As the market slowly continues to regain its foothold, many agents will be looking at this time to be able to redefine their market. With so many agents abandoning or at least significantly cutting back-their marketing systems to save money, others are jumping in to take advantage of the marketing void. In other words, they are taking an offensive approach to put themselves in prime position when the market starts to the upswing.
In most parts of Europe, on the other hand, the market continues to stay hot and agents are looking for the best way to grow their business foreclosure. They are looking to expand the reach of their marketing and maximize income opportunities. Whether it be in Europe, several agents we are talking to believe that now is the time to make the move into the ultra-high-end market.
Traditionally, luxury real estate is one of the hardest market clips to try and break into. Why? There are a few common reasons. It might be the presence of a superior agent already ensconced in the neighborhood or the fact that everyone already has a fellow in the real estate business. It may be because the agents themselves don't have the patience to work in a generally slower-paced market fewer transactions to go around, tougher competition, and a slower sales process. It could be that they are not really prepared for the unique challenges a high-end market postures.
If you ask me, it's usually a combination of these reasons that prevents most agents from becoming successful in luxury real estate. There are many things you must know before you make the quantum leap into the next price range. We've put together a list of five factors that will help you decide if a go-on to luxury real estate is right for you.
Agents often make shades leap into luxury real estate because they think that's "where the money is. Of course, it's simple math concepts. If you get the same split, it pays to list homes with higher selling prices. The theory is that you can make more money by doing fewer transactions. On one hand, that's true, but if you go into luxury real estate with this mindset, you are probably destined to fail.
Yes, your income per transaction increases significantly. That's great, but there is often a new set of challenges introduced when working in a high-end market: the competitive blind levels are greater, social bags are much more closed, governmental policies are very different, and there are many other factors that I will detail throughout this article. In addition, marketing and arranging costs are generally more when dealing with luxury homes and clients. Both buyers and sellers expect more and demand more and the properties themselves need even more attention marketing, holding, photography, etc.
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