Television shows like Selling Sunset, and the multiple others that flood Netflix have more people than ever interested in luxury real estate. If agents are looking to get into the luxury side of the business, they need to know a few things first.
Agents Must "Act the Part"
Breaking into the luxury real estate space isn't something just anyone can do. Agents must act the part. That means not only looking like they know what they're doing - but also looking "the part". Most luxury real estate clients want to work with someone who looks the part. This means dressing well, having impeccable manners, sometimes even as far as having a nice car, handbag, watch, etc. While this may seem over the top to many - remember that real estate is a sales industry.
Another main tip is that high end means high class - at least in everyone's head. Even if a client shows up in sweatpants or seems nonchalant - if they have the funds to make a luxury home purchase - they feel they've earned that right. And who's to say they haven't? Regardless, agents don't have this luxury as they are in their career space and looking to expand their experience.
Leah Azizian shares the great tip of selling the story when it comes to luxury homes. Azizian notes, "this is important with each and every property sold, but even more so in luxury sales. Because most buyers in this realm are not buying for the "need" but rather for the "want". Agents must sell the lifestyle, not the property itself. Tell the story of the property based on its lavish features, that correlate to the buyer's lifestyle - is it located in a private, quiet part of the neighborhood? How has the living area or property been used for entertaining? What features have been installed to cater to a more comfortable, luxurious lifestyle?" These are vital for agents to focus on and hone in on when working with luxury clients.
Luxury Homes = Higher Stakes
The commission of luxury home sales draws many to thinking it's the niche they want to specialize in. This, of course, makes sense. Who doesn't want to make the most bang for the buck? But, agents need to consider that with luxury homes, comes much higher stakes.
Clients aren't likely to be patient if an agent isn't meeting their needs. They are much more likely to move onto another agent, and fast. These clients also may be less willing to settle on clear expectations. Luxury clients tend to want what they want, when they want it. This can be hard to deliver when so much of a transaction, whether buying or selling, is dependent on the other agent and their client.
High end homes require an amount of finesse and security as well. Sometimes these luxury homes even require that no one knows who owns them or the address can't be posted, etc. Discretion is not uncommon with luxury homes.
At the end of the day, luxury real estate is a different animal and needs to be treated as such. Agents looking to break into the luxury side of things need to get ready to hustle and learn the ropes quickly. Joining the gym in the wealthier area of where you live (a tip from Azizian) or shopping trip to revamp your wardrobe ahead of time probably wouldn't hurt either.
Leah Azizian's Linked In and Instagram can be found here!
Have a comment, tip, or concern?
Thanks for reading Elite Informer! Here's more where that came from.