The term luxury real estate is too often abused to include a cookie cutter suburban home with an outdoor fireplace and a sauna in the master bathroom. In reality, luxury real estate refers to homes that are worth several times more than the average home in a given area. For example, the luxury market starts at around a million dollars where the average home is worth 250K. We use that definition because expensive markets like California may cost you a million dollars for a decently large condo or a bungalow in San Francisco. In these cases, homes in the luxury market cost several million dollars to start. The challenge for many is determining what they need out of a luxury real estate agent when shopping in this market.
You’re probably aware of the saying that the most important thing in real estate is location. In real estate agents, the most important thing after their ability to do the job is hyperlocal knowledge. For example, you should hire Calabasas real estate agents when shopping for or selling a home in Calabasas. Don’t hire someone who knows Beverly Hills like the back of their home but only knows the available properties in Calabasas because they saw the listings on the MLS or a magazine ad. A real estate agent who is intimately familiar with the area can answer questions on everything from traffic to schools to the neighbors.
Luxury real estate is, in a word, bespoke. There are relatively few properties on the market. Sellers may have the property formally listed, or they may not. Home sellers in this space tend to value privacy, discretion and tact. Home buyers may go through agents and legal entities to protect their privacy, as well. An interior decorator or friends may accompany the home buyers. Real estate lawyers may accompany the home buyer during negotiations. And everyone must be treated with respect. A luxury real estate agent must be able to work with everyone involved without stepping on toes, or you’ll be shut out of that real estate market.
Real estate agents should be willing and able to communicate with you whenever you have questions and be available whenever you are. This is especially important in the luxury real estate market, since an executive may only have one weekend to tour homes with their partner before they relocate to an area. A local business owner pressed for time needs a real estate agent able to give them a tour of the property in the little time they have available for it, as well. A side benefit of finding real estate agents with relevant, hyperlocal knowledge is that they’ll be able to zero in on the few properties that are a match with your needs, wants and
budget so you don’t waste time touring a dozen properties, none of which are a perfect fit.
Relevant Marketing Expertise
Luxury real estate agents should have relevant marketing expertise if you’re trying to sell a high-end home. This goes well beyond posting it on the MLS and taking out a classified ad. It may involve ads in lifestyle magazines, tours on local real estate TV shows and promoting the property to international clientele who may move to the area for business.