Listen to this article now
Property as a whole is becoming a tough industry to crack. Primarily driven by young professionals’ interest in switching careers and learning the craft, there is a generational changeover with greater competition on the cards. The luxury space was previously reserved for experienced titans of the industry but is now becoming the playground of ambitious entrepreneurs looking to make a name for themselves.
But cinematic dreams of high-rise condos in LA skylines typically aren’t the reality for new players in real estate. To access the most lucrative deals, upstart agents must master their craft and build experience before considering going alone in a real estate startup. In today’s economy, in-depth knowledge of what works in the industry could be the difference-maker between liaising low-value suburban houses and overseeing luxury acquisitions.
Ben Kazemi, the CEO of Above Sunset Realtors, has released the ladder for entrepreneurs aspiring to the luxury property market. He offers three core principles to stick by to reach dazzling new heights in real estate:
Build strong relationships
It’s an age-old trope that businesses are built on relationships, which may seem less relevant as more companies are developed online. But due to negative perceptions of real estate agents, client relations are more important than ever. Once they determined a startup’s scalability—they now decide on its survival.
“Strong communication skills are the building blocks of a healthy relationship,” Kazemi outlined. “Only by engaging with clients will your team be able to learn as much as possible about their situation. It can also help you develop better communication skills which could further benefit your business.”
Relationships in real estate are not only about securing the deal in front of you, but they can also have a lasting impact on how your company scales. Many realtors disregard relationships to turn a quick profit, but success stories in the luxury space show that they can be a valuable investment throughout a business’ life.
Professionalism is another often disregarded aspect, especially in a post-Zoom culture where many meetings take place on sofas rather than in conference rooms. But luxury realtors believe good presentation is an asset that should be salvaged from the pre-pandemic days.
“Being a real estate agent is similar to being on a stage,” Kazemi said. “Even if the client is treating you differently, you should be professional and proud of your appearance, language, and behavior. Remember, as a business owner, you act as a role model and lead by example to your team.”
When dealing with high-value properties, clients must also be assured that you are taking your role seriously. If your manner doesn’t match the value you are now responsible for, your startup could soon find itself falling back down the property ladder.
Pay attention to detail
Habitual awareness of nuance is essential in all industries, but none more than property. The small print is the large print, and not reading it could lose you a deal—or worse, your client relationship.
“When solving a problem big or small, one detail could be the difference between success and failure,” Kazemi explained. “Many people tend to ignore details, causing issues in the future and time and money wasted to correct them. To prevent problems, you should constantly look for ways to anticipate your client’s needs and opportunities to wow them.”
Startups face a lot of disadvantages in the luxury property world, but here they may have the upper hand. Finding the root of a problem early is the most effective way to ensure your business can scale. For new players, obstacles are less likely to be ingrained in their business and, therefore, should be easier to resolve.