If you watch Selling Sunset on Netflix, you are likely attracted to the show because of the beautiful houses and the amazing commission that the real estate agents make.
You're not alone. The audience demand for Selling Sunset is 3.9 times higher than the demand for the average TV series in the U.S.
Maybe the show has even convinced you to become a luxury real estate agent yourself. This is the guide that will help you reach your goal.
Keep reading to learn what it takes to succeed.
With a real estate license, you can break into an industry niche, like luxury real estate. This lucrative niche is popular for agents who want to collect high commissions.
Breaking into the market won't be easy. If you are dedicated to luxury real estate, these steps will help you get into the market.
In the real estate industry, who you know can take you a long way. If you want to find success in a niche industry, building a network is key.
You can make a name for yourself by connecting with other luxury real estate agents. A lot of successful luxury real estate agents put a few years of work in through networking and eventually joining an elite brokerage.
During this time, consider finding a mentor in the industry. This will provide you with guidance and mentors can help you expand your network further.
Healthy networks can lead to referrals which is necessary for long-term success.
Luxury real estate agents need to be excellent agents. You need to look and feel the part. If you show up to a listing without looking professional, you won't make any headway in the industry.
You need to hold yourself to a very high standard down to how you dress and your demeanor. People who sell luxury homes sell them at luxury prices and only hire agents at the top of their game.
High-net-worth individuals who have homes that sit on the market for too long will get temperamental. The longer it takes to sell the property, the more they'll have to pay inflated property taxes.
You can't afford to miss a beat with these people. Look and feel the part to find buyers for luxury homes.
To become a luxury real estate agent, you need to know the market well. Pay attention to specific details like average price points and how long luxury homes are listed.
As you learn more about the local luxury market, structure your real estate social media presence to emphasize your niche.
Becoming a local expert also involves finding wealthy clients. Networking will help a lot, but you can get creative to find these clients as well.
For example, you can canvas local country clubs or high-end restaurants to find potential luxury clients. Keep your eyes peeled, dress the part, and always be ready to get a conversation going.
Keep your business cards with you at all times so that you can easily exchange contact information.
You might have become a real estate agent without a niche in mind. Now, you want to transition into the luxury market. Be sure to update your personal branding to match your new career desire.
Branding can help you stand apart from the crowd, but your brand needs to be recognizable as luxurious.
For inspiration, you can look at the branding of other luxury agents in your area. Figure out what they are missing to see how your personal branding can fill the role.
Selling expensive homes can earn you the big bucks, but there are fewer listings out there than in the traditional real estate markets. Luxury real estate listings can be difficult to land, especially if you are just starting out.
Pairing up with another luxury real estate agent is a good idea if you want to be more credible as you are beginning. When you co-list and co-market a luxury home, you'll split the commission with your partner.
Although you'll miss out on the full commission, you can build up your portfolio and get your name out there which is helpful for long-term success.
The best luxury real estate agents are unique but have similar characteristics. There are certain qualities that buyers and sellers look for when hiring luxury agents.
Communication is key in the real estate world. As a luxury real estate agent, you are responsible for guiding buyers and sellers through every step of the process.
You should constantly be in touch and provide your clients with contact information to reach you at any time. Provide clients with updates on:
Showing you have communication skills can also help you market your negotiation skills.
It's important to reiterate that you need to have an in-depth understanding of the local market. Clients want someone who knows it all.
Although real estate networking can get you in the door, market knowledge will keep you in the door.
Luxury real estate agents need to build up a history of discretion. Since you will be working with high-priority clients, and sometimes celebrities, you'll want to keep out the media at all costs.
Clients might hire you for your discretion or to help get your listing out there more. This is why it's also important to have marketing and PR experience.
If you want to become a luxury real estate agent, you are going to have to dedicate a lot of time to the journey. Getting into this niche market isn't easy, but with the right steps and characteristics, you will be well on your way.
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