How to Break Into the Luxury Real Estate Market
If you’re a real estate agent in Spokane, Washington, looking to increase your earnings, you may be considering transitioning to the luxury real estate market. Shifting your focus to high-end properties is one of the most effective ways to boost your income significantly without tripling your workload. Whether you’ve fully committed to pursuing listings in the luxury market or are simply considering it for the future, here’s what you need to know to break into the scene.
Become the Local Expert
Clients with significant capital do not just pick an agent at random. They are looking for a knowledgeable agent with a finger on the pulse of the local market. Before they will trust you to handle the sale of their house or help them find a new one, they’ll want to know you’re an expert. Highlight your expertise to buyers by arriving at every showing informed about the neighborhood and about any active and under-contract listings nearby. You should know about the local amenities, from shopping to school districts to restaurants, and have up-to-date figures for the comps on similar properties in the area.
Becoming an expert will require you to work open houses in your goal price bracket and preview properties that come up for listing. The best way to gain the knowledge your ideal clientele needs is by engaging with as many people as possible who are shopping and selling in the price range you’re trying to reach.
Study Luxury-Level Agents
Any agent can benefit from having a mentor in the industry to help them improve their skillset. But finding a mentor can be challenging in a competitive market. You may have to do the next best thing: study the agents who are successful at selling in your ideal price range. For example, observe how successful agents market their brands, design their websites and business cards, and dress at open houses and other events. Find out where and how they are networking.
At first, you may feel silly paying attention to these elements, but understanding what top luxury agents do is critical to accessing higher-end transactions. Once you know what industry professionals are doing, you can model your methods after theirs.
Pursue Expired Luxury Listings
Houses selling at a luxury price point often take longer than selling less expensive homes since the pool of interested buyers is significantly smaller. Monitor listings for homes that are about to expire and target sellers with your fresh ideas on how to market their property. It isn’t unusual for property owners to leave their current agent when the listing expires if they feel a new realtor is bringing ideas or energy their current realtor is not.
Make Your Marketing Count
Having an enormous marketing budget isn’t a requirement for landing luxury clients. Opt for quality instead of quantity in your advertising efforts. Marketing that highlights the higher-end homes you’ve sold or sourced is a concrete way to show your competence in handling expensive sales and purchases.
You may also want to:
Make sure your headshot is professional
Create valuable email campaigns
Mail prospecting letters
Reach out to potential clients through social media
Become a Luxury Real Estate Agent in Spokane, Washington
The luxury real estate market in the Pacific Northwest is competitive, but don’t let that discourage you. There is always room for agents committed to providing their clients with top-tier service, and if you provide your clients with better value, you can break into the luxury real estate market. Contact Legacy Group Real Estate to work with agents experienced in high-end real estate transactions to find out more. No matter what kind of real estate guidance you need, our dedicated team is here to help.