Okay, so you want to invest in luxury real estate.

Greater pressures accompany greater benefits... tougher requirements, a smaller tolerance for error, and an even stronger dedication to your clients and yourself.

And you're going to need to bring some fresh or improved abilities to the table if you want to succeed in luxury.

So let's look at seven qualities that I believe successful luxury agents have.

Luxury Agents Know The Market Like Nobodies Business

To succeed in luxury real estate, you must simply be knowledgeable in your field.

Being constantly tuned into what is occurring in your market—who bought what, when, for how much, etc.—takes commitment and discipline.

You'll need to set aside time each day to devote to researching your market and educating yourself on what you don't already know.

High-end clients expect you to be an informed advisor with all the solutions. Do you feel up to the task?

Establish Connections With Other Luxury Agents And Brokers

Everything is intensified at the luxury level, including the level of competition. However, it doesn't follow that you can't have productive business ties with some of your rivals.

• You'll do better if you can establish stronger connections with other luxury brokers in your market.
• You'll be more "in the know"
• You'll each pick up some of the best techniques.

When necessary, you'll be able to work together.

These connections won't materialize right away. If you're just getting started in the luxury industry, see who you can meet and invite to lunch or dinner. To get a feel for how they do things, ask if you can "shadow" them for a day. You might be pleasantly surprised by the level of cooperation you encounter.

Luxury Real Estate Agents Understand The Power Of Proximity

Are you a member of the same social circles as the elite customers you seek?

Because you must if you want to succeed in luxury real estate. You also cannot fake it.

Sign up for clubs. Participate in local affairs. Make a donation to a charity. As many events as you can, attend...

Be patient even then. Keep your cool. Don't begin distributing your business cards to everyone you see. Don't go around bragging about your real estate business.

Maintain your connections, and business will follow. However, don't push it.

Luxury Real Estate Brokers Consistently Deliver

Reliability is more crucial than ever in situations where the stakes are so high.

You should mean it when you tell a client, "I got this,"

You won't be successful with high-end clients if individuals can't trust you to keep your word or complete the task at hand.

Don't apologize. Every time, put forth the effort and produce.

Luxury Brokers Are Aware Of How To Market To Expireds

Owners of unsold properties might be more receptive to what "new blood" can bring to their selling. Promote yourself to Expireds by highlighting the value the listing would have for you and your company.

Additionally, don't be afraid to team up with an agent who has greater influence in your market. A tiny fee to pay to enter the game is splitting a commission.

Luxury Agents Boost Winnings

A brief aside Hope you've been watching my new show, Luxury Code if you're a luxury agent or seeking to break into the high-end market. This brings me to the sixth skill.

On today's Luxury Code, broker Michael Franco from New York City discusses the critical error he made after closing his first multi-million dollar deal. He believed that he had made a breakthrough and that more business would thereafter accrue. But he now acknowledges that he didn't respond quickly enough to capitalize on this significant milestone sale. He immediately understood that until you make your victories widely known, nobody will be aware of them.

The key takeaway from all of this is to market your products as soon as you make your first sale in the luxury market. Make a movie about it, distribute "Just Sold" cards outlining how you accomplished it, acquire the required press attention, etc.

No one will ever know if you don't present your case.

Without Video, You Can't Be A Luxury Agent!

You didn't believe me when I said I wouldn't mention the value of real estate video once in this article, did you?

Even while producing high-quality videos demands a large expense, I believe it to be one of the best and most efficient methods to position yourself as a luxury resource in your industry. You can quickly understand why real estate agents like Christophe Choo, Tim Smith, and Brad McCallum are the "go-to resource" in their regions by taking a look at what they're doing with neighborhood tours and listing videos.

Ordinary films won't make you a prominent luxury broker, but if you invest the time, money, and effort to create something remarkable, you'll be rewarded.