s important to know what luxury clients want, and to make sure you show them homes that deliver.

“In light of the pandemic, luxury buyers are showing a preference for townhouses and boutique condominium buildings as opposed to large apartment buildings. Also, many buyers are seeking properties which incorporate a home office, gym and/or sauna,” he added.

Learn All You Can About the Jobbobby

Bobby Lieb of HomeSmart Elite Group knows the importance of being prepared for the market before diving into it. Success in luxury real estate doesn’t come fast and easy.

Finding an experienced mentor is the best way to learn the ropes. Prepare to spend about four years working with them. It might seem a long time, but that period just might give you the edge when competing with proven agents that have been in the business for decades.

Remember it’s not enough to just have the license. Progressing from regular to luxury real estate will require you to become specialized and know all of the ins and outs of the market. Be ready to dedicate years to perfect your knowledge and skills.

JamieBe Authentic and Dedicated to the Clients

Jamie Amerman of Kuper Sotheby’s International Realty stresses that a good agent should always be true to themselves and loyal to their clients.

Letting the client know who you are is essential for building trust. You should be authentic around them – they’ll appreciate it much more than if you try to put on a facade. The approach that works best in personal relationships will work here as well – be yourself.

Along with your open approach, make sure to provide the client with the best service. Luxury real estate buyers and sellers expect a high level of dedication from the agent. If you can provide that while being genuine, you’ll have the right recipe for success.

Pay Attention to the People and the Market Alike

The luxury real estate market requires an honest, informed, and delicate approach to your clients and the deals you make. Follow the expert advice provided here and hone your skills. At the end of the day, your success in luxury real estate will depend on the effort and care you put into it.