The luxury real estate market has become oversupplied as well as flat in both sales volume and price appreciation. So, let’s face facts here.
It’s definitely up to you as a lux real estate agent to prove your value to prospective lux buyers and sellers simply because those lux prospects are able to learn and know a lot on their own about the market, available listings and recently sold listings. It is definitely up to you, more than ever before, as a luxury real estate agent to better utilize your expertise and the marketplace to enhance your business.
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As in all businesses, there are upfront costs. Your upfront costs center around your education…the more you know, the more valuable you become. Becoming a successful lux real estate agent means becoming a lux real estate expert. Lux real estate experts make out of the box decisions that are compatible with their clients. Lux real estate experts adapt their education, adapt their skills and adapt their knowhow to any situation. Lux real estate experts adapt how they think.
Remember that many lux real estate clients tend to be market savvy because many lux prospects have made a portion of their wealth via real estate. Also remember that many lux prospects may be buying/selling their second, third and perhaps fourth home. What these lux prospects want from you as an expert is someone more than able to offer advice or a second opinion about how/when/where to spend their money on a real estate asset.
Your advice, your second opinion goes back to your having the education, the information, the skill set, the qualifications, the credibility and the confidence to actually feel, be and operate as a real estate expert. It also means your continuing to network with other experts and colleagues in order for you to stay in tune with what is currently and/or likely to happen in your luxury marketplace.
You might also consider investing in and attaining the CLHMS designation to attach to your professional identity. This designation helps substantiate your expertise and credibility to your clientele.
Thanks to the Institute for Luxury Real Estate for source data.
Also read: Podcast: 5 Proven Steps To Become Rich (and STAY Rich) (Part 4), Buyers Market in NYC for Two-Bedroom Units, Why Biggest Is Rarely Better
