You may dream of selling luxury homes if you’re a real estate agent. After all, breaking into the high-end market can net you higher commissions and increase your real estate prestige. But it isn’t all glitz and glamor. High-end buyers have high standards and expectations to match.
We’ll teach you a little more about how you can become a luxury real estate agent. We’ll explain how to attract high-end buyers and help you evaluate whether you’re ready to move into the luxury market. Finally, we’ll introduce you to a few expectations luxury buyers have.
How To Become A Luxury Real Estate Agent
Once you’ve gained some experience selling homes, you may want to make the move to the luxury market. But how can you tell if you’re ready? Here are a few signals that might indicate it’s time to market to high-end clientele.
- You’re established as an agent. Before you start selling million-dollar homes, you need to establish yourself as a quality agent. Gain experience working with clients who have a lower budget before you begin marketing to high-end clients. You might even want to consider shadowing a known luxury agent.
- You’re well-known throughout your community. High-end buyers have high expectations and require the best agent possible. Network with as many other agents and home service providers as you can and make sure your online presence is squeaky-clean. You never know who will be able to refer you to your first luxury buyer!
- Make sure you’re certified. One great way to boost your appeal to high-end buyers is to become a partner agent with Rocket HomesSM. Partner agents have a proven track record of success and high customer ratings. Once buyers see that you’re a Rocket Homes partner, they’ll know you have the certification to back up your claims. Visit Rocket Homes online to learn more about becoming a partner agent.
How To Attract High-End Real Estate Clients
Real estate professionals agree that the best way to attract high-end clients is to stay active and connected in your field. Communicate with other business owners and sellers regularly. Attend professional seminars and meet-ups to get your name out there. Network, have plenty of business cards on hand and get to know others who work in your field. Be willing to co-list with larger, more well-known real estate professionals – especially when you’re just breaking into the field.
Don’t forget to invest in marketing. Both online and offline marketing are crucial for high-end real estate agents. Find a great photographer to update your headshots and make sure your website is up to date and professional. You may want to include previous customer testimonials from clients you’ve worked with in the past. All of these features work together to improve your image and attract high-end buyers.
What Do High-End Buyers Expect?
High-end real estate buyers can have very high expectations for their agents. Here are a few things that you’ll need to be able to do if you want to work in the luxury real estate market as a buyer’s agent.
Expertise In The Local Market
High-end real estate investors are usually pretty busy people. They often don’t have hours of time to devote to researching neighborhood amenities and school ratings. You’ll have to take on the bulk of this legwork for any luxury clientele.
Before you start marketing your services to high-end clients, study ZIP codes that attract luxury buyers near you. Get to know each neighborhood like the back of your hand before you start marketing to high-end clients. Some things you might want to learn about an area include:
- Local crime statistics
- The location and rating of nearby public and private schools
- Access to private parking if there’s no garage attached to the home
- Average price per square foot
- A few favorite local amenities that are easily accessible by car or public transportation
Do your research and you’ll be sure to impress your next high-dollar buyer with your skills.
A Unique Niche That Only You Fill
When a buyer is willing to spend more for a home, they will have a larger selection of agents who want to work with them. This means that you’ll need to really make yourself stand out from the competition if you want to lock them down as your client.
One of the best ways to stand out as an agent is to choose a niche and become an expert in that particular area. Once you become well-known in your community for catering to a select group of buyers, high-end clients in your niche will come to you.
Not sure which niche you’re particularly passionate about? Here are a few ideas you started:
- First-time home buyers: First-time home buyers usually need a lot of hand-holding. If you love high-energy sales and don’t mind explaining the ins and outs of the real estate market, first-time buyers might be a great niche for you.
- Condominium shoppers: If you work in an area with a lot of condos, you already know that shopping for a condominium is a bit different from buying a home. Becoming an expert in condo rules and responsibilities can help you stand out in your field.
- LGBT buyers: For a buyer who’s a member of the LGBT community, knowing which parts of town are the most accepting can be a massive consideration. If you’re particularly familiar with the local LGBT community in your area, consider marketing your services to new community members in town.
- Internet buyers: Internet agents can see large success with vacation hot spots and popular resort destinations. Market online and offer to tour properties on behalf of your clients across the country for your best chance of success.
Plenty Of Local Service Connections
High-end buyers don’t want to worry about scheduling home inspections or tracking down plumbing repair companies. It’s a good idea to have a solid contact list of professional service providers you trust and recommend. Connect with local business owners in your area and create a go-to list of the best home service providers near you. You can call on them quickly if any client needs an inspection or a repair.
Have contacts for these people on hand:
- A home inspector. You’ll want to be able to recommend a home inspector who does a thorough job locating and documenting problems in a home. Choose an inspector who’s a member of a professional inspector association, like the American Society of Home Inspectors.
- A mortgage financing company. Look for a mortgage lender with a wide range of positive reviews and top-quality customer service.
- Electrical and plumbing service providers. If a buyer falls in love with a home that needs repairs, you’ll want to have reliable service providers to recommend. Look for electricians, plumbers and other service providers who offer a host of different repair and upgrade options.
Being a great real estate agent largely comes down to your ability to communicate. You should be able to communicate well with your clients, lenders and local professional service providers. Clients know that their real estate agent plays a key role in their ability to land the home of their dreams. High-end clients may have more expectations for their property, so it’s crucial that you learn how to be an active listener.
Before you begin showing your client homes, write down your client’s wants and needs. Understand their budget and which features are most important to them. Then begin searching for additional properties on your own. For example, let’s say your client mentions that they want to start a family in their new home. You can narrow your search to properties in highly rated school districts. Taking notes on what your client does and doesn’t like and asking plenty of questions will help you find the perfect property.
A Personal Touch
High-end buyers and young professionals buying their first home have one thing in common – they want to feel special. No one wants to feel like a set of numbers or a walking commission. If you want to make a career in the highly competitive luxury real estate market, you’ll need to treat every one of your buyers as an individual. Tailor your services to their needs and go above and beyond to locate the perfect home.
Some things you can do to show your clients that you care include:
- Visiting local hot spots. Know that your client is in love with a certain neighborhood? Treat him to lunch at one of your favorite spots. This shows that you know the area – and that you care about your client’s comfort.
- Highlight key property features. Never pitch a home to your client empty-handed. Show photos and videos of the property and highlight what you think they’ll love about it. For example, if you know the buyer is a wine enthusiast, tell him how excited you are to show off the 2,000-bottle wine cellar.
- Check in regularly. Be available to check in regularly. Give your client a few different methods that they can use to get in touch and follow up after each viewing. Encourage the client to tell you specifics of what they liked and didn’t like about the home.
High-end buyers have very high expectations for their real estate agents. Before you become a high-end agent, prove yourself with affordable listings first. Networking with other agents and becoming a partner agent with Rocket Homes can also increase your appeal. Market yourself and spend plenty of time getting to know other luxury agents before you land your first client.
Luxury real estate agents must have an expert-level understanding of their market. Finding a niche you’re passionate about can help you stand out among other luxury agents. You should also have a list of service providers on hand who you know are reliable. Maintain strong communication and provide caring personal attention to ensure success with your luxury clients.
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