A luxury property real estate agent is a licensed professional who deals in niche properties.
Usually, these agents are paid when the actual sale or purchase of the property takes place. Luxury property dealers like G1 Property trade in premium homes ranging from $2-$40 with world-class amenities around. A luxury real estate agent is a licensed professional who deals in niche properties whose clientele include ultra-high-net-worth individuals.
Such agents have clients that fall under the “ultra-high-net-worth individuals” ( UHNWI) category who own assets worth a minimum of $30 million or above, excluding personal assets and property. As per the report published by the World Ultra Wealth in 2021, the total UHNWI population increased by 1.7% in 2020, reaching 295,450 individuals. North America and Asia turned out to be the best performing regions despite the outbreak of COVID. The highest density of UHNWIs was found in San Jose ( California).
The needs of UHNW clients differ significantly from normal individuals, which is why only a handful of agents choose to deal with UHNW status people. Such agents will look for upscale amenities, new architecture, posh location, and premium quality build. Ultra-high-net-worth individuals’ most desired exclusive amenities include intelligent home features, open floor plans, water-feature like a hot and cold spa pool, etc.
The elite class buyers prefer luxurious, ornate, and stylish interior and exterior. The most popular style amongst such people is the European architectural style. Cities like San Diego, San Francisco, and Los Angeles are a hub of lux and ethereal houses.
Why Should You Become a Luxury Real Estate Agent?
Being a luxury real estate agent is a matter of prestige as you get to work mainly with celebrities and influential people and earn significantly higher than the average agent. Outstanding communication skills and business sense can take you way ahead. You can work at your terms and conditions. Choose your timings and spend quality time with your family. You may have a limited client base, but given your expertise, you will get a much higher payoff than the standard property dealers.
How Do You Become a Luxury Real Estate Agent?
You will have to go through a tedious process to become a luxury real estate agent. While the laws concerning the real estate and legalities involved in obtaining a license may differ from state to state, you should have a basic idea of this field. You will have to fulfill some pre-license terms and conditions before appearing for a state’s real estate license assessment. Additionally, you will have to pay a license fee. For more details, check with your state’s real estate regulatory body.
You will have to pass a background check in states like California. Additionally, you must submit fingerprints before becoming a certified luxury real estate agent. However, this process takes several weeks. Other states require you to fill the application form, send it, and get it approved before selecting an exam date. Despite going through a horrendous process and a lot of paperwork, this is truly a rewarding career.
While all of these conditions must be met to become a licensed luxury real estate agent, you are also required to obtain a certificate in Luxury Home Marketing Specialist, for which you need to undergo a luxury marketing course, become an active member of the Institute for Luxury Home Marketing, and send in your application form along with a sales transaction report that qualifies to be a luxury property.