Aside from price, “luxury” is the key term that distinguishes high-end real estate from other properties. Typically, a property that is worth over $1 million dollars is the starting price of luxury real estate. As an agent, working with high-net-worth individuals requires the highest level of service and sales expertise. If you’re looking to break into the luxury real estate market, here is some useful guidance to get you started.
Networking
Michael Lafido, a top producing luxury broker in the Chicago area, recommends real estate agents who are trying to break into and sell high-end homes should start with what’s called a luxury networking group. Here, you basically meet with the group once a month which includes influencers who cater to high-network individuals and business owners.
Co-Market With Other High-End Realtors 3973s
High-end broker Radner Reyes suggests: “Network with other high-end realtors in your market and try to co-buy, co-list, or co-market a high-end property with them first before landing your own first high-end buyer. High-end sellers will want to know that they can trust you and that you have experience in the high-end market, so do this while also networking at places with the types of clientele you want to attract.”
Know What to Look for
What exactly do luxury buyers look for in a home? While everyone’s perspective of luxury is going to be different, there is one factor that remains constant – location. Once you’ve secured the best property in the perfect location, whether it’s in the heart of the city or a highly sought-after neighborhood, the next factor to consider is buyer emotion.
Toronto luxury real estate developer Sam Mizrahi explains: “To me, luxury is something you feel when you walk in. Whatever the product, it’s something that exceeds expectations and gives you a sense of happiness that can’t be articulated. It embodies happiness and enjoyment. There are no compromises in the product’s design, craftsmanship or production. People look at it and it makes them happy.”
Become The Local Market Expert 3g404f
When luxury buyers are looking for the right agent to guide them through their next transaction, they’re looking for a local market expert. This is someone who can introduce them to the community, tell them about the local hot spots, and teach them about which schools serve which neighborhoods. Basically, they need a tour guide to show them what living in the community will be like.
Luxury realtor writer Allison Bethell explains, “In order to best serve luxury real estate clients you need to be familiar with their preferences. Go to charity events, high end shopping malls and happy hours at upscale bars and restaurants to connect with your future clientele. Check out art galleries and designer boutiques, auto shows and equestrian events and even if you can’t afford to buy anything in the beginning, you will be knowledgeable about the products offered which can make great ice breaking conversation.”
, when it comes to investing in high-end real estate, buyers are looking for a real estate agent they can trust and who understands the importance of their investment. Whether you’re looking to sell a luxury home for a client or assist them with finding a swank condominium, you need to stay ahead of the most current local real estate market trends.