For real estate professionals, it is easy to understand the appeal of specializing in the luxury-home market. But before you throw your hat into the highly competitive ring of high-end real estate, you should know that the luxury real estate market in Florida – and across the nation – is a demanding one.
The prospects are undoubtedly tempting when you look at the numbers. You don’t have to be a math whiz to figure out that 3% of a $3-million sale is going to do more for your bottom line than a 3% commission on a $300,000 house. It is not that simple, though. Real estate agents who are successful in selling high-end homes work extra-hard to earn those attractive commissions. In addition to applying the basic skill-set every real estate professional needs to succeed
But even the most successful luxury real estate agents had to start somewhere.
3 Tips for Building a Successful Career in Florida’s Luxury Real Estate Market
There is money to be made in South Florida’s high end real estate market. But high-end homeowners are as unique as the luxurious homes they buy and sell.
So, what can you do to master the skills needed to succeed in the luxury home market?
Here are a few tips drawn from experts in the field:
1. Understand what gives a luxury home its true value.
As the experts at Rocket Homes explain on their website, “A luxury, or high-end, home is typically valued within the top 10% of properties on the local real estate market. High-end homes tend to be larger in size, located in prime areas, constructed and finished with high-end materials, and designed with uncommon architectural details that make the property stand out from others on the market.”
“Avoid falling into the McMansion trap by working to distinguish your home from other properties at the same price point—specifically by downplaying the things that buyers will find elsewhere (such as marble counter tops) and highlighting the things that make your home so special (such as that wine cellar in the basement),” the experienced home professionals at Moving.com tell luxury homeowners wanting to sell their houses.
In addition to highlighting the “unique, high-value features” of a home, they recommend actually developing a “brand” for each individual home.
2. As the old saying goes, you have to spend money to make money.
Many experts in the field of luxury real estate will tell you that you need to swim in the same waters as your prospective clients. And they are not talking about enjoying a day at the beach.
“To appeal to high-end real estate clients, you need to dress and act the part,” luxury market selling coach Marianne Curran says in her posting on the Tom Ferry Real Estate Educator website. Her advice on how to break into luxury real estate includes broadening your horizons. “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.”
And it is not just about upgrading your wardrobe with Louis Vuitton and Dior labels.
Curran specifically recommends:
- Being mindful of the way you speak. In particular, she suggests, “Eliminating slang and inappropriate words from your speech patterns.”
- Attend the kind of events your would-be clients attend, including big-ticket charity benefits and cultural happenings.
- Eat at the same restaurants you would expect luxury homebuyers to favor.
- Seek out hot spots – whether it’s the newest fitness club or a chic new boutique – where your ideal clients would be.
“Remember,” Curran says, “people love to work with people that are just like them, which means you also need to live a luxury lifestyle.”
3. Draw on the wisdom and experience of others.
On the Fit Small Business website, real estate expert, Kaylee Strozyk recommends joining a brokerage that specializes in selling luxury homes. “When you decide that you want to break into the luxury real estate market, you’ll find that there’s a big learning curve,” she writes in her article 10 Tips on How to Become a Luxury Real Estate Agent. “By joining a brokerage that specializes in luxury properties, you’ll start gaining experience and making connections that can help the long-term growth of your business.”
But that doesn’t mean you should limit yourself to studying the real estate agents at just one brokerage. “Study other luxury agents in your area, regardless of what brokerage they are associated with,” Strozyk says. “Pay special attention to their branding, marketing strategies, and even how they dress at events. In the beginning, it’s important to be ready to learn anything and everything to get the right experience in luxury real estate.”
The Palm Beach-based real estate lawyers at Rabideau Klein can be a trusted resource as you master the skills and build the knowledge needed to thrive in South Florida’s dynamic and lucrative home market. You can draw on their extensive legal experience in the areas of High-End Real Estate, Land Use and Finance as well as Business Formation. For more information about the legal assistance buyers and sellers look for when dealing in the Florida’s high end market, contact the luxury real estate team at the Rabideau Klein.