The Top Misconception About Luxury Real Estate
| LAST UPDATE 12/27/2022
For those who have dived into the world of Selling Sunset and Million Dollar Listing, you might think the world of luxury real estate is everything glamorous and all about making the big bucks. Though this is true, it is only a snippet of what brokers have to go through to seal the deal on a major listing. In today's world, there is far more to offer clients than what meets the eye.
According to RISMEDIA, "luxury is an experience, not a price point." When it comes to a house viewing, clients are not sporadically reaching into their pockets for something out of the woodwork. In hindsight, the broker sells the house more than it sells itself. Clients can approach the property of their dreams, but if the agent does not provide the viewing experience up to a standard, the novelty wears off. Regardless of the square footage, no matter how many bedrooms or extra-curricular activities are on site, the home is not of the same value without first-hand experience. As they say, first impressions matter. The pressure is on, especially when experienced professionals are still selling properties like they're going out of style, such as 'super brokers' Tom Postilio and Mickey Conlon.
Founded in 2003, "The Institute for Luxury Home Marketing offers the world's premier designation for luxury real estate professionals who specialize in distinctive service and expertise." The fundamental building blocks of becoming a professional come down to the very last detail and "extreme attention." This takes extensive "training, education, dedication, commitment, and an overriding desire to always exceed expectations." This condones the classic "white glove" experience, where the overall house viewing is carried out flawlessly, and the buyers are instantly sold after an hour of their time. If you think you're up for the challenge, it's all about paving the path to success. It is important to remember you, as an agent, are providing the experience, so don't undersell yourself. Make sure your experience is like no other to distance yourself from the average luxury broker. Not to mention, be confident in your knowledge, knowing you are of a higher standard and part of a "growing global network of top-performing" professionals. The combination of passion and apprehension goes a long way, and it's never too late to start.
Of course, it is only natural that you might have to take a few stepping stones to reach your end goal. To have clients as your main priority is a start, but designating your mind towards understanding the industry is a bump up the ladder in the latter. Confidence and competence are your most substantial resources.