The Difference Between A Luxury Real Estate Agent & Expert
The role of a luxury real estate agent is constantly changing. Along with that, becoming a successful real estate agent is starting to mean something different than it used to.
At this point, prospects are able to learn a lot about their market, available listings, and recently sold listings on their own. More than ever, real estate agents need to prove their value. A misconception among real estate agents is that simply making the decision to enter the luxury real estate market means that their value inherently increases. While it’s undeniably a smart decision to transition into the luxury market, the choice alone doesn’t entitle agents to earn more.
INVEST IN YOUR EDUCATION
Any business requires an up-front investment, and when it comes to your real estate business, your biggest investment should be your education. A successful real estate agent means that you are becoming a real estate expert. A role that goes beyond simply making the sale or handling the paperwork. A luxury real estate agent can go through the motions of marketing a listing, but a luxury real estate expert will feel comfortable with making decisions that make sense for their client. Their value depends less on a black-and-white set of skills and instead is proven by how well they can adapt those skills to any situation. They know how to think about luxury home marketing rather than what to think about luxury home marketing.
High-end clientele is typically more entrenched in real estate trends than traditional real estate clients since most have made a portion of their wealth from real estate. In fact, many of these clients are buying their second, third, or even fourth home, so what most will expect from their agent has less to do with how the process works and more to do with wanting an expert second opinion on how, where, and when they should spend their money.
A successful real estate agent in the luxury market means having the confidence to play the role of adviser to these clients, which again goes back to having the education behind you to inform your decisions and even help you feel more qualified. It also means that you are continuing to network with other agents to get ideas and stay in tune with what’s really going on in your market.
Beyond that, having a luxury real estate designation will help prove your value to clients upfront—as it shows you’ve put the time and work into becoming the real estate expert they deserve. If you want to learn more about luxury real estate in the Los Angeles area, contact me, I would be happy to advise you.