Luxury real estate success doesn’t always mean facilitating residential sales and helping clients find their dream home. In fact, variety is one of the biggest draws of pursuing a career in luxury real estate.
Just like in the traditional real estate market, the luxury market still lends itself to a variety of real estate career paths. Are residential luxury real estate professionals more common? Of course. At the same time, choosing an alternative luxury real estate career path may help you face less competition, better align with your personality and even present you with the opportunity to use your license and training for residential transactions on the side to supplement your income if you so choose.
So, if you’re an aspiring luxury real estate professional wondering what to do once you’re licensed, or you’re a current luxury real estate professional who’s hungry for a change of scenery, there are a few different luxury real estate career paths you can choose from.
A builder’s agent is what it sounds like: a luxury real estate agent who helps builders sell their new developments.
Builder’s agents typically work on site to facilitate sales, which means there’s typically a steady stream of business. However, there are plenty of myths surrounding the agent-builder relationship. Some believe when clients have access to one, there’s no need for the other.
The agent-builder relationship can actually boost revenue for both parties. Agents can introduce potential homebuyers to builders, and builders can refer prospects inquiring about homes to the agent.
Luxury Commercial Real Estate Agent
Helping clients look for their dream home or sell a home that’s special to them can be emotional. Residential luxury real estate often means, quite literally, getting up close and personal with your clients at times—and not all luxury real estate professionals enjoy that dynamic.
So, if you’re looking for relationships that are more professional and straightforward? Luxury commercial real estate could be a great option. Beyond offering a more corporate atmosphere, luxury commercial real estate lends itself to higher commission rates simply due to dealing with higher property values.
But there are a couple of caveats.
One is that commercial real estate has a few more barriers to entry than residential luxury real estate. Many commercial real estate opportunities require a broker’s license, and some even require a college degree—unlike residential luxury real estate.
Plus, the sales cycle takes a bit longer than helping clients buy or sell a home, which means deals can sometimes take months.
However, for the right person, luxury commercial real estate is the perfect use of their skills and personality.
Luxury Property Management
Love to serve? Have great communication and project management skills? Are you detail-oriented? Then you might be a great fit for luxury property management.
Luxury property managers work in a few different ways. The first way is to work with a select few clients who count on you to maintain their luxury properties when they’re away and have it ready for them when they decide to stay.
Another way to work as a luxury property manager is to help clients rent out their property, making you the point of contact between the property owner and their tenants or visitors.
Success in this career path often comes from going above and beyond for property owners, surprising them with impressive finishing touches on their property when they come to visit or giving their visitors and tenants five-star treatment.
In other words, luxury property management is the perfect option for luxury real estate professionals who like to work with people and get satisfaction from creating amazing luxury experiences for their clients. While it can be challenging work, it can also be highly rewarding and easy to get referrals from a job well done.
Want More Help Finding Your Perfect Career Path in the Luxury Real Estate Market?
When you’re starting a new career or trying to change career paths, you don’t know what you don’t know. Often, it takes some networking, real-life experience and deeper learning to find the answers you’re looking for.
Becoming part of an elite community like The Institute for Home Marketing (The Institute) exposes you to a variety of luxury real estate professionals, social circles and referrals who can all help you explore the luxury real estate market.
To get started, the Institute offers a wide range of resources for you to invest in yourself at any stage in your luxury real estate career—even if it hasn’t begun yet.
– Visit your Membership Portal for brand-new training sessions, as well as our book, “Rich Buyer Rich Seller: The Real Estate Agents’ Guide to Marketing Luxury Homes,” which is available for free to all members of The Institute and also available on Amazon.
Diane Hartley is the president of the Institute for Luxury Home Marketing, a premier independent authority in training and designation for real estate agents working in the upper-tier residential market. Hartley brings her passion for luxury marketing and more than 20 years of experience growing and leading businesses to her role as president of the Institute.