"How do I break into the luxury real estate market?" is one of those questions we are frequently asked. We usually recommend if they are new to the real estate market that they take a course on luxury real estate, such as the Certified Luxury Home Marketing Specialist (CLHMS) designation for luxury home marketing, or any other course that NAR offers. These courses have a good overview and grounding in what it takes to succeed in this niche.
We also suggest that they familiarize themselves with all aspects of the luxury lifestyle. This includes knowing all the luxury car brands, what makes a luxury home in terms of finishes in kitchens, in bedrooms, in bathrooms, in closets, etc. All these answers can be found when visiting stores and showrooms that display these items.
What is also important is researching the top fashion brands and jewelry. If they understand what is behind the appreciation of these high end items, they will understand the people who buy them. We feel that is another important part of the education needed to work in the high end sector of the real estate market.
Learn about the art and antiques marketplace, and the auction houses that sell them. This is one the interests that many wealthy individual appreciate and enjoy. One of the legendary high producers in selling luxury homes attended luxury auctions with a list of homes she had listed.
We also suggest that they thoroughly study the psycho-graphics (lifestyle and habits) of the rich. Not all fit the media's description of the rich and famous. An eye opening book to read is The Millionaire Next Door, which describes the rich who are the very opposite of the commonly held image of the rich and famous.
There are many legitimate research organizations who have identified exactly who the ultra high net worth are in terms of their professions and their interests. Research and read, and keep reading, People change, and one has to keep up with the changes.
Develop excellent manners. Take a course on manners which include table manners and social manners. Excellent manners will open doors, bad manners will lock you out. Develop a compassionate heart. Don't judge, understand. Be kind.