Real estate has become the go-to side hustle for many people. The prospect of investing, flipping, renting, and selling properties is broadcasted on television shows and it’s inspired just about everyone to get into the real estate industry in some capacity. While working the traditional market can bring in some extra dough, the big bucks are in luxury properties.
Imagine being the real estate agent who gets the commission on a house sold for $5 million? Or the contractor who gets hired to renovate a mansion worth $10 million? It’s a dream come true for many. Yet, getting to a point where you’re buying, selling, building, or investing in million dollar structures for the rich and famous doesn’t happen overnight.
Below is a brief description of the steps you’ll need to take to break into the luxury real estate market.
Decide What You Want to Do
There are lots of key players involved in the luxury real estate industry. The question is, where do you want to be? If you like the idea of investing in properties to flip them, renovations, or constructing properties from the ground up, perhaps you’d be best as a construction worker, builder, or another contractor. If you believe you’re good with people and have some previous sales experience, you might work well as a real estate agent.
Get the Education
Most positions within the real estate industry require you to have formal education, training, and licenses to perform your job legally. So, now that you know what part you want to play in the luxury real estate market, you’ll need to obtain the proper education. Whether that’s getting a bachelors of science in construction management, business, and sales, or other majors, just be sure that it directly relates to the position you’re trying to obtain.
Gain the Experience
After obtaining a degree and the proper licenses and certifications, the next step would be to gain experience. You can’t essentially land a job working with million dollar mansions without any real-world experience or rapport. Even if you were to land one, without experience and a good rapport you wouldn’t be very successful. You gain experience by working with someone who’s more experienced than you. A real estate agent, for instance, would go work with realtors in Irvine to get a feel for what it’s like to be in the industry.
Build Your Brand
Though you may work with a team of agents or a group of contractors, you are a brand. If you want to reach the point where you can branch off and develop your own portfolio of clients and land your own luxury properties for sale, you have to begin building your brand. This includes using marketing tactics both off and online.
When at work do your job efficiently at all times to make a lasting impression. Off the clock, attend networking events, hand out business cards, talk with neighbors and members of the community about your services, etc. Online you can create social media accounts, post pictures or properties for sale or construction jobs in progress, launch a website or online portfolio, and begin mixing and mingling with potential clients.
After a few years of developing real estate experience in the traditional market and building your personal brand, you’re ready to begin networking with well-to-do clientele to try and gain their business and support. As in any industry sometimes getting ahead is all about who you know.
So, don’t be afraid to show up and rub elbows with high-level executives and other wealthy individuals who could use your services. Using the branding techniques such as those described above and simply connecting face-to-face with your target audience helps to build relationships that can last a lifetime – and take your business to new heights.
Want to be one of the influences behind selling a mansion like Tony Montana’s from Scarface for $35 million? It won’t be something that happens overnight, but you can. Breaking into today’s luxury real estate industry will require you to build from the ground up, but once you’ve reached the top, there’s no telling how high you can soar. Use the above steps to get started in a career field that will change your life forever.