In today’s market, luxury real estate is defined differently across different real estate markets because median resident income, area development, and property values vary widely depending on the area of the country you are talking about. For example, compared to the smaller areas like Oklahoma City, Los Angeles would be at the higher end of the luxury real estate market. In many areas across the United States luxury real estate prices start at one million dollars and above, again depending on the area. For example, in New York City, the price of luxury real estate may start at four million because of the number of foreign investors who are looking for property there.
When working at selling luxury real estate, you can be a real estate agent or a broker. If you choose the field of luxury real estate broker, you would be a professional that oversees the staff of real estate agents who are selling these types of property. To be a broker you need to be organized, detail oriented, and have strong leadership skills. To be licensed as a real estate agent and broker you will need to complete a training program and have hands-on experience as a licensed real estate agent.
Training to become a real estate agent is found through colleges or private institutions that offer you certificate programs that last a few months. During the training, you will have to study the different aspects of the luxury real estate industry. Some of the things that you should know and are covered in the training include:
• Knowing how to read the settlement sheet, which details the costs of different real estate services that are provided to the homebuyer, like the real estate agent’s commission
• Real estate law
• Principles of management and property development
• Communication skills
These are just a few of the topics that you will have to master in order to complete the real estate licensing exam for your area. In order to practice as a real estate agent and later a broker you will need to have this license. To become a luxury real estate broker some regions require that you have your license for a certain amount of time before you can pursue a career as a broker. It is advisable that you work as a real estate agent for a company that specializes in luxury real estate to get some experience after getting your license. To become a broker you will have to take post-secondary coursework to become a luxury real estate broker.
|Degree Level||No degree required, though postsecondary education is helpful|
|Licensure and Certification||A broker’s license required in all states and the District of Columbia|
|Training||Real estate coursework typically required prior to taking a licensure exam|
|Experience||Variable, but often 1 to 3 years of experience in real estate sales is often required before becoming licensed as a broker|
|Median Salary (2015)||$56,860 (for all real estate brokers)*|
|Key Skills||Ability to work alone for extended periods of time; strong communication skills, people skills, and problem solving skills; persuasive abilities; self-motivation|
Working as a real estate broker you can work for an agency or open your own office and hire new real estate agents to work for you.