Not all Agents Are equal
INSTITUTE MEMBERS ARE TRAINED TO WORK IN LUXURY REAL ESTATE.
The Institute for Luxury Home Marketing exists to help buyers and sellers of luxury homes and estates find real estate professionals with the knowledge, skills, and expertise to support their unique needs. Our members specialize in the luxury home market and have completed extensive training to build additional competencies.
Members of The Institute also have access to exclusive market insights and the latest marketing strategies, enabling them to stay on top of changing market conditions and offer effective plans to sell luxury properties. This insight and specialized knowledge makes our members, especially those who have earned the Certified Luxury Home Market Specialist™ (CLHMS) designation, the best agent choice for affluent buyers and sellers of luxury residential properties.
SELECT THE RIGHT AGENT
Successfully buying or selling a luxury home starts with selecting the real estate professional that can best assist you. Not all agents operate effectively in the upper-tier market, a segment that requires special competencies and marketing expertise. Here are five tips for choosing an agent in the luxury real estate market.
- Request market knowledge and Real Estate skills for your area. Not only should your agent know the city or area you are interested in, he or she should be knowledgeable about the price range you’ve targeted. A luxury home expert should be able to discuss the amount of inventory available, the average number of days a property is on the market before going under contract, the number of sales in the last 90 days, and the list-to-sales price ratio, all by price range. The more knowledgeable the agent is about the upper-tier market, the more valuable he or she can be as a resource for you. When you schedule your first meeting with a prospective agent, let the agent know you want an overview of the market conditions based on price range. It may be easy to choose an agent based on their country club membership or the kind of car they drive, however confirming first that the agent has the skills and resources necessary to help you will ensure that you are working with a true professional who can successfully complete your luxury home sale.
- Look for certification and affiliations and ask them what they mean. To zero in on professionals who specialize in the fine homes and estates market, look at an agent’s professional memberships and designations. Many real estate brands and companies offer special recognition to their associates who work successfully in the luxury market. Some firms have special luxury marketing programs available to their agents. All these memberships, affiliations and credentials add credibility and may provide access to networks and marketing tools designed for luxury properties. Also, know that agents who are Members of The Institute for Luxury Home Marketing have met strict education requirements. Those who have also earned our Certified Luxury Home Marketing Specialist™ (CLHMS) designation and are experienced agents with a well documented track record of success.
- Ensure your marketing consultation includes specific plan unique to your property. Choosing an agent who incorporates online, print, and highlights in home features are critical to ensuring a buyer best understands value.
- If you are selling, avoid agents who are “buying” your listing. Choosing an agent based on the highest suggested list price is counterproductive if the house is overpriced. The agent doesn’t set the price: the marketplace does. If your home goes on the market as an overpriced listing, agents and their prospects will quickly move on to other properties that offer more value relative to cost.
- Rapport and clear communication are important. Buying and selling can be stressful. Choosing an agent with whom you communicate clearly will help simplify the process. Be sure he or she understands your needs and expectations and that you understand the process and the agent’s expectations of you.