Being a luxury real estate agent in New York means glamorous events, celebrity clientele, and world-class properties! But it takes some strategic planning and hard work to access the exclusive New York luxury market.
Here’s what you can expect from the luxury real estate market in New York, and how you can break into this coveted niche.
The Luxury Housing Market in New York
Statewide, home values are on the rise in New York. As of May 2022, the median sales price for a home in New York state was $564,200, up 8.6% year-over-year. But because real estate is all about location, you’ll find that local markets have a wide range of prices.
In Buffalo, for example, the median sales price is just $216,100. While in New York City, the median sales price is $840,000.
But how are the luxury markets in New York doing? Let’s check in on some of the highest-value areas in the state:
Manhattan: The median sales price in Manhattan is $1.2 million. Interestingly, Manhattan real estate has not grown in value over the last year. And it’s even seen a decline from its peak of $1.8 million in June of 2019. This is likely because of the mass relocation out of expensive, densely populated cities triggered by the COVID pandemic. But that doesn’t mean the whole island is seeing declining prices. Certain neighborhoods, like Husdon Yards, are thriving. The average sales price in Hudson Yards is currently $3.95 million and growing.
Scarsdale: The median sales price in Scarsdale is $1.26 million, up 4.7% from this time last year.
The Hamptons: The median sales price in The Hamptons is $1.23 million, up an impressive 16.1% over last year.
But you don’t have to be in one of these expensive markets to be a luxury agent. All markets have homes that are higher-value than the rest. Even affordable Buffalo has homes worth over a million dollars. To be a luxury agent, focus on serving the buyers and sellers in your area who are buying the most expensive homes.
How to Become a Luxury Real Estate Agent in New York
Here’s a simple three-step plan to becoming a luxury real estate agent in New York.
1. Brand Yourself as a Luxury Agent
Creating a professional brand is about garnering trust with your target clientele. Presenting yourself as someone with a luxury lifestyle will help you attract luxury buyers and sellers. Dress well, accessorize carefully, and use a high-end designer for your marketing materials. Then get yourself in front of buyers and sellers. Network with high net worth individuals (HNWI) by meeting them where they are. Join the same clubs, frequent the same restaurants, and attend the same events.
2. Gain Experience through Co-Listing
Co-listing simply means that you share a listing with another real estate agent. This is how many agents get their first luxury listing. And once you have your first high-value deal completed, other high-end buyers and sellers will be more likely to trust you with their transactions. To find a co-listing, you need to develop a relationship with established luxury agents. Then offer to do most of the work on their next listing for a smaller share of the commission. This will give the other agent an incentive to help you gain experience.
3. Provide a Luxury Experience for Your Clients
Luxury clients typically have high expectations. And you need to find a way to exceed them. Start with accessibility. Make sure you, or your assistant, are available to your clients. Organization, communication, and discretion all help you build trust with your clients. Then you can wow them with something unexpected. Perhaps arrange to take your clients to a showing by boat rather than by car. Or make an event of the broker’s open house by having live music and a local chef to cater.
Becoming a Luxury Agent in New York Starts with a Real Estate License
Before you can build your luxury agent business, you need to get your license to practice real estate in New York. Getting your New York real estate license is easier than you might think. You just need to complete an online real estate course, pass your real estate exam, and apply for your state license!
So if you’ve been dreaming of buying and selling luxury estates, don’t wait another day to get started. Enroll in your New York real estate course today!