Breaking into the luxury real estate market, even for experienced, successful, and seasoned veteran agents can be a tall order.  Luxury real estate and high-income buyers and sellers come with their own set of unique needs, desires, and potential speedbumps on the highway to successful selling.

You need to not only be in the right market for luxury real estate, but you’ll need to already be well-established, have a dedicated client base, and be willing to take some risks to take your game to the next level.  It isn’t always easy and it will certainly take some time, but we’ve put together some of our tips to breaking into the luxury market.

1. Network Like a Movie Star

Assuming that you already have a successful real estate firm and have a track record of selling and closing deals, then your first step to breaking into the luxury market is to network like a movie star.  Of course, a great deal of your networking will be right place-right time events, but understanding that you have to get your foot in the door with high-income individuals is critical.

Networking with high-income buyers can take many forms, but start by simply getting to the right places.  Coffee shops, country clubs, charity events, galas, etc. are all great ways to start networking with the type of people who are in the high-end luxury real estate buying crowd.  Additionally, reach out to people you trust in the industry who have already established themselves in luxury real estate.

2. Look for Expired Luxury Listings

One of the unique problems we alluded to above is that luxury real estate listings have a higher chance of expiring and may take up to twice or three times as long to sell as a more modest listing.  This means that you, as a newcomer to the luxury real estate game, can capitalize on some of those expired listings by contacting those sellers and getting a foot in the door.

Chances are, if you’re in the right market, there will be no shortage of luxury listings circulating through the channels in the course of any given month or year.  Some properties may list several times throughout a selling season with different agents and agencies representing them at any given time.  That gives you a unique advantage to see what your competition is doing and not only find ways to do it better, but to reach out to those sellers.

3. Understand the Problems of High-Earning Buyers

The rich and famous seem to have it all, but when it comes to dropping hundreds of thousands to millions of dollars on homes, there are some unique things to consider and quite a few problems that need solving. Understanding some of the issues that high-earning buyers are facing will help you offer not only ideas and empathy for their situations but solutions for how to make things work in their best interest.  You would do this for any of your clients anyway, but knowing what you can do to better assist your luxury clients is crucial and a massive value-added service to your agency.

4. Make Luxury Your Brand

Part of getting into the luxury market is putting on the appearance of luxury selling, and it starts with you, your branding, and your marketing materials.  Never overlook the fact that the way you present yourself in the marketplace is very much the first thing luxury clients will see and what they’ll seek when searching for an agent.

If you or your buyers have questions about financing for luxury purchases or helping close more deals with your existing client base, then contact Tidewater Mortgage Services today!