There is no denying we have entered a global real estate market. No longer do high-end buyers and sellers solely consider their “home town” when making transaction decisions. Rather, their economic mindset is on the global economy, their property holdings around the world, and how all of their investments are performing — both domestic and internationally. In turn, a new age has dawned for the luxury real estate agent.
Today, agents must be knowledgeable not only about their local markets but also about trends and pricing on a global scale. Each of their clients likely owns properties in multiple locations and likely searches on a regional basis when considering a new purchase. Our experience working with agents around the world has pinpointed a number who are doing it right.
The Alexander Team at Douglas Elliman Real Estate in New York is a perfect example. Cruise over to their website, and you will see listings in New York, Miami, and Tel Aviv. They represented the nation of Qatar in the sale of a $100 million dollar townhouse in New York City, and they plan to expand their business further into the Middle East and to places like Aspen.
But it’s important to note that finding success on a worldwide scale does not necessarily mean representing clients in various countries. Perhaps more efficient is partnering with other brokerages who specialize in areas that share the same feeder markets as yours. Morgan Brennan, former real estate editor at Forbes, spoke of the global agent during our luxury real estate conference, The Key, in 2012. This video of her discussion has some great takeaways.
As a company, have a strategic focus on global presence. To date, Concierge Auctions has conducted auctions in 23 US states, and last year was notable for their international reach, as we embarked on a global expansion plan, opened a London office and grew a list of prospective clients to over 100,000 buyers, sellers and agents spanning 130 countries.
And in addition to their database expansion, website analytics tracked over 400,000 visitors from every continent, and their social media networks rose to 15,000 followers. That’s not to mention how many other potential clients saw or heard about their press, advertisements, signage and other collateral. To be truly global you have to be everywhere!
The Age of the Global Real Estate Agent is upon us. Better take steps to position yourself if you want to work with high-end clientele. We’ve strategically expanded our international reach, and we have many more initiatives in the works. We don’t plan to stop until we are top-of-mind to every luxury buyer, seller and agent around the world. A tall task, we know, but we’re up for the challenge!
Becoming a successful real estate agent is a combination of investing time in education, researching a broker who can help you get your first clients and passing state and national licensing exams. But that’s not all there is to the industry. Read on to find out some of the more overlooked aspects of the real estate business.
• Get Educated
No matter in which state you live, you must take pre-licensing courses. However, state requirements differ greatly. For instance, California requires three college-level courses. Others require a set number of hours of education.
• Choose a Brokerage
A real estate brokerage is the agency or office from which real estate agents and brokers work. Since working with a broker is a requirement in order to practice as a real estate agent, you will need to contact a broker before graduating from your training course. Brokers have at least three years additional real estate training, and can guide you through questions you have when it comes to working in the field, as well as listing and selling homes.
When you look for a broker, think about size of brokerage, its reputation and additional training offered. Check broker reputations by reading online comments, asking friends and neighbors who they’ve had experiences with and getting advice from your instructor on choosing a brokerage.
• Get Licensed
Real estate licenses require the passing of state and national exams. In addition, you may have to provide a criminal background check. Between the exam and license fees for a real estate salesperson, you can expect to pay at least $200, thought prices vary from state-to-state.
• Develop a Real Estate Agent Budget
While becoming a real estate agent isn’t cheap, it’s cheaper than entering many professions. Startup fees should be divided between licensing courses, business cards, signs and advertising and association fees – not counting additional exam fees.
Since real estate is a commission-based business, you’ll also need enough money set aside for you to get by for a few months. These are approximations of actual costs because they can vary based on individual choices and state-by-state costs.
• Build Your Client/Referral Portfolio
The best way to build your portfolio is twofold: get a mentor, and use your personal network. Barbara Kennon, the vice president of the National Association of Realtors, says the best arrangement for a new agent is to find a mentor in the real estate agency you choose who guides you towards buyer/seller contacts and splits commission. You’ll learn the profession from your mentor, while gaining your first commission checks.
Laura Brady and Reyna Gobel
