If you’ve looked long and hard for ways to be become a luxury real estate agent you probably felt like there’s a special club and you weren’t invited. Once you peel back the curtain, you realize that there’s really no real special club or how to guide. Yes, there is that “institute” out there but aside from teaching you about why the supposed rich shop at Costco vs Sam’s club you really aren’t going to learn how to become a luxury real estate agent. So we decided to discover what does it take to break into this highly profitable niche for would be agents.
The beginning of any luxury real estate career is going to be understanding the market. Luxury homes are “want to” purchases and work different than your average home. Well, actually, in practice they don’t, they just appear different to the outsider because of the price tag. The ultra luxury homes $5 Million and over do somewhat operate outside of this but for many, a $1 Million home is a regular home, it’s all a point of reference. How do you know the point of reference for a luxury market? You study it. In Atlanta, anything over $500,000 is consider luxury. For San Francisco, that’s a starter home, or a brownstone.
Ask any luxury real estate agent and they will tell you that it’s all about who you know. That’s one of the oldest pieces of wisdom that you’ll find. The challenge for most real estate agents is that they don’t actually know any people with luxury homes to have as clients. Some of the best advice for agents wanting to get into the luxury market is to actually start to ask around for people that live in neighborhoods that you want to sell in. (Did you think we were going to suggest that you ask them if they are rich?!) Attend events in the neighborhoods that you want to work. Befriend the people in the neighborhood.
For some, breaking into luxury real estate is more about knowing who you are and “where you hang.” This is beyond just who your circle of friends is, it’s a mindset about the market. Do you like the finer things, things that are considered luxuries? There are people that share those interests! This isn’t a shocker.
Example. Let’s say you love wine. You’re a junior Sommelier. Chances are really, really good that there’s a ton of people that love wine that you could be friends. However, only a few want to learn the fine art of tasting wines. You could join a Wine tasting or wine club and begin to network with a group around a passion. Sommelier’s aren’t always luxury clients, but if you’re wanting to break into luxury real estate as an agent you are likely going to be doing the same activities that they do.
Remember, people are people everywhere. Ron Armstrong adds, “Luxury is a lifestyle, not a price point.”
You should be sensing a theme here. It’s about who you know. One of the best ways to break into the luxury market is to be a giver. Givers attract others to them, naturally. In particular, if you join an organization around a cause chances are you’ll come into contact with luxury real estate clients. The reason is that most people that have a modicrum of success realize that it’s a bit meaningless without giving and are often a part of organization that gives back. Kind of piggybacking on the point above.
So it should be clear by now, How to Become Luxury Real Estate Agent? – by getting to know more people. It’s all about relationships!
You’re searching for How to Become Luxury Real Estate Agent and you might get this and you might not, but you got to bring your “A” game. Excellent people are attracted to other excellent people. People with successful businesses don’t want to hang out with those that aren’t successful. It’s not that they don’t like them, it’s just that they “feel” different. It’s like a different setting for life for them. You need to be a master of the market and the relationship to become a luxury real estate agent. It’s not about a special marketing (although doing videos like the one below is a great start), it’s going to be about you getting into relationship with people and showing them how excellent you are.
Want more advice… Did you catch Ron’s Quote? He dresses the part and executes on it. I’m not a big fan of “fake it till you make it,” however if you want to break into the true luxury niche you need to dress, act and look the part. If you can’t afford to dress like the wealthy, then at least get similar designs. Simple things like paying attention to the cleanliness of your shoes. Are you well manicured? Doing little things like this doesn’t cost a fortune. I’ve never had a luxury real estate agent I’ve known tell me they lost a listing because they were wearing a $300 Boliva watch vs a Rolex.
It’s not about things, it’s about carrying yourself with the luxury mindset. If you liked this article, pin it.