Being a Real Estate Agent can be very lucrative when you serve multiple groups of individuals, but imagine serving the 1% of the 1%. The individuals who don’t necessarily search for homes on the internet but go directly to their agents and seal deals within days, or in worst-case scenarios, weeks.
Let’s give you an insight into how to become a Real Estate Agent for the 1% of the 1% a.k.a the Ultra-rich.
Real Estate agents work in a variety of capacities. Some are generalists, while others focus their efforts on one particular niche. One of the most elite of those niches is the luxury property market.
This market is often characterised by quality, refinement, and exclusivity. And although the definition may vary by market, one thing luxury properties have in common is the price tag. The average price for a luxury home in Nigeria ranges from #12 million to #95 million, while the more expensive properties can cost as much as #1 billion Naira.
Real estate agents who specialise in luxury real estate often deal with ultra-high-net-worth individuals (UHNWIs). These are people who have assets of $30 million or more. They’re among the world’s wealthiest individuals—a fairly small group, but one that grows continually. But there’s more to working with these folks than simply showing expensive homes. Here, we take a look at what it takes to become a real estate broker or agent for the ultra-rich.
Always Pay Attention To The Details
Paying attention to all the details is one of the most important things that luxury real estate agents—or any realtor for that matter—can do for their customers.
This comprises a property’s primary qualities, location, amenities, and anything else that will assist in its sale.
Luxury homebuyers desire a good area, easy access to shopping and community facilities, plus a few more luxuries.
According to Vivien Snyder, a residential broker associate and certified luxury home marketing specialist with Beverly-Hanks & Associates Realtors, “Luxury homes are usually large, so you need to be aware of the tiniest features in the construction and finishes from the building elements as well as the distinct details”.
Consumers desire more information about a potential house purchase than the basic information they’ll get from any real estate agent.
Become an All-Around Expert
Is it necessary for real estate agents to be wealthy and well-connected to identify and work with ultra-rich clients?
This is a simple question with a simple answer. No.
But, they need to be market specialists and be to converse intelligently. You need to be familiar with trends, facts, and figures which portray you as intellectual.
You also need to be familiar with all properties and listings, then the surroundings and environment your property is in. Know where every activity can be done, the perks of living there, and all the other tiny details that make you stand out from the pack.
Knowing how to price homes and when to time the market—skills you’ll be able to develop over time—is an important part of being an expert.
Develop a Sphere of Influence
A real estate sphere of influence strategy is one-way many real estate agents, brokers, and Realtors use to create contacts and generate leads.
This strategy focuses on producing leads from people the agent already knows, such as family, friends, neighbours, classmates, business associates, and social connections.
For agents working with the 1% of the 1%, cultivating an ability to project power is important.
Since everyone buys, sells, or rents property at some point in their lives, every person an agent encounters have the chance to become a client at some point in the future.
Making an effort to get to know each individual in your area of influence and stay in contact with them regularly can make a big difference.
People may not be actively looking for a home, but when the appropriate property comes along, they typically make quick decisions.
Become a Marketing Expert
To market properties to potential consumers, real estate agents use different methods. In many cases, the marketing strategies for basic and luxury properties are similar. Things like floor plans, professional pictures, surveys, property value, etc.
Print advertising separates luxury real estate from the rest of the market. More than any other price point in the market, this is frequently utilised to advertise luxury residences.
You’ve definitely looked through at least one magazine with a lot of high-gloss images of some of the world’s most expensive homes with stunning interiors and well-kept surroundings.
This is because luxury properties have longer wait times and stay on the market for longer durations than other types of real estate.
It might be hard to enter the extremely competitive luxury real estate market, but you just need to be yourself. Read to learn, and be prepared for challenges to succeed.
One of the best ways to avoid intimidation is to prepare yourself.
Know everything there is to know about the property, the competitors in the neighbourhood, the community itself.
Don’t be afraid; instead, be prepared and conduct studies on prospective clients so that you can engage from a more personal view.
Is their pet their main concern? Are schools important? What are their interests and what is going on in their lives that are important to them?
Building a career in the luxury real estate market can be emotionally and financially rewarding. If you’re just learning the field, watch how other productive agents work with well-to-do clients.
Successful agents to the ultra-rich focus on the details, become experts on each property and the surrounding communities. Learn about each potential client and listen for – and quickly respond to – each client’s questions and concerns.