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This article was last updated on July 5, 2022.
In May, the median home price in the U.S. soared to a new all-time high of $447,000. The price growth of the past few years has put formerly middle-of-the-road residences squarely in the luxury category, at least when judged by price alone.
It has also priced some former luxury buyers out of their dream homes and neighborhoods. In addition, it has changed the way some agents see themselves, allowing them to market themselves as luxury agents alongside more experienced colleagues in the category.
What’s your top tip for luxury agents in today’s market? What does it take to call yourself a luxury agent? What do you need to know and how do you differentiate your services for the new market realities? Let us know below. In the meantime, here’s what you’ve said so far:
- We are going to see a flight to quality. This is not the time to learn luxury; mistakes will be punished. Cheaply built or poorly designed houses sell when low-interest rates are available because buyers are surprised they can buy them. Look at luxury brands; quality keeps selling until there are no buyers. A luxury agent has the experience or savvy to relate to wealthy clients. We are not salespeople. We serve at the pleasure of our clients.
- Staying in touch with your clients as an advisor
- Work your database
- Professional and experienced service
- Knowing the real estate business is a given. Know how to relate to Luxury clients!
Keep the conversation going! Add your thoughts in the comments below.