Breaking Into the High-End Home Market: Real-World Advice for Agent
Are you facing challenges in attracting the best talent from the constantly changing pool of real estate agents? It is reported that around 80% of real estate sales agents exit the industry within their first two years, making it difficult for brokers to recruit quality professionals. However, there has been a shift in the real estate market towards not only attracting more agents but also retaining top-notch ones. As quality sales agents are highly sought-after, it is crucial to follow these five tips if you want to succeed in attracting and keeping the best talent. Read on to discovers how to break into the high-end home market.
Breaking into the high-end home market
Working high-end or luxury is not for the faint of heart or the light of budget, because you will discover that the clientele will have high and unique service expectations. While it can be challenging to work with luxury real estate clientele, it can also be a great opportunity for business. I have seen luxury agents leverage one luxury connection into many luxury deals.
In the highly competitive world of the high-end home market, you must possess a unique selling proposition that sets you apart from others. It’s important to convey how your offering is distinct and valuable to potential sellers. To achieve this, you must be able to promote the special features of the property and highlight its unique qualities. Selling a luxury home requires top agents who understand the nuances and can showcase them flawlessly.
Choosing your slice of the luxury home market
Become a market expert! Each market has its luxury price point. You must study the pocket markets and price points you are interested in to determine the following: percentage of turnover, average price range, average days on market, major competitors, and the best ways to break in and get invited to the table.
Pricing luxury properties
Valuing high-end properties is tough because of their distinct features and location, making it difficult to set a precise price. Owners of luxury homes may not have an urgent need to sell and could potentially set higher prices. To succeed in this industry, you must convince clients to settle for a fair price. Our coaching program suggests adopting the “time over motivation” method, as employed by our successful luxury agent. Motivated sellers will eventually accept a fair price over time for a successful sale.
Luxury agents create a price adjustment timeline in coordination with the sellers to have a mutual understanding of the seller’s actions and deadlines. This makes it easier to go back to them for necessary adjustments.
Getting certified
It’s not an easy task to break into the luxury home market. The CLHMS designation is highly regarded in luxury markets globally. It assures wealthy buyers and sellers that agents who have earned it possess the necessary knowledge, experience, competence, and confidence.
