Luxury Realtors are real estate agents who sell multimillion-dollar properties, as well as those who focus on the second home, or vacation property, market. While these types of Realtors must have the same licenses and certifications as other real estate agents, they often have different marketing strategies and work with more high-maintenance clients. If you already are in the real estate business and want to pursue the luxury market, there are many things you can do to break into the career and start earning high-dollar commissions.
Obtain your state-issue real estate license if you don’t already have it. This process typically includes taking mandated coursework, as well as passing an examination if you’re trying to get a broker’s license.
Research the luxury lifestyle. To impress future luxury buyers, you’ll need to know the differences between mainstream and luxury brands. For example, you need to know about top-of-the-line light fixture manufacturers, the best plumbing fixtures, the most expensive appliances and world-class building materials, such as slate flooring.
Make connections with local interior designers, landscape company owners and builders that already cater to luxury clientele. They’ll want referrals from you, and you’ll need their connections to prove to your clients you have ties to the best in the business.
Assess your own appearance. You’ll need to exude the luxury lifestyle if you want your clients to take you seriously. This means you need an expensive, high-quality wardrobe, the right jewelry, the right hairstyle and a luxury vehicle.
Join elite clubs in your area, such as polo clubs or country clubs. This will allow you to mingle with future clients, as well as become a part of their social scene. If you can't afford a membership, look for volunteer opportunities to get you in the door.
Choose a luxury niche and target market. Research the past few years’ sales to assess the current market. Plan to target a specific area of town or ZIP code, as well as the type of dwelling. For example, you might focus on lakefront homes or target high-rise condos.
Apply at an already-established luxury real estate agency in your chosen niche. This will help you enter the luxury-market scene and make a name for yourself. After you become successful and have loyal customers, you can branch out on your own.