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5 TIPS for selecting the right real estate professional to help you buy or sell your luxury home
Laurie Moore-Moore
Founder
The Institute for Luxury Home Marketing
Not all good agents operate effectively in the upper-tier market. It is a market segment which requires special competencies. Here are some general guidelines for choosing an agent to assist you in the upper-tier residential marketplace.
1. Look for market knowledge and real estate skills.
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 30/60/90 days, and the list-sale price ratio-all by price range. The more knowledgable 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 your price range. A solid track record of success is a clear indicator of market savvy. Don't choose an agent based on Country Club membership, the kind of car he or she drives, or similiar criteria. Do choose your agent based on the answer to this question: "Does this agent have the competencies necessary to help me accomplish my real estate goals?"
2. Notice special designations and ask what they mean.
Some real estate professionals have earned their broker's license which means they have had special training and a certain amount of experience. You'll also find agents with designations based on education and experience such as "Certified Luxury Home Marketing Specialist." These credentials add credibility and reflect actual market performance. This doesn't mean you should ignore a newer agent without designations. A bright, creative newcomer who's willing to work hard, do the market research, and has targeted the upper-tier can often provide excellent service, too.
3. If you are selling, ask that the listing presentaion include a specific marketing plan for your property.
In fact, if your agent calls this meeting a "marketing consultation appointment" rather than listing presentation, that's a good sign! Don't assume that the best marketing plan is always the most expensive. Listen to why the agent has included each element of the plan. Your agent should outline the complete plan and explain it. Look at the quality of the marketing pieces the agent has used in the past as part of your evaluation process. If the home is very, very expensive or the buyer is likely to come from outside the country, your marketing plan will need to be especially creative. Networking with other Luxury Home sales professionals should always be an important aspect of the marketing plan.
4. If you are selling, don't let your agent 'buy' your business.
Choosing a real estate professional based on the highest suggested list price is counter productive if the house is over-priced. The agent doesn't set the price--the market place does. If your home goes on the market as an over-priced listing, agents and their prospects will quickly move onto other properties which offer more value relative to cost. Will they come back if the price goes down? In many cases, no.
5. Rapport and clear communication are important.
Buying and selling can be stressful. Choosing an agent with whom you communicate clearly and easily 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.
In short, specialized knowledge + quality tools + clear communication = real estate professional who can deliver the results you want in the luxury home arena.
BONUS TIP: If you have an agent with whom you've successfully worked with in the past and now you are looking in a new part of the country or different corner of the world, ask that agent to refer you to a luxury home specialist in the new locale. Upper-tier agents network, often attend national or international meetings, and many have earned special professional designations and have contacts with others with the same credentials. Good agents know their own credibility is on the line when they refer and will carefully pre-qualify another real estate professional before referring.
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