You’ve decided to buy or sell your next luxury home and need to find the right luxury real estate agent to facilitate this process. It’s important that you choose the best agent for your needs.
Remember: not all real estate agents are the same. Whilst one may be highly efficient in the low to mid-tier market, they may not necessarily perform well for the upper tier.
Real estate agents must have certain competencies to work in the luxury home market. To determine whether your real estate agent is competent to manage your luxury home needs, you must first do the necessary research.
Without that research, you’re taking a far bigger risk than you need to. Given the cost / investment you’re putting into this dream home, you can’t afford to choose the wrong agent.
Know the market
Luxury real estate agents must have an intimate knowledge of your target market.
More specifically, they should have details of at least the following:
- Approximate average of how many days a property is on the market
- The total number of sales within the past three months
- Strong indication of the inventory within your price range
- Intimate understanding of the optimum locality for your needs.
The more knowledge the agent has about each of these four areas, the more resourceful that agent is to you.
Always talk with your agent about existing market conditions for your target price range. Based on this consultation, you should establish a strong indication as to how competent / knowledgeable they are in the luxury homes for sale market.
Try not to base your decision purely on anecdotes, reviews, or even what car the agent is driving.
Base your decision on the agent’s knowledge, competence and experience and through your detailed consultation with that agent on your individual circumstances.
Any agent can claim on their website to be the best.
To be the best, any luxury real estate agent will have / should have accumulated the necessary designations, awards and are long-established members of relevant organizations.
Enquire as to what awards and designations your real estate agent has. How long as he / she had these awards? Is there a consistency – year on year – to show growth on part of the agent? What relevant organizations / bodies are they members of? Are they current members / or just past members?
Research the value of each award. Discover how challenging or otherwise it may be to earn that award or designation.
By taking these steps, you establish whether your real estate agent has the necessary competence in luxury homes for sale.
Know value behind service
Expensive marketing plans aren’t always the best.
Marketing plans need to be focussed. A marketing plan in a buyer’s market is very different to one in a seller’s market. Furthermore, your real estate agent should take the time to justify that marketing plan to you.
The agent should also explain why they are choosing some marketing methods over other methods. Again, this informed conversation lets you know that the agent has the knowledge and experience, as well as the professional acumen to deal with your individual circumstances.
Establish solid communication
Buying and selling luxury homes can be stressful.
It doesn’t need to be, though. With the right agent, things can move solidly and with great progress. Effective communication, of course, lies at the heart of any business relationship. The real estate agent-client relationship is no different.
Inform your agent of your communication expectations. Your luxury real estate agent should also inform you of what to expect in the days and weeks ahead. The better communication relationship between agent and client, the better for you.
You know where you stand, and it eases any potential stress that may incur over the purchase of your next luxury home.
Triumph Luxury Homes is the leading provider of luxury homes for sale in Las Vegas. Check back to our luxury home blog soon for more great articles to help you in the purchase of sale of your next dream home.
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