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Luxury real estate is an industry where a lot is on the line. Pressure is high and perception — from reality TV to Instagram content — makes the profession look easy.
For new agents hoping to break into luxury, my advice is that learning the ropes, acting with integrity and taking every step of the process seriously is the best way to position yourself for sustainable success. This is not an industry to cut corners or fast-track your way to the “top.”
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Circumstances change quickly, and you can never be too prepared. As a luxury specialist, you are being tasked with executing on behalf of intelligent, high-net-worth clients who outsource to save time and surround themselves with experts to validate their decision-making.
The truth is that trust is everything, and the only way to get trust is to earn it via execution. Referrals only begin once someone works with you, feels supported through the process and is sufficiently satisfied with the outcome.
One client
For me, one client catalyzed my career in luxury residential sales. I had begun my career in commercial real estate and was introduced to an established business owner looking to relocate their headquarters from New York City to Fort Lauderdale.
I originally worked with a private lender who had obtained prime office space after the previous owner defaulted. We leased the space to another company, and the interested owner I had been introduced to when showing the building asked me to help him find another office space.
A successful office search for him led to being tasked with a residential real estate search. He wanted to have a home near his new office. The price point at the time was ultra-luxury for Fort Lauderdale — it was in the $4 million range. We developed a rapport because I understood business.
I was so impressed by the level of attention this man gave to his deal. It defined “hands-on.” My client was over 70 years old and responded to all of my communication no matter what time of day it was. He inspired me to be solutions-oriented and aim to be a step ahead.
From there, we worked on many deals together, and he sent endless referrals my way.
Positioning yourself for success in luxury real estate comes down to knowing how clients think and operate. One piece of advice I tell agents looking to win higher ticket listings and develop a specialty is to strategize all questions that could arise throughout a property search, during the process of listing and negotiating. Limitless curiosity can take someone extremely far.
Building confidence
Having confidence is essential, but true confidence in your career as a luxury agent comes from truly knowing your stuff. Staying humble, thinking long-term and putting in the time pays off. Staying the course and digging in means continuing education, seeking out advice and staying current on rampant changes affecting the industry.
Clients in the luxury space generally want to know you are up to speed on the many factors that impact the market, from geopolitics to inflation. Being informed will become more of an edge as the media changes and social media becomes increasingly divisive.
Great clients make your career
Great clients have great instincts and want you to validate these with on-the-ground information. I encourage all agents to develop financial knowledge beyond real estate as an asset class. Real estate purchases and equity gains can be deployed elsewhere, and real estate is a key part of many high-net-worth portfolios.
When you realize the transactions you are advising on could help clients start new businesses, send children to college and create generational wealth, you understand the immense responsibility. There is a greater level of trust when the intentionality of a luxury investment is understood in a broader context.
I find my motivation comes from realizing how pivotal real estate purchases are to a person’s whole life. When you are contributing to a greater cause, it never feels transactional.
Filippo Incorvaia is the CEO and broker-owner at FI Real Estate. Connect with him on Instagram.
