October is Luxury Month at Inman. All month, we’ll be talking to top producers from across the country, offering advice on how to join their ranks, and more. That all leads up to Luxury Connect at the Aria Hotel (Oct. 25-26, 2021, join us) and the live presentation of the Inman Golden I Club honorees for this year.
As a real estate agent, servicing the luxury market can be a great way to elevate your business. The luxury space is incredibly competitive, and there’s only a tiny pool of agents who handle the majority of the business.
For some, it can take years of building to graduate to the luxury sector, and for others, family connections, friends and business associates lead to high-powered introductions.
Regardless of your path, you’ll have to master these three skills. Here are a few tips for aspiring and new luxury real estate agents.
Work your sphere
Tapping into your sphere of influence can be an effective way to network and make new connections. We always advise new (and seasoned) agents to get to know and make friends with developers, architects and designers.
Those connections often have influential and high-powered clients they can refer you to. You can meet many of these key players at open houses, industry events and site visits for new development projects.
Additional resources:
- Work your sphere! 3 ways to beef up your referral network
- How to network as a new agent during a pandemic
- New area, new business: 5 tips to hit the ground running
- The Inman Handbook On Ramping Up Referral Business
- 4 tips to help you win new construction listings
Establish yourself as an expert
Positioning yourself as an expert in the markets you want to serve is one of the most critical aspects of breaking into the luxury market.
Luxury clients don’t want to do all the heavy lifting when it comes to research and market stats. Do your homework, and immerse yourself in the latest information, market trends and inventory on the market.
Having a deep understanding and knowledge of the areas you want to serve will ensure you stand apart from competitors.
Additional resources:
- Want neighborhood expert status? 9 shortcuts to learning your market
- Become the local expert! A low-cost, 5-step digital farming strategy
- Bowling alleys? Glam rooms? 6 luxury amenities buyers want now
- What’s happening in today’s luxury real estate market?
- The listing launch plan that gets higher prices, faster sales, more listings
Market yourself effectively
Developing a strategic and effective marketing campaign through various channels, including social media, traditional print media and digital platforms, is a great way to target the luxury market.
Be consistent with your messaging and frequency as you send out direct mailers, post on social media and advertise in publications that reach your desired audience.
Exuding confidence and leading with knowledge and expertise will help prospective clients view you as a go-to source for their real estate needs.
Additional resources:
- The smart agent’s guide to building relationships now
- Want a pay raise? 6 tips for increasing your average sales price
- 4 tips for hooking buyers with your listing video
- Need more leads? 5 invaluable door-knocking tips
- 6 tips for expanding your network with social media
Entering the luxury market can be challenging, but establishing yourself as an expert, marketing yourself and your services effectively, and utilizing your network and sphere of influence to make new connections will give you an advantage over your competitors as you build momentum in this new niche.
David Parnes is a director at The Agency in Los Angeles. Connect with him on Instagram. James Harris is a director at The Agency in Los Angeles. Connect with him on Instagram.
