There are many specialties within the real estate profession, and while working with high wealth clients in the luxury property market isn’t for everyone, it may be the right fit for you.
After all, it’s arguable the same amount of work goes into million-dollar transactions as goes into the sale of a starter home.
In some ways, these clients are easier to work with – for instance, many view their property as an investment and less of an emotional experience – and in others, more challenging. High net-worth clients have commensurately high expectations of and want experience, knowledge and professional sophistication.
Let’s review what it takes to earn the trust of high wealth clients and become a multi-million dollar listing agent.
High End Real Estate
- Be relentless.By this, we mean show up mentally as well as physically every single day. To maintain excellence, you must exercise control over your daily professional discipline and even your diet. You must recognize that repetitious actions, while sometimes boring, make for success eventually if not instantly.
- Get a mentor.Newbies don’t start at this level. Develop as a mentor an agent experienced with luxury properties and high wealth clients and begin co-listing. You’ll get half the commission, but you’ll gain invaluable experience and referrals.
- Maintain your standards.Tempting as it may be to cater to your clients – and of course, you will be catering to them in many things – do not be persuaded by unrealistic requests. You are the expert and if the deal goes south after you cave in, you’ll be the one blamed. You can hold boundaries and still earn respect.
- Upgrade and prepare.Upgrade everything from your presentation to your wardrobe: Your potential clients are used to working with top of the line professionals in every arena, and if you are to gain their trust and business, you must dot every proverbial ‘I’ and cross every ‘T.’ You’ve got to know the market and stats about similar properties. Even your online presence must be impeccable, lest you project the wrong image: The clients expect transactions to happen with the least amount of stress possible.
- Make yourself versatile.Knowing the local real estate market is the lowest rung on the ladder to success with high net worth clients. You should also have a competent working knowledge of disciplines relative to the business, including technology and finance. Think of yourself as a one-stop shop that geared to making the purchase and sale of luxury homes a seamless and pleasant experience (as you should with every client!)
Finally, if you choose this path, you must fully commit. Skills are refined over time and contacts build off each other, so even though you may not feel successful at first, stick with your system to build credibility.