Specializing in luxury real estate is no easy feat. Being a luxury real estate agent requires a lot of hard work and dedication, particularly when it comes to marketing, networking, and understanding the high risks involved such as not closing a deal or not being able to close as many transactions. Let's break down a luxury real estate agent's job.
What Qualifies As A “Luxury” Property?
In Toronto, homes sell for over $1 million that are your typical two-bedroom bungalow. But there are more extravagant homes, particularly penthouses and homes on the Bridle Path that sell for up to $36 million. High-end condo units will have different amenities available, like a steam room, screening room, electric vehicle parking/charging spaces, and more. There may be different components too, like the quality of materials used (marble or hardwood for example). So, luxury does not always necessarily mean a fancy four-story, 20,000 square foot mansion.
Build Your Brand
The way you present yourself could make or break you. You have to look and act the part. Make sure your website is not just selling your best qualities, but actually proves to people you are a luxury real estate agent. Hire a professional to do so and get them to design high-quality business cards and ads too.
Receiving the proper certification lets your clientele know you have the knowledge and experience required to help them, and that you are a top performer in the area.
Become A Local Expert
Being a local expert is important for any real estate agent, but particularly for luxury agents. Clients want to know that you understand local market trends and their specific interests. They will be spending a lot of money, so having a local expert they can trust and are confident in is the key to success. Your clients (and yourself) will also want to know if they have competition in the area and how it could potentially affect your transaction.
Really Get To Know The Property & Clientele
The luxury home you are selling or helping clients to buy will most likely have a larger square footage, so really get to know the property and every nook and cranny. The more you get to know the home and its unique features, the easier your open houses will be. Remember you will probably have less time in the day for multiple showings because of the larger square footage. A lot of luxury homes also do not go on the market and would prefer a private sale, so open houses will be by invite only.
Getting to know the clientele is very important too, like their age, gender, top interests, if they are a married couple, or a large family. This will all play a role in how the home is marketed.
Housing market inside scoop
Network & Marketing
Clients will love knowing you have a network of professionals, particularly private lenders, banks and marketers. This way they know you can maximize the marketing on their home to your full potential. Get creative with drones, high-end photographers, videographers, stagers, and more. You will quickly learn what is working and what is not working, so always have a new plan in mind. Remember that advertising materials will cost you more for luxury homes, but you have to be willing to spend money to earn it.
Being a luxury real estate agent is not for everyone, after all, there is a higher risk with it. You are closing fewer transactions and having to spend more on marketing materials, so if the sale does not end up going through, all that hard work could potentially have been for nothing. But with high risks come high rewards and all that hard work will definitely pay off in the end.
"The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand." - Vince Lombardi
Reach out to our real estate agents in Toronto who specialize in luxury properties here:
Agent Name: Bryan G. | View Agent Profile>>
Serving Area: Burlington, Hamilton, Milton, Mississauga, Niagara Falls, Oakville, St. Catharines
"As well as having 13 years of experience in real estate, I have a previous background in sales and marketing, which means I can provide you with the best experience and exceptional customer service."
Agent Name: Claude B. | View Agent Profile>>
Serving Area: Durham, North York, Scarborough, Toronto
"I teach real estate courses through the University of Toronto and also have a strong reputation in the commercial real estate industry, which means I will always have an answer to your question."
Agent Name: Lisa S. | View Agent Profile>>
Serving Area: Toronto
"From managing rental properties across the GTA, to having experience with renovations and construction, I truly know what to look for when helping buyers or sellers."