Learn something new every day
More Info... by email
Luxury real estate brokers are professionals who oversee staffs of salespeople who market high-end properties to customers. These types of individuals must have strong leadership skills and be detail-oriented and organized. An individual who wishes to become a luxury real estate broker has to complete training to be licensed as both an agent and manager in this industry as well as gain hands-on experience.
A person who seeks to become a luxury real estate broker first must complete training to become a licensed agent. These educational opportunities are available through private institutions or colleges that offer certificate programs lasting just a few months. To get into a college program in real estate, you should have your high school diploma or the equivalent certification along with your high school transcript. In addition, you must be prepared to fill out your desired school’s admissions application. The establishment also might ask you to submit standardized test scores.
While completing schooling, you need to study the various aspects of this wide-ranging industry. For instance, you should study how to read a settlement sheet that details the costs of various real estate services provided to a homebuyer, such as lender fees or real estate agent sales commissions. In addition, your classes will cover real estate law as well as property development and management principles. Mastering these topics is necessary to complete your region’s real estate agent licensing exam, which is required to practice in this field and to eventually become a luxury real estate broker.
Looking for companies that are willing to hire newly credentialed salespeople is the next step required to succeed in this field. In some areas, you must have your real estate license for a particular amount of time before you can pursue training and licensure to become a luxury real estate broker. You should take this time to work at an industry firm that caters to affluent customers who are looking for expensive residences in premier locations. During your time there, you will practice completing property title documents and other industry paperwork as well as listing properties to purchase and sell.
Obtaining an agent license along with field experience in this industry makes you eligible to pursue credentials to then become a broker. This involves completing more post-secondary coursework at private institutions designed specifically for licensed real estate agents who seek to supervise salespeople instead. You should learn about ways to recruit new employees as well as market your firm. Completing this certificate program prepares you to pass a broker licensing exam. After acquiring this credential, you can seek to become a luxury real estate broker at your former company or even start your own business in this career area.
@Soulfox -- That can be a great position, but there can be a problem -- what if that high flying developer overextends himself and goes bankrupt? A broker tied to the developer can be burned in that fire, too.
It can be a good thing to have such a relationship with a luxury homes builder, but a broker who gets that opportunity should not get too comfortable and stop looking for new listings. Diversification is a great thing.
It doesn't hurt to get in on good terms with a builder who deals with luxury homes. More than a few brokers have started along the path of selling high dollar real estate by agreeing to be the exclusive agents for a developer's listings.
The great thing about such arrangements is that builders who keep busy will put together one high end subdivision and then move to another one. That means there will be almost constant work for the broker that handles that builder's listings. That can be a great position to be in, particularly if we are talking about an area with a growing real estate market.
One of our editors will review your suggestion and make changes if warranted. Note that depending on the number of suggestions we receive, this can take anywhere from a few hours to a few days. Thank you for helping to improve wiseGEEK!