If you already work in real estate or are planning to embark on a career as a real estate agent, you might want to consider selling homes at the high end of the market by becoming a luxury real estate agent.
In the role, you would not sell typical properties like midrange apartments and condos. Instead, you would sell homes that potentially cost millions. That means you would be showcasing properties in very desirable areas. You may even sell real estate in exotic overseas locations. And you could end up working with clients like CEOs and celebrities.
Being a luxury real estate agent involves a lot more than the role of a standard agent. You will need to sell clients lifestyle opportunities as much as you sell them expensive brick-and-mortar residences. While working as a luxury real estate agent can certainly be an interesting and exciting job, it can also be a lot of hard work.
Three pros of being a luxury real estate agent
Let’s start with the good news. There are many pros to being a real estate agent who sells luxury properties. Here are three that will undoubtedly make you want to consider the career.
You can earn high commissions (and save for a luxury home of your own)
The biggest advantage of working as a luxury real estate agent is that you can earn high commissions. The more expensive the properties you sell, the more you can earn.
Indeed, successful luxury real estate agents have unlimited earning potential. And with high commissions and excellent earning potential, you can save for a luxury home of your own. It could be within your reach sooner than you think.
You can gain an expert and prestigious status
When you successfully sell luxury properties, either as homes for people to live in or as investment opportunities, people will soon see you as an expert in your field and you could gain a prestigious status.
As a real estate agent, you will be able to network with all kinds of important people, such as business owners, professional athletes, and film stars. And that will further boost your reputation. Plus, when you have a client list of respected professionals and celebrities, you have the opportunity to name-drop when seeking other clients.
You can also receive more referrals from your growing network of clients.
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You get to spend time in beautiful settings
Standard real estate agents spend their time in all kinds of areas, including near-derelict buildings and smelly residences! As a luxury real estate agent, you would hang out at mansions with swimming pools and large beautiful grounds. You could fly to various exotic locations, too.
So, your daily environment as a luxury real estate agent is sure to be rewarding.
Three cons of being a luxury real estate agent
Being a luxury real estate agent sounds amazing so far, doesn’t it? Before you get too excited, you need to be aware of the cons.
You will have a limited customer base
Only 10% of all homebuyers in the US purchase homes that are worth over $500,000. Seeing as only a small proportion of the population can afford luxury properties, you will be competing with other real estate agents for a small customer base.
Luxury properties can take longer to sell
In general, the higher the price of a property is, the longer it will take to sell. That means you could have to wait longer to reap the benefits of your high commission.
You could work long hours
Clients who buy high-end properties expect you to give them a lot of time and attention. Seeing as you will also need to find properties to sell and compete against other luxury real estate agents, you will need to put in a lot of hours, especially in the first few years as you build your reputation.
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