Luxury real estate is an incredibly important investment, and the process of buying and selling it can be a complicated and time-consuming process. Choosing a real estate agent that operates to luxury standards is vital to conducting a smooth and lucrative transaction. Buyers and sellers should feel comfortable and trusting of the agent they hire. But how does a buyer or seller select a luxury real estate agent that will meet their needs?
Choosing a Real Estate Agent
There are many hardworking real estate agents in the market. No one will ever argue that. We’ve had the pleasure of working with some great ones. No matter what type of property you’re selling, there are some basic steps for choosing a good real estate agent, and they are:
1. Look for an agent who specializes in the property type. For example, if it’s an oceanfront property, you want someone experienced with CAMA and waterfront regulations. You don’t want to purchase a waterfront property only to learn you can’t use it as expected.
2. Research the agent’s brokerage. While the agent will be your go-to person, the brokerage is the entity you’re signing a listing or broker agreement with. If you have an issue with the agent, the managing broker will step in. Likewise, the brokerage will provide additional support if there are any complications stemming from the other party in the transaction. In other words, you want a strong brokerage to back you up.
3. Check reviews or testimonials online. Most agents will display reviews on their websites, but third-party real estate sites are more likely to require validation of some sort. Zillow, for instance, requires the reviewer to create an account and link it to a property.
4. Request referrals. If you don’t feel comfortable trusting online reviews and testimonials, ask the agent for the names and numbers of some past clients you can speak with. This can give you more detailed insight into how they work.
5. Interview more than one agent. While one agent may have great reviews, they may not have the personality that works best with yours….and that’s fine. You may need to interview 2, 3, or 4 agents before you find one you like.
Finally, keep in mind that posted “Sold” listings are likely not the whole picture. Third-party websites often rely on input from real estate agents to remain accurate. Only a fraction of Multiple Listing Services provide a “Sold” data feed, so it must be entered manually, and not all agents are able to keep up with the work. If the agent is on a team, their sales may also be placed under the team name, rather than an individual profile.
Selecting a Luxury Real Estate Agent
For a luxury real estate agent, buyers and sellers need to go a few steps further. First, find a real estate agent who specializes in your property’s price range. A city’s luxury threshold depends on the market. “Luxury” may be $700,000 and above in one city and $1,000,000 and above in another. If the city has a large luxury market, it may be further broken down into sub price ranges. Look for an agent who has experience buying and selling real estate in your price range.
While the price range is important, so is years of experience. Real estate is a tough business. Agents survive on referrals and repeat business. Career longevity that stretches through the ups and downs of the market is a good sign that a real estate agent has the wits and experience to identify issues and solve them. So, when an agent says they’ve been in the business for over 20 years, don’t take it lightly.
When choosing an agent that has a team, make sure you know who you are working with. Sometimes, clients are passed to other team members. This isn’t always a bad thing. The other team member may be better suited for your needs or lifestyle, or the current stage of the transaction. It should always be clear who you will be working with and if it isn’t, make sure you ask. If you are hiring the team leader and expect to work with them on every single detail, let them know so there’s no confusion.
If you’re selling a luxury home, the real estate agent should have a marketing strategy that represents the home’s price point, that includes printed materials and digital media. Flyers printed off a desktop printer will not accurately represent a luxury property and while luxury home buyers don’t necessarily start their house hunting online like other buyers, the internet still plays a major role. The agent should know how to reach luxury buyers through that channel. Luxury real estate agents are selling a lifestyle, not just a home, and they need to be creative and current with their marketing.
Look for an agent who has a global reach. For lower-end homes, it makes perfect sense to be targeting local and state buyers, but luxury homes are often bought by international buyers. So, choose an agent with the resources that will place your property in front of them. This can be a luxury website with great rankings and/or publications that are distributed to international luxury buyers, but most importantly, a network of real estate agents from around the world who may have a client looking to buy a home in your city – quite possibly, YOUR home.
When buying a home, choose a luxury real estate agent who understands and appreciates your lifestyle. It will be their job to filter through and preview properties to see if they meet your needs. If they don’t understand your lifestyle, you could miss out on the perfect luxury property. Have a long conversation with them about what you expect for a home, and if you don’t feel like you’re on the same wavelength, interview another prospect.
Finally, select a luxury real estate agent with an even-keeled demeanor. The process of buying or selling a luxury home is about more than just designing marketing materials and creating a list of suitable homes. There’s a lot of negotiating and making sure the agreed-upon terms are met. It’s the agent’s job to take the emotion out of the process, bring together all the moving parts, solve problems, and get the tasks completed prior to closing. You don’t want an agent who will create new problems or add to the drama you’re already experiencing. That requires a level head and decisive personality.
This advice had been provided by Melanie Cameron of The Cameron Team in Wilmington, NC. Melanie has been selling real estate since 1994 and is part of Coldwell Banker’s Global Luxury division. If you’re thinking about buying or selling a luxury property in Southeastern North Carolina, give Melanie a call at (910) 233-2840 to discuss the luxury services she offers. You are also welcome to contact her for a referral to a reputable luxury real estate agent in your preferred area.
