Fortunately for you, selling Luxury Real Estate, like any skill, is one that can be Taught & Learned
True or False: In the world of high-end real estate sales, your clients’ expect that your income is equal to or greater than theirs.
False. That usually is not the case. What they do expect is absolute competence when it comes to selling their home or estate, while using precise marketing to target the right buyers that would be most attracted to the lifestyle that their home represents. In addition, selling higher priced homes is a unique skill set that requires upfront capital & dedication to your craft.
Why focus on this highly specialized segment of the Real Estate Industry?
You have the potential to earn higher professional fees. It’s no secret that as Real Estate Practitioners we are compensated in direct proportion to the sales price of the home. The higher sales the prices, the higher the professional fee you earn.
Upper tier home sellers & buyers are more resistant to fluctuations of interest rates or changes in the economy, both good and bad. For the agent who caters to this elite clientele, this creates opportunities to thrive in any real estate market & economic condition.
Believe it or not there is less competition. It has been said the ladder of success is never crowded at the top. This axiom holds true. Servicing clients with money, power, and potentially fame, can be intimidating.[/dt_teaser]
What are some of the challenges or barriers of entry?
- It takes money to make money. You will have to have the capital available and ready to market the properties correctly. This can be expensive. It is YOUR responsibility to pay for high quality brochures, targeted mailing lists, websites, social events, regional, national, and potentially international media exposure.
- Upper tier home sellers & buyers are more demanding. The expectations of your clients are high, and they are not comparing your expertise and level of service to other agents. Instead, they are comparing your service and level of expertise with the services of other purveyors of luxury products or services such as well known brands as the Ritz Carlton, Tiffany & Co, Rolex, Rolls Royce, etc.
- High end listings statistically take longer to sell, and in some cases never sell at all. This adds to your risk of upfront marketing expenses and reinforces the importance of targeted marketing and accurate pricing of the home.
How do I get Started?
In order to be considered as an agent in our Luxury Division there are minimum requirements. REH Real Estate is a member of the Institute for Luxury Home Marketing and requires that all our agents are members and have attended their course. In January of 2015 The ILHM Instructors will be hosting a live course for our agents in our home office!In addition, there is a certain level of production requirements in order to be considered. These sales production requirements can be documented by MLS History Reports or by Personal Tax records reflecting gross income.If you would like to be considered for our Luxury Division and enjoy the benefits & prestige of selling high-end homes, but are concerned about the prerequisites, please call Michelle Shimohara at (626) 657-8736 or email info@REHcorp.com.
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