Find out what it takes to land those million dollar listings.
We won’t pretend it’s easy to break into the luxury real estate market. But the ambitious agents willing to invest the time and money in becoming luxury agents are well-rewarded!
Let’s look at a few specific steps you can take to join the elite agents in the luxury real estate market.
Be the Best.
If you want to land the best listings, you need to be the best agent.
You need to know every inch of your luxury territory. Know every listing and every sale. Know the key players, including developers, lenders, and investors. And know the community: the schools, the clubs, and the residents.
You also need to be the most skilled. Cultivate your networking, marketing, customer service, and sales skills every single day if you want to wow luxury clients.
And finally, you need to be the most trusted real estate advisor. Start with your clients’ needs. Take the time to truly get to know them and understand them. What are their motivations? Desires? Fears? How can you meet their needs and exceed their expectations? Then work to build authentic long-term relationships with your clients, always putting their needs first and always behaving with integrity.
Brand Yourself as a Luxury Real Estate Agent.
To present yourself as a luxury agent, everything about your image must give the impression of luxury. Your car, your clothing, your office address, your assistant(s), your memberships to private clubs…everything!
Never underestimate the power of marketing to establish yourself as a luxury agent. Your website, social media posts, signs, brochures, and mailers should all target the luxury market. They should be well-designed and of high-quality production.
Content marketing (creating and publishing content like articles and videos) fast-tracks your brand recognition as a luxury agent. Contact local media news outlets to offer your market insights as the local luxury expert. Regular news columns, radio spots, and TV interviews will boost your brand as the local authority in luxury real estate.
On a related note, one fairly quick way to boost your credibility as a luxury real estate agent is to earn a professional luxury designation. Designations like ALHS (Accredited Luxury Home Specialist), CLHMS (Certified Luxury Home Marketing Specialist), and even CIPS (Certified International Property Specialist) offer an instant boost in perceived value.
Start with a Co-Listing.
The first luxury listing is always the hardest to land. Without a million dollar transaction on your resume, it’s difficult to gain the trust of luxury sellers. But there’s a simple solution...Co-Listing.
Co-Listing is common in luxury markets. Rather than having a single agent handle the listing, the seller will hire two agents to work the listing together. Sure, you’ll have to split the commission. But the experience you’ll gain, and the client testimonial you’ll earn, will be well-worth the lower commission.
To land your very first luxury listing, you may need to co-list with a fee split of less than 50/50. If you offer to do 80% of the work for 20% of the commission, you can bet an established luxury agent will be willing to partner with you on a listing (assuming you look and behave like a luxury agent, of course). The established luxury agent gets an easy paycheck, and you get your foot in the door.
Before you know it, you’ll be a luxury real estate agent in your own right, enjoying everything the luxury real estate lifestyle has to offer!