In big cities, high-end real estate seems like the mecca of the American dream. Having the opportunity to show the world’s most desirable properties, and beautiful, top-of-the-line developments is incredibly exciting and rewarding.
We see the luxury and glamor that goes along with this dynamic career and wonder how does one get into premier real estate? So, what does it take?
Luxury real estate is not an industry for the faint of heart. Yes, it is an exhilarating and alluring career choice, but it is fiercely competitive and takes years of work putting in the hours and dedication to make it to the top. It takes grit, stamina, a long-term vision with the drive to keep pushing forward, and a bit of luck.
When you start in real estate, it’s hard to imagine getting straight into luxury sales. Read on to find out 7 of our top tips to break into luxury home sales.
Find That Opportunity
It is common knowledge that when you are starting out in real estate, you have to first build your network. How is that done you ask? Rentals. You work on showing rentals, building your credibility in the industry, yet aspire to do sales, so how do you transition? Find a luxury rental client and do everything in your power to nurture the relationship. You never know when that luxury rental client can turn into your first sale, or better yet – luxury sale!
Think Big, But Start Small
The dream is to go big. After all, the great sales motto is “go big or go home”. To get your feet wet, you don’t need to start off with the $15M sales right away, even if that is your goal. To establish yourself in this new space, work on those first few $1-2M sales and build strong client relationships. Once you have enough of those base sales (and growing commissions), you can grow.
Make the Right Friends
Never underestimate the power of referrals. And as with many fields, the most effective type of referral is word-of-mouth. It’s about who knows who and who you know. So make sure to consistently leave a great impression and position yourself as an expert in the field. This is the easiest and fastest way to grow your business when utilized correctly. Additionally, become part of and build trust within a community. Once you find someone who trusts you and believes in you and also is well connected within a community, you’re set up for success.
Believe in Yourself
No power is greater than the energy you exude when you believe in yourself, your abilities, your dream – and manifest it into existence. If you lose sight of your goals and stop believing in your abilities, then others won’t believe in you either. So every morning when you wake up, tell yourself that you can and you will make that dream a reality – that you will break into the market of your dreams and make those big sales.
Converting Renters to Buyers
As we mentioned before, one of the ways to ease into luxury sales is by starting in luxury rentals. And oftentimes as a broker, you will continue to work rentals,, but that doesn’t mean that they can’t be converted into sales over time. You can start with inquiring as to why they’re renting, and if there’s a goal to buy in the future, and how you can help get there. You will work with many people who have the money for the luxury sale but are choosing a luxury rental for now instead, so arm yourself with the knowledge of why they are choosing this route. The more you know the better, so you can be prepared with what you can offer once they do choose to buy.
Don’t Pass Up a Good Opportunity
Your ability to turn one deal into more business opportunities is a crucial skill. When you’re on a roll, you don’t want to lose momentum. Arm yourself with knowledge and constantly engage with your clients. If you come to the table with the right information and a pitch for why this potential buyer needs to purchase a property you’re selling, the opportunity will be infinitely greater. Remember, luxury buyers value their time, and if you know your stuff, the right buyer will value your knowledge and expertise.
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