Are you wondering how to get into luxury real estate? Smart! Selling luxury homes allows you to earn higher commissions. And this means you can hit your income goal with fewer sales. Plus, let’s be honest, it’s just fun to spend your days exploring gorgeous estates.
But getting into luxury real estate isn’t easy. Naturally, you need to invest time in learning your local luxury market. And high-end clientele often has greater expectations of their agents, so you need to work even harder than a mid-range agent to exceed their expectations.
But if you’re up to the challenge, the rewards of luxury real estate are substantial. And we have a complete game plan for anyone wondering how to get into luxury real estate.
Here is your 8-step how to get into luxury real estate plan.
Step 1: Get Your Real Estate License.
A job in real estate sales starts with earning your real estate license. While it does take a little time and little money to earn your license, most states don’t require more than a few months or a few hundred dollars to complete your required real estate courses and pass your state exam.
If you are looking for a convenient online real estate to satisfy your state education requirements for your license, my top recommendation is Aceable. Not only are Aceable’s course materials interesting and accessible directly from your phone, but Aceable is known for preparing students to pass their state exam. And for all the budget-conscious future agents out there, Aceable is consistently among the most affordable schools, offering the best value for your investment in your education.
If Aceable isn’t available in your state, Real Estate Express is a close runner-up for the best online real estate schools.
Step 2: Focus on Your Presentation
You already know that real estate sales is just as much about selling yourself to prospective buyers and sellers as it is about selling homes. And you need to look the part if you’re going to earn the respect of high net worth individuals. After all, you’ll be representing them in their real estate transactions, so your presentation indirectly reflects on them.
Before we dive into specific ways you can present yourself as a luxury agent, we need to cover a few important notes.
- “Luxury” looks different in different markets. Luxury real estate in Los Angeles is very different from luxury real estate in rural Midwest. No need to emulate the agents on Selling Sunset if that look would be ludicrously out of place in your market.
- Presenting yourself as a luxury agent can be expensive. Consider the expenses as an investment in your business and budget accordingly. You can start with the areas that will make the greatest impact, and address the other areas as your income increases.
With that said, here are ways you can present yourself as a luxury agent.
Upgrade Your Online Presence
When buyers and sellers Google you, what do they see? Do your social media profiles and your website convey luxury? If so, great! You just need to maintain that by posting regularly. If not, don’t worry, there’s plenty you can do.
Website
Start with your website. And, no, your broker’s website doesn’t count as your website. You need a site of your own. Your broker’s site will only drive leads to the brokerage, not to you specifically. But with your own website, you get instant credibility, and you can generate leads for yourself. You can potentially spend tens of thousands of dollars on a website. But that’s not necessary. With today’s digital tools, you can build your own professional, luxury website without tech experience for around $250 (and that amount includes 3 years of web hosting!).
Blog
Another benefit of having your own website is that you can start a real estate blog. Did you know blogging costs 62% less than traditional marketing but generates 3 times as many leads? This is because it gives Google content on your website to index so your site shows up in search results for terms like luxury real estate agent in [city] or luxury homes in [city]. Check out Mastering Blogging for Real Estate Lead Generation for a complete crash course on blogging for leads.
Social Media
Then you can turn your attention to your social media. Even if you just follow a done-for-you social media content calendar, you need to be posting on the major social platforms. The primary way you’ll distinguish yourself as a luxury agent is via your imagery. If design isn’t your strong suit, invest just a few dollars in purchasing social media templates on Etsy. These templates are already professionally designed and curated. Make sure to get templates that are editable so you can add your own photos, contact information, and market statistics to make the posts unique. Or, if you’d like your social media posts designed for you fresh every month, join DRIP by Key Real Estate Designs.
Listings
And finally, pay extra attention to the online presence of your listings. Always invest in professional photos and videos for your listings. You may also want drone photos and virtual tours. Then make the most of your listing descriptions. You may even want to hire a real estate copywriter to write them for you. Outsourcing to professionals is a good idea even at mid-level price points, and it is a MUST if you want to be seen as a luxury agent. We’ll show you how to land luxury listings in just a bit…
Car
Would you be proud to take your luxury clients around town in your current car? If not, it’s time for an upgrade. In most markets, any luxury brand will work. You might be just fine with a comparatively inexpensive BMW 300 series. The important thing is to match your clients’ expectations. And of course the car should always be freshly cleaned inside and out.
Physical Appearance
Physical appearance is an important part of conveying a luxury image. Now, you don’t have to be classically attractive to get into luxury real estate, but you do need to pay attention to your appearance:
- always have a current haircut and get regular trims.
- dress professionally in high-quality pieces (brands may or may not matter, but tailoring is a must).
- be manicured (and pedicured if you’re ever in open-toed pumps).
- keep any make-up clean and professional.
- add high-end accessories like ties, belts, glasses, jewelry, handbags, etc.
- make sure all clothing and accessories are in good repair and well-maintained.
Hangouts and Activities
To increase your chances of networking with luxury buyers and sellers, you need to spend time where they spend time, doing the activities they do.
This might mean changing your normal coffee shop, gym, or happy hour hangout. Or it might mean joining a local country club or golf club.
You need to be where your ideal client is.
Offline Marketing Materials
You might not have many offline marketing materials (printed brochures, mailers, door hangers, etc) in this day and age, but those you do have should be of exceptional quality to properly represent your new luxury brand. Print them on stock instead of cheap printer paper. And use a professional-quality printer instead of a home printer.
Step 3: Earn Luxury Credentials
Earning a luxury designation establishes instant credibility, even if you’re new to real estate. And it sets you apart from the other agents who don’t have the credentials.
Here are a few certifications/designations to consider:
- Certified Luxury Home Marketing Specialist (CLHMS)
- Accredited Luxury Home Specialist (ALHS)
- Certified Luxury Real Estate Agent (CLRA)
- Global Elite Marketing Agent (GMA)
Step 4: Bring High Net Worth Individuals into Your Sphere
Your “Sphere of Influence” is made up of your friends, family, colleagues, and acquaintances. This is where most of your leads are likely to come from. To get into luxury real estate, you want to have luxury homeowners and buyers in your sphere. This means marketing with high net worth individuals (HNWI)T.
The best way to do this is to go where high net worth individuals (HNWI) go. Live in the same neighborhoods, send your kids to the same schools, and join the same clubs. Of course living the same lifestyle as HNWI isn’t easy when you’re just starting out and don’t make as much money as they do. How close can you get? Maybe you can’t afford the 90210 zip code, but 90211 is within reach. And you know that the least expensive home in the most expensive neighborhood is generally the best investment anyway.
And if you can’t afford to live where your clients do, find other ways to be around them. As we mentioned earlier, you can frequent the high-end coffee shops in the best neighborhood, join one of those gyms, and still get involved in volunteer projects in those communities.
Step 5: Co-List on a Luxury Property
How do you get that first $1 million+ listing? When you’re thinking about how to get into luxury real estate, this is typically your single biggest hurdle.
The answer is to co-list. This means working with an established luxury agent on their high-end listing.
Networking with other luxury agents is an important part of establishing yourself as a luxury agent. You can learn so much from them! But you’ll need to work for this knowledge and the opportunities that follow.
Here are some ways to make yourself valuable to luxury agents:
- offer to hold open houses for their luxury listings.
- cover for luxury agents while they’re on vacation or are otherwise unavailable.
- interact with their social media posts by liking, commenting, and sharing.
Assist luxury agents in these ways for months without asking anything in return. Then, when you have enough social capital built up, ask if you can co-list on a property with them. As long as you’ve consistently performed at a level that represents the agents well, they should be happy to agree to a co-listing with the understanding that you’ll do most of the work for less than half the commission.
You might end up doing 75% of the work for 25% of the commission, but you’ll have the experience of a luxury listing under your belt. Even better, you’ll be listed as an agent for the property, which you’ll be able to show future clients as evidence of your luxury track record.
Step 6: Provide Luxury Service
Naturally, all your clients deserve luxury service, regardless of price point. But your luxury clients may have higher-than-normal expectations.
Providing luxury service is mostly common sense. You just need to figure out how to make the process as easy and pleasant as possible. Here are some basic ways to provide luxury service:
- Be organized. Make sure all details are covered. If organization isn’t your forte, get a well-qualified assistant.
- Communicate. Prepare your clients for each step of the process and provide regular updates. You should also respond to their inquiries as quickly as possible.
- Provide Discretion. With high-end clientele, you’re more likely to run into issues of discretion. Make sure buyers are pre-approved before they tour the home. And avoid any discussion of your client’s private lives unless there’s something about the property that requires legal disclosure.
For a complete lesson in providing luxury service, check out The New Gold Standard: 5 Leadership Principles for Creating a Legendary Customer Experience Courtesy of the Ritz-Carlton Hotel Company.
Step 7: Collect and Promote Testimonials
Now that you’ve had your first luxury listing and have provided stellar service, you can collect a testimonial from your satisfied clients. Testimonials are crucial for showing future clients that you’re capable of meeting their needs as their luxury agent.
While positive testimonials from clients at any price point are valuable, the goal is to earn testimonials from luxury clients because they will carry more weight with other luxury owners and buyers. People want to see that you have provided exceptional service and results to people in similar situations to their own.
With your clients’ permission, use their testimonials in your promotional materials. Publish testimonials on your website, share them across social media, blog about the seller’s experience, and use them in your other adverting as appropriate.
Step 8: Earn Referrals
When your clients refer you to their friends, family, and colleagues, you earn new business from buyers and sellers who are likely in the luxury market as well. And this is how you establish yourself as a luxury agent for the long term.
Earning referrals is all about providing exceptional service, then reminding your clients to recommend you to their friends, family, and colleagues. You can simply ask your clients if anyone they know is potentially looking to buy or sell. You can also include referral reminders in your regular marketing campaigns.
Another great way to gain referrals is to send a bouquet (of flowers, balloons, cookies, fruit, or whatever else would appeal to your clients) to places of work at closing. Your client’s coworkers will naturally ask about the occasion for the bouquet, which will give your client a chance to share their experience with you.
For a step-by-step breakdown of earning referrals, check out How to Build a Referral Business.
Get a Small Win
Great victories are made possible by small wins. Before you move on with the rest of your day, get a small win!
Today’s small win challenge is to review your current presentation and find ways to tailor your presentation to luxury clients. Consider your online presence, appearance, marketing materials, credentials, networking strategy, and existing testimonials. Note where you need changes if you’re going to attract luxury clients. Then spend the next few weeks adjusting your image to match the expectations of your new luxury clients.
Now that you’ve learned how to get into luxury real estate, you just need to put your plan into action. Cheers to your first luxury listing!
