Have you been dreaming of multimillion-dollar properties? The commission on a home like that is incredibly tempting—but how do you break into the big leagues of the luxury real estate market?
Specialized Expertise
You can’t just dive into the luxury real estate market right after getting your license, unfortunately. You need special expertise in working with the kind of clients who buy multimillion dollar homes. According to Andrew Greenwell, star of Million Dollar Listing San Francisco, you need to educate yourself about the lifestyles of the rich and famous. While you might not have grown up in luxury, you need to understand their world and—most importantly—speak their language.
Focused Networking
Justin Fichelson, another agent on Million Dollar Listing San Francisco, recommends networking with the right targets to draw in luxury business. Instead of going after clients directly, he advises talking to private lenders and bankers. They can connect you with people in the market for a luxury home. You can also try joining charity organizations that attract well-heeled potential buyers. Be an active presence in the area where you’re listing—visit the coffee shops and restaurants where your clients can be found.
Go Big or Go Home
People who are buying multimillion-dollar properties expect a certain level of polish. That means splashing out for glossy marketing, lavish event-style open houses, and perfect staging. If you’re not able to invest in marketing the property, then it might not be the right time for you to go after the luxury real estate market.
Sell the Story
Properties at this level aren’t just homes—they’re luxury status symbols or private retreats. The people who live there want to be sold a story that fits in with their ideal lifestyle. For example, a historical property linked to Old Hollywood could play up that aspect to attract a certain type of buyer—think glamour, champagne, and movie stars. In contrast, a more remote homestead that offers plenty of nature and privacy would appeal to a different lifestyle, and your marketing would focus on the charm of getting away from it all.
Co-Listing
Another tip from Andrew Greenwell: co-list whenever possible. “Half of a lot is more than a lot of nothing,” he said. And it’s true! Co-listing and co-marketing is common in the luxury real estate market. Considering the amount of work that goes into selling these properties, it’s no wonder that it takes a proverbial village!
Co-listing can help you break into the luxury real estate market better than any other trick or technique. Once you’ve sold a property alongside a more experienced agent, you’ll be able to start building your portfolio of luxury sales.
