Unlocking luxury property harmony. Dive into strategies that transform the buyer-seller dynamic, shaping extraordinary real estate ventures.
The luxury real estate market is growing in the United States, according to the National Association of Realtors. Sales increased by about 15 percent from 2020 to 2021.
Rising home equity, the cryptocurrency boom, and increased savings have contributed to the luxury market’s growth.
International buyers are also returning to the U.S. luxury market, often seeking space and privacy. Rising interest rates and job volatility will likely not slow luxury market growth because individuals in high-income brackets tend to be less affected by these changes.
Buyer-Seller Experience in Luxury Real Estate Business
The luxury market is also broadening. It is no longer concentrated only in certain cities but exists throughout the country.
The desire for privacy, escape, and community is driving the luxury market’s growth into smaller cities and suburban areas.
The NAR says it expects the luxury market development in secondary cities to continue.
Luxury market growth is likely to be particularly strong in secondary cities in the Sunbelt.
Upping Your Game
Owners of real estate businesses selling or representing luxury home buyers will want to prepare themselves for continued growth.
First, they need to understand their client’s needs and pay particular attention to the lifestyle each community offers.
For example, they might want to know the size of the waiting list for the best private schools or membership clubs.
They’ll also need to educate themselves on other markets besides real estate. Many luxury buyers are also prioritizing sustainability. Real estate agents must improve their knowledge of green energy design requirements.
Real estate agents who hope to thrive in the growing luxury market must also ensure they have assembled the right team. Buyers and sellers of luxury homes expect and deserve to have a seamless experience from the start of the transaction until its completion.
After all, purchasing or selling a luxury home should be a luxurious experience, not a harrowing one.
Staffing for Success
While very knowledgeable about the housing market, real estate agents often lack the time or administrative skills to handle every detail from contract through closing.
Even if they do have the skills, they want to spend as much time as possible pampering their clients or finding luxury properties to sell.
The agent can continue cultivating their relationship with affluent clients and ensure the details are handled efficiently by hiring a real estate virtual assistant.
Real estate virtual assistants take on many roles. One role is a transaction coordinator. A transaction coordinator is vital to providing the white glove service that luxury home buyers and sellers expect.
The coordinator adds a layer of customer service beyond what the agent can provide. The coordinator ensures that the sale progresses through each step smoothly.
They also can follow up with clients after the escrow closes to be sure they are happy and encourage them to recommend the agent to their friends. Transaction coordinators make scaling up for the luxury boom much easier.
The luxury real estate market presents many opportunities. A real estate business that has knowledgeable agents and provides excellent customer service will thrive.
Author Bio:
Stephen Atcheler is an entrepreneur in the Real Estate space. He has grown multiple businesses, including a Real Estate Agency, and an online Real Estate Advertising business, and is currently the founder and driver of the fastest-growing Real Estate BPO in the Philippines.
If you would like to connect or get in touch with Stephen, he is very active on LinkedIn and always happy for a new connection.
