How To Break Into The High-End – Luxury Real Estate Market

November 15, 2021

Coach Marianne Curran So you’ve decided to go after higher price point homes, high-end or even luxury homes... now what? Do you know what steps you need to take to make this happen? Here are 7 tips for you to break into the high-end market of real estate.

How To Break Into The High-End – Luxury Real Estate Market

So you’ve decided to go after higher price point homes, high-end, or even luxury homes–now what? Do you know what steps you need to take to make this happen? Learning how to become a luxury real estate agent is often easier said than done. However, tapping into the luxury real estate market is possible, especially when you have a firm grasp on the tips and tricks for selling high-end homes.

To help you get started, we’ve created a list of nine tips on how to break into the luxury real estate market and take your business to the next level.

9 Tips to Break Into The High-End Market

Wondering how to get into luxury real estate? While it may seem daunting at first, selling luxury homes comes with patience and practice. From becoming an expert to marketing appropriately, here are some of the best tips on how to become a luxury real estate agent:

1. Study Higher-End Agents

As a real estate agent, having someone to look up to as a mentor can help you grow exponentially. To start, look at what luxury agents are doing now. Some traits and practices to look out for as you study luxury real estate agents include:

How they present their brand
How they market themselves
Their websites
Their business cards
How they dress at events

While these may not seem important at first glance, luxury real estate agents have honed every aspect of their craft, from the way they dress to how they organize their websites. If you’re ever offered the opportunity to shadow them, do so right away. Having a mentor in the luxury real estate market is a great way to gain first-hand, real-world experience that you can mimic and put to practice.

2. Become An Expert

Luxury real estate agents work with high-end clients that have copious amounts of capital. With that said, these clients need to have trust in their real estate agent to ensure they’re getting their money’s worth with the property they buy. In order to build trust, you need to become an expert in luxury real estate.

If you want to know how to sell luxury real estate, you need to be well-informed on every aspect of the properties you’re showing. This means being well-versed on:

The number of listings, sales, pending, expired, FSBOs, etc. in your targeted market
Information about the neighborhood
Details about similar properties for sale in the area
Amenities

To become an expert, start by previewing properties and working as many open houses in your targeted price point. By knowing what the people who are looking for homes at this price point are looking for, you’ll be able to find properties that appeal to them. Seek out information about listings, property values, tax assessments, and everything else so that you become the knowledge broker for your market.

3. Know the Community

When a high-end client is looking for a luxury home, they’re searching for a place to establish roots. If you want to know how to get into luxury real estate, you need to know about the communities in which your clients are looking. Aspects of the community you should be able to recite from memory include information about:

Schools
Country clubs
Fitness clubs
Golf courses
Riding stables
And more

Having knowledge about the local amenities in a client’s desired area will help you market your listings and close deals faster.

4. Dress and Act the Part

To appeal to high-end real estate clients, you need to dress and act the part. While it may push you out of your comfort zone, upgrading yourself can help you earn the trust and respect of clients looking for homes in a higher price range.

Start by observing how your higher-end clients dress and act, then emulate them. This could take many forms, such as:

Eliminating slang and inappropriate words from your speech patterns
Attending events
Eat at restaurants
Going to hot spots where your ideal clients would be

Remember, people love to work with people that are just like them, which means you also need to live a luxury lifestyle. If you’re wondering how to break into the luxury real estate market, it all starts by dressing and acting the part.

5. Market Appropriately

Make sure every marketing piece you produce is extraordinary. This doesn’t mean it has to be necessarily expensive, it just needs to be of great detail and excellent quality. There are several luxury real estate marketing tips that can be useful, such as:

Showcasing the higher price point homes you’ve sold or helped buy
Having a professional headshot that shows you in your best light
Invest in quality business cards
Creating email marketing for real estate campaigns
Sending out real estate prospecting letters

There are numerous ways you can market your luxury real estate business. In addition to the tips above, get active on social media. Social media is a free, easy, and convenient way to interact with your clients, grow your audience, showcase your luxury real estate properties and listings, and showcase your expertise. For more tips, review our guide for real estate marketing on Facebook.

6. Network Appropriately

Networking is an essential component to growing any business, especially in real estate. Through networking, you can grow your pool of contacts who can help you tap into the luxury real estate market.

Start by finding professional referral partners, as wealthier people have established relationships with their CPAs and attorneys who give them trusted, experienced advice. You can first gain the trust of CPAs and attorneys by being the expert on what you can do for the business professional, not what they can do for you. Offer home valuations, reports, and market trends for their clients. Once you’ve built trust and proved to them you’re a leader and expert in your field, they’ll be more inclined to refer people to your business.

7. Consider Co-Listing

While not always ideal, if you want to know how to become a luxury real estate agent, it might be worth starting off through co-listing. With co-listing, you’ll be able to work with a more experienced real estate agent who might have their foot in the luxury real estate door. Even though you’ll split the commission, luxury homes sell at high price points, meaning you’ll still earn a fair amount, even on a split commission.

Additionally, co-listing gives you the opportunity to network and gain first-hand experience when it comes to selling luxury homes, which is essential when you’re first starting out.

8. Go After Expired Luxury Homes

Because luxury homes sell at a higher price point, they often take longer to sell, as there are fewer people who can afford these types of properties. With that said, luxury homes often expire faster than traditional homes. An important tip on how to get into luxury real estate is targeting expired luxury homes. This means contacting the seller and offering a new approach that can help them sell their home faster. If you win them over, they may leave their current real estate agent for you in hopes they can find a buyer for their home.

9. Have the Right Mindset

Lastly, you have to believe that you can do it! Increase your confidence and your expertise in higher-priced homes so you will feel empowered. With this mindset and singularity of focus, you can sell high-end homes.

Key Takeaways

If you’re wondering how to sell luxury real estate, you’re in the right place. From studying high-end agents to co-listing with another real estate agent, these are some of the ways you can become a luxury real estate agent.

Need help implementing these tips? Our coaches can help! Schedule your free real estate coaching consultation today.